BUSINESSNEXT, a universe of composable enterprise solutions to banks and financial services, announced the launch of its cloud-based Digital Lending Platform 3.0. Leveraging AI-driven automation, code-less digital journey designers, and private cloud landing zones, the platform aims to provide end-to-end modernized lending solutions with absolute regulatory compliance to deliver a superfast lending experience.
The platform will enable banks and financial institutions to achieve the following outcomes:
- 90% reduction in avg. loan disbursal time
- 90% automated approvals across retail, corporate and SME lending products
- Increase in digital channel revenues by 5X
- 60% reduction in cost of acquisition per loan
The platform digitizes the complete lending process – from application to disbursement – to existing and new bank customers. It enables over 200 lending products such as auto, gold, personal, and agri loans, with enhanced operational efficiency and a faster turnaround time. Leveraging AI, machine learning algorithms, and its ecosystem connectors including income analysis and eKYC, the platform will enable faster onboarding with minimal data entry from customers.
Commenting on the launch, Sushil Tyagi, Director, BUSINESSNEXT said,” Delivering simplified lending journeys to enhance customer experience is a consistent roadblock that Digital Lending companies face. A right technology architecture streamlines the processes & simplifies complex digital journeys. Our digital lending platform ensures the lending process is more efficient and convenient for both lenders and borrowers.”