How has Fintech Improved the Business Lending System?
Fintech Improved the Business Lending System with its technology-backed solutions. Business lending has become smooth, paperless, and digital with the help of fintech.
Also, it has reduced the loan processing time, costs along with easy loan management.
Hylobiz is also helping businesses with easy and quick capital access.
Fintech has disrupted the financial services industry with the use of technology. Fintech innovations have transformed many subsegments like retail payments, business banking, insurance, and wealth management services. As we all know, lending being one of the segments, has seen a transformation like never before.
The reasons that led to this change are:
⦁ Advancement in technology
⦁ Building better customer experience
Earlier, it was not easy for every business to get capital from banks or financial institutions, as the process was cumbersome. But now, with the introduction of fintech, things have changed.
Now, the process has become smooth, less paperwork is required. A business can apply for a loan in a few clicks only. Also, due to connected banking and ERPs, banks can evaluate the customer quickly and disburse the loan. The whole cycle from application to disbursal has become shorter.
With technology, loan management, underwriting, repayments have become smoother. Also, banks can underwrite a customer based on its past transactions. Customers can also automate their loan repayments.
With the help of data analytics, banks and fintech together can generate new customized products and new income streams.
Hylobiz is a B2B fintech that allows you to automate your accounts receivables, payables, and collections.
You can create an invoice on our platform, attach payments links to them, and share it across social channels. Hylobiz automatically syncs your invoices from your existing ERP and boosts your collection.
Get real-time updates on your business health and cash flow on our dashboard. Also, get a summary of your invoices and ledger. The digital ledger on Hylobiz is updated on a real-time basis and supports auto-reconciliation into your ERP.
Our financing feature allows you to avail of business loans at lower rates. Also, support your working capital requirements with invoice discounting and SME credit cards. Read more on how to get a pre-approved credit card: https://hylo.biz/hylobiz-how-to-get-pre-approved-credit-cards-for-businesses/
Read more on invoice discounting: https://hylo.biz/hylobiz-what-is-invoice-discounting/
We are an ISO-certified organization and maintain bank-grade security. We also apply encryptions at multiple levels to make your transactions safe and secure.
Read more on benefits of business loan: https://bit.ly/businessloansbenefits
Visit our SME offerings page: https://hylo.biz/offerings-sme/
Also, give your working capital a boost by availing easy and quick working capital loans at lower rates from our lending partners such as Bajaj Finserv and Neogrowth credit private limited. Get access to real-time cashflows, expense insights, business health, and various other reports, which results in better liquidity and higher operational efficiency.
Read our original blog published here: https://hylo.biz/how-consumer-lending-process-is-experiencing-a-transformation-with-connected-erp-and-connected-banking/
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Are you a business looking to expedite your collections?
Register here: https://hylo.biz/neobank/Login or Book a demo: https://hylo.biz/book-demo/
Read more on Connected banking/ERP: https://hylo.biz/how-connected-erp-accounting-software-can-revolutionize-sme-businesses/
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