The digital lending process involves a number of activities performed by banks to move customers through the lending journey. From loan application to repayment, this long journey covers several steps. Credit unions and several other financial institutions turn to digital technologies to streamline the overall process. By implementing a digital lending app, banks and NBFCs try to engage more borrowers and retain their interests. 

Loan original applications enable lenders to draw the attention of potential borrowers in different ways. 

Ensure instant approval 

Today, several borrowers prefer using the technologically advanced digital lending platform, which offers instant loan approval. The latest technology also makes the process easy and quick. Although borrowers like to get the fastest response, they like to stay engaged in the lending process. 

Self-servicing facilities 

Integrated with digital capabilities, lending apps are self-service platforms. So, borrowers are able to upload their documents, check their loan status, and adjust their accounts. It lets borrowers control the loan process and find solutions to their queries. They do not need to wait a long period for the desired response. 

Mobile-friendly apps for lending services let borrowers track the loan application status or loan progress easily. Moreover, they can contact customer representatives and make payments with a few clicks. As borrowers enjoy this convenience, they like to engage with the lending company. The loan providers will also get positive feedback from these borrowers. 

A chatbot 

It is a digital tool to attract borrowers and retain them for a long period. AI-driven chatbots are software programs to answer common questions of potential applicants. They clear doubts of these borrowers instantly. Chatbots are designed to answer almost 80% of queries. 

Accept digital signatures 

The innovative platforms providing  digital lending solutions  help borrowers upload their electronic signatures. Thus, the new technology allows them to sign digital documents electronically. It simplifies the process and eliminates the need to use paper. In other words, it will be an eco-friendly solution, as borrowers can save money. So, you can choose a field executive app for NBFC and manage digital documents. 

Customer engagement is, however, not the final step in the online lending process. It usually happens throughout the loan cycle. High customer engagement is a motivator, which inspires customers to start the online lending journey. The best digital channels provide an intuitive customer experience and secure data. The 2-way communication involves both outbound and inbound interactions. 

For instance, lenders can deliver personalised messages, product offers, and reminders according to their behaviours. Simultaneously, customers can easily manage their own accounts, make complaints, and report problems. The most commonly chosen channels for communication are SMS, in-app messaging, and chatbots. An advanced loan management app also provides you with comprehensive lending analytics.