Not so long ago, getting a loan was a bit of an Herculean task because you had to deal with countless paperwork, make countless trips to the bank, and then anxiously wait for that all-important decision from an underwriter.
In the same light, lenders didn’t particularly have it any easier. They were stuck with these outdated, manual processes to figure out if a candidate was good or not for a loan. As you can imagine, this method was very slow and prone to human errors.
But in recent years, advancements in technology have paved the way for digitizing this process, which has revolutionized the lending industry by streamlining processes and improving operational efficiency. Infact, a report by McKinsey states that by embracing digital lending processes, leading banks have brought down the “time to yes” from weeks to minutes, and “time to cash” from even longer to less than 24 hours.
By Automating their processes, Lenders can significantly increase revenue through higher acceptance rates, lower cost of acquisition, and improved customer experience. Automated credit decisioning can improve a credit provider’s ability to approve loans to trustworthy customers and cut costs by streamlining the assessment process, making it quicker and more efficient.
At Maxim, we envision a world that is financially inclusive where people can easily access the credit they need to make life easier. That’s why we’ve developed some top-notch automation that allow lenders to quickly and accurately figure out if someone is loan-worthy. Our Infrastructure connects and processes traditional and alternative data sources into usable data formats available for individual credit and background appraisals globally.
We understand that a dive deep into this treasure chest to give lenders a real-time look at a borrower’s financial situation will significantly improve efficiency, accuracy, risk management, customer experience and overall profit!
You can contact support@trymaxim.com to find out about the integrations available for your credit providing business. We’re here to support you and help your lending business succeed.
LinkedIn Excerpt
Remember the days when getting a loan meant battling mountains of paperwork, endless bank trips, and nail-biting waits for loan approval? Lenders, too, were stuck with snail-paced, error-prone processes.
But thanks to automation, the lending game, making it faster and more efficient. McKinsey reports leading banks slashing approval times from weeks to minutes! 🚀
At Maxim, we’re on a mission for financial inclusivity, making credit accessible to all. where people can easily
access the credit they need to make life easier. That’s why we’ve developed some top-notch infrastructure for individual credit and background appraisals
About the Author: Olamide Olayemi
