The fintech disruption in banking and fi nancial services seems to be the next big change
In this age of instant gratification, customers want to be in the driving seat of their retail loan journey as the expectations and demands have changed with the emergence of digital and mobile-based applications. Today, a customer does not wait for the bank branch to do a funds transfer, as it can be done through the 24X7 funds transfer facility available through mobile banking applications. Also, when we buy a product online, we expect same standards and quality at a better pricing than the retail store next door, else we just return the product with no questions asked.
Similar is the case when a customer approaches banks for a retail loan. He expects the bank to deliver the loan with minimum documentation and without any delay. Gone are the days when one would visit the branch multiple times to get a loan. Today, the customer, especially an existing one, expects the bank to know more about her and her needs, and hence approach her in a refined manner, maybe with a pre-approved loan offer and minimum documentation.
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