How consumer lending process is experiencing a transformation with connected ERP and connected banking

With technological advancement, we’ve seen many changes in the banking sector. The lending segment has seen a transformation like never before.

The reasons which led to this change are :

⦁       Advancement in technology

⦁       Building better customer experience

Due to the problems faced by consumers in lending from traditional institutions, digital lending is gaining traction from the consumers and reducing the financial gap.

Connected banking and connected ERPs are driving digital lending in many ways. Also, it is beneficial for both banks and consumers.

Hylobiz offers connected banking and connected ERP services to SME businesses, where businesses can digitize their collections and payables. It also improves collection efficiency by offering various payment modes and automated payment reminders. Also, it offers inventory management, e-invoicing, and a dashboard along with various business reports.

At API marketplace Hylobiz offers easy and quick business loans, working capital loans, and invoice discounting services.

Ways in which the consumer lending process is experiencing a transformation with connected banking and connected ERP are:

Smarter lending

By integrating ERP on the Hylobiz platform and with connected banking, access to capital for businesses has become easier. Hylobiz helps businesses with real-time dashboards and reconciliation, which helps them in building their creditworthiness and thus they gain access to easy and quick loans at cheaper rates.

It also results in easy processing, quick disbursal, and low cost, ultimately which improves customer experience.

Seamless process

Digital lending has seen huge traction with the help of connected banking and ERP. ERPs have improved the bank lending process and decision making it gives access to a business’s data and transaction history.

Also, it has been easier for businesses to build their credit history with the help of connected banking and ERP. Even the process has become paperless and a business need not fill in any data as all the data are pre-filled from ERP, which makes the loan process seamless and transparent.

Better loan management

It becomes easy for both the banks and consumers to manage the loan with the help of connected ERPs. Through APIs, customers can authorize repayments directly from their bank account, saving them from missing any due date. Also, results in faster collection for banks and savings in collection costs.

Churning the data

By leveraging data and analytics banks can gather so much data from the customer’s transaction, spending pattern, and financial behavior, which helps a bank in developing new products, revenue models. It also helps a bank in reducing down the cost continuously for themselves and their customers as well.

All this data mining has led to the birth of many new lending products in the market, named BNPL, Secured credit card, cash-flow-based lending, revenue financing, etc.

How Hylobiz is building the lending ecosystem for small and medium businesses?

1. Existing Kotak Bank and YES Bank customers can connect their bank accounts on the Hylobiz platform and can enjoy maximum benefits. Our partnerships with other banks are in the pipeline and will be launched soon.

2. At API marketplace on the Hylobiz platform, businesses can:

  • Get easy and quick access to business loans from our partners such as Bajaj Finserv and Neogrowth credit private limited.
  • Avail bills discounting services
  • Get an SME credit card and enjoy up to 48 days interest-free credit period

To simplify businesses and help them grow, we’re soon launching many more products in partnership with banks and NBFCs.

Ways in which Hylobiz helps small and medium businesses are :

⦁       Digitizing their receivables and payables

⦁       Automating their payables and collection

⦁       Auto-sync invoices from any ERP

⦁       Get your invoices paid faster

⦁       Improves your collection efficiency

⦁       Automated payment reminders

⦁       Collect payments online/offline

⦁       Automated reconciliation

⦁       Digital inventory management

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.

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