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How Technology is Streamlining the US Lending Sector

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Today, people are more connected than any other time in history. Since people are constantly using computers and smartphones, most industries have adopted technologies that help in easier and faster service delivery to customers.

In the finance industry, the development of technology has transformed the landscape in the lending sector. In this article, you’ll learn more about how this industry has been affected by technology.

Technology creates better borrower experience

Basically, the lending process requires an exchange of some data between the borrower and the lending institution. Depending on the lender and the amount in question, you may be required to submit tens of pages of information before the application is approved.

As such, the process can be daunting given that you are expected to fill multiple forms as well as provide several documents.  Without patience and some free time, getting through the loan application with traditional banks is close to impossible.

However, when the lending process is digitized the amount of paperwork is reduced dramatically. This is because account activity, credit history, income history as well as tax compliance can be fed into the system with the click of a button. This has made the collection and verification of information quite easy. Besides streamlining the application process, the amount of time it takes to get a loan has also reduced.

In addition, some lenders have developed some innovative mobile solutions that enable customers to submit an application from anywhere. The most outstanding feature about mobile loans is that there is a constant interaction between the lender and the borrowers. This goes a long way in improving service delivery.

Increased transparency

In the past, borrowers had no access to a lender’s system that hold the borrower’s personal details as well as loan application status. This implies that most borrowers were in the dark for the most part of the lending process. When the need to communicate comes, the loan teams were the most potent option. This has been the reason why loan officers were getting hundreds of phone calls from clients who were dying to get the updates about the loans.

Courtesy of technology advancements, now it’s possible to view the status of your loan application as well as your account status with a lender. This helps borrowers to stay updated during the entire online installment loans process. In addition, you can get instant communication about any requests that a lender may have that is critical to the borrowing process.

As a result, there is a high collaboration between borrowers and lenders which makes the involved parties satisfied.

A less painful borrowing process

Traditionally, it takes an average of 18 days to get a loan approval. To get through the borrowing process, you need an extra 50 days if you are applying for a mortgage. But when you consider that it’s possible to purchase something from miles away at the comfort of your home and get it in a few hours, the long lending process seems like a bad joke.

To match the level of service delivery in this digital era, the financial sector has incorporated technology for a better experience. The innovative technology makes it possible for borrowers to navigate through the process thanks to great design and real-time customer support.

This makes it easy to switch from traditional lenders who implement outdated technology and business models. The comfort of knowing that you can get help from the lender in a matter of seconds has made the process painless.

It helps you save money

On average, a lender spends about $8,000 to finish one mortgage. This is because they have to pay employees to look into tons of information and collate in various databases. In a manual process, the tasks are repetitive and consume a lot of time. The tragedy here is that the borrower will cover these costs in the form of loan fees and charges.

But when innovative technology is used, much of the redundant tasks during the application process is scraped off. This means borrowing becomes cheaper for both lenders and borrowers. Besides the huge savings on cost, the process takes less time.

Over-reliance on human capital is eliminated and this implies there are fewer errors when gathering information. While this doesn’t conclude that technology has taken the place of experienced manpower, it helps create time and resources that are focused on other tasks with higher value.

Risks associated with technology in the lending sector

While technology has a way of making life more bearable, it comes with several risks. Basically, most of the information is transmitted online and this makes it easy for criminals to intercept the information. With data security being one of the biggest concerns in this industry, most companies are investing heavily in precautionary measures to keep their customers safe.

Therefore, if you are working with a reputable loan company that has implemented the necessary safety measures, you don’t need to worry. However, this doesn’t mean that you should submit a loan application to every online lender out there.

All lenders are not created equal and there are a few predatory businesses out there that can take advantage of vulnerable borrowers and charge astronomical interests. As such, you should restrain yourself from getting into an agreement with any lender who doesn’t have a track record of outstanding customer service and a demonstrated commitment to helping customers.

Finally, identity theft is real and can cause a serious problem if a criminal gets your personal information. Therefore, you should be careful when requesting loans through online platforms. As a rule of thumb, choose to work with businesses that have strict privacy policies as well as having the necessary security measures to prevent data theft.

Final words

Innovative technology has taken the financial industry by a storm and it has created a serious revolution in the industry. Unlike in the past, loans are now easily accessible to more people and the lending process is less painful.

Considering the current trends, it’s clear that more resources are going to be invested in this industry and create better technologies. While there is still much that needs to be done with regards to improving certain loans like mortgages, technology has transformed the sector.

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This IPL Season Enjoy Exciting Deals on Branded TVs

But before you head to the EMI Network to shop, here is a closer look at the top TV models available on the Network and their features, so that you can make the right choice.

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You can also shop for a TV offline by availing in-store financing. Pixabay

With the 2019 Indian Premier League just days away, now’s the best time to make use of money-saving offers on TVs to upgrade yours. Consider shopping for a new TV from the Bajaj Finserv EMI Network and make the most of an additional cashback during the Summer Sale! When you spend a minimum of Rs.20,000 on an LED TV, you can earn a cashback of Rs.1,000.

When you buy a TV from the EMI Network, you can do so on No Cost EMI. This helps avoid the hassles of using a credit card or depleting your savings, since No Cost EMIs for LED TVs start from just Rs.1,999.

 

 

What is the Bajaj Finserv EMI Network and why should buy your TV from it?

Bajaj Finserv EMI Network is an expansive shopping network that has its presence both online and offline. With more than 60,000 vendors in over 1,300 cities offering a million products, you are spoilt for choice. Apart from best selling TVs, the EMI Network also offers a variety of electronics, appliances, clothes, furniture and fitness equipment that you can buy on No Cost EMIs.

You can shop on the EMI Network with an EMI Network Card, a digital card that has a pre-approved limit of up to Rs.4 lakh. You can use this to make any number of purchases up to the limit, without enduring the hassles of using a credit card. If you don’t have an EMI Network Card but wish to apply for one, you can also get one by visiting the Bajaj Finserv customer portal online.

When it comes to buying a TV, you can choose from the latest LED TVs and LCD TVs and buy a Sony TV, Lloyd TV, Haier TV or LG TV. Thanks to the No Cost EMI scheme, you just have to pay the purchase price and nothing more. For convenient repayment, Bajaj Finserv allows you to choose a tenor ranging from 3 to 24 months. But before you head to the EMI Network to shop, here is a closer look at the top TV models available on the Network and their features, so that you can make the right choice.

Lloyd HD Ready Smart LED L32N2S

Screen size: 80cm

Display type: OLED

Smart TV: Yes

Screen mirroring: Yes

Connectivity: Wi-Fi, HDMI, USB

Display resolution: 1366×768 pixels

Connectivity options: 2 USB, 2 HDMI

Audio output: Headphone

Key takeaways:

  • Lloyd HD Ready Smart LED L32N2S has an Any-View Cast feature that lets you mirror your smartphone on to the TV screen so you can enjoy bigger and brighter content, be it images or videos.
  • The L32N2S has a built-in Wi-Fi connection with which you can browse any content on your TV as per your preference. This allows you to set aside your mobile phone and stream varied content on the TV’s big screen.
  • This TV also has a 3D comb filter that allows you to watch everything in high definition. This is because the filter is capable of dissociating black and white from other colours. Hence, what you see is vivid and highly precise, very close to reality.

Sony HD LED KLV-32R422F

Screen size: 80cm

Display resolution: 1366×768 pixels

Display type: LCD

Backlight type: Edge LED

Backlight dimming type: Frame Dimming

Colour enhancement: Live Colour Technology

HDR: Yes

Connectivity options: 2 HDMI, 2 USB, and more

Picture modes: Vivid, standard, photo-custom, custom, photo-vivid, cinema, sports, game, photo-standard, HDR cinema, HDR game, and graphics

Speaker type: Front open baffle speaker

Subwoofer: Bass reflex speaker

Sound modes: Standard, music, cinema, sports

Dolby Digital: Yes

FM radio: Yes

TV
The powerful built-in subwoofer of this TV makes movies and sounds more life-like. Pixabay

Key takeaways:

  • This full HD TV has X-Reality PRO upscaling technology with which you can view every minute detail of the video output that you see on the screen.
  • The powerful built-in subwoofer of this TV makes movies and sounds more life-like.
  • The X-Protection PRO also protects your Sony TV in more than one way. It has no ventilation holes so dust stays away. Also, the primary capacitor safeguards the TV during sudden electrical fluctuations, and the wiring has an anti-humidity coating that prevents short circuits.
  • This TV also has a lightning protector that protects it against lightning strikes of up to 9,000V.

Samsung N4300 Smart HD TV

Screen type: LED

Screen size: 80cm

Display resolution: 1366×768 pixels

HDR: Yes

Smart: Yes

Contrast Enhancer: Yes

Film mode: Yes

Dolby Digital Plus: Yes

Speaker type: 4CH

Bluetooth audio: Yes

Wi-Fi: Yes

Sound mirroring: Yes

Analogue clean view: Yes

Connectivity: 2 HDMI, 1 USB

Processor: Quad-Core

Digital clean view: Yes

Game mode: Yes

Ultra clean view: Yes

Key takeaways:

  • With superior 40 watt sound, you can enjoy an unparalleled audio experience with this TV that is up to two times more powerful.
  • The HDR compatibility of this TV offers better clarity and accurate details for all video output. This means you will get to see bright scenes in full luminance, while darker visuals are balanced beautifully with equal precision.
  • With the Ultra Clean Analyzing advanced algorithm in place, you can view higher quality images that do not suffer from any distortion.
  • The PurColor technology embedded in this TV allows you to watch content with natural colours. This means every highlight or colour you see is as close to what you’d view in real life.

Choose from these TV models or pick any other model that suits your viewing needs. Then, follow these steps to shop for your TV online at the Bajaj Finserv EMI Network.

Also Read: Entire Hindus of a Village Barred from Voting

  • Visit a Bajaj Finserv partner website
  • Search for your preferred TV
  • Choose ‘Bajaj Finserv No Cost EMI’ as the payment option
  • Select a convenient EMI scheme
  • Confirm your order with an OTP

You can also shop for a TV offline by availing in-store financing. Visit your nearest Bajaj Finserv partner store and simply ask for the TV of your choice, and pay via easy No Cost EMIs. Most importantly, check your pre-approved offer from Bajaj Finserv before making any purchases on the EMI Network. This way you can view personalised deals and enjoy quick approval.