Time to Decision by banks to approve a loan is significantly longer than SME expectations, which adversely impacts SMEs’ competitiveness. Delays often result in SMEs losing the first mover advantage in responding to a market shift.
To overcome the problem of complex and time consuming paperwork, banks should provide SMEs with digital and multi-channel services. Digital enablement can help SME customers to manage their credit needs including raising ad hoc requests, availing instant credit, and funding purchase of consumer durables.
Banks should improve the customer experience by providing online dashboards that cater to SME business needs. Digitization will expedite the funding process by automating data inputs into application, allowing customers to upload relevant documents and automatically linking to the workflow framework. This will cut turnaround and reduce operational costs while improving customer satisfaction.
TCS Solution of Accelerated Small Business Loan Origination will help banks to digitalize lending to small business customers with faster time to market and transparency into loan processing for all stakeholders.
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