No one knows the exact date the digital lending movement began. One thing everyone can agree on is that its roots date back to the dot-com era of the late 1990s – starting with mortgage lending and moving toward consumer lending. In the more recent, post-recession years, the movement has been advancing into small business and commercial lending.
A recent survey by the ABA indicates that digital lending could reach 10% of all consumer and small business lending by 2020. It’s important to state here that the term “digital lending” implies a totally digital experience of loan origination. When evaluating a partially-digital process, especially for small business and commercial lending, the numbers will likely be much higher by 2020.
The introduction of digital platforms for loan origination and portfolio management helps meet the needs of financial institutions as well as the demands of their client base. Here are six areas that are beginning to see significant enhancements in the lending process.
The digital renaissance we are seeing in commercial lending is likely to continue well beyond the 2020s, and will enhance the commercial lending experience for both lenders and borrowers. As we enjoy the six benefits mentioned, we are likely to discover new game-changing innovations. Most likely, the experience of a credit officer in 2030 will be much different from today.
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