Demystifying Digital Lending: How Digital Transformation Can Help Financial Service Providers Reach New Customers, Drive Engagement, and Promote Financial Inclusion
This guide addresses common concerns, shares insights into new trends shaping digital lending, and distills emerging best practices into a framework that FSPs can use to implement digital lending today. Collectively, these steps are intended to help FSPs plan strategically to navigate the new and rapidly changing landscape of digital lending.
Regardless of whether an FSP decides to develop its own digital lending capability, explore digital lending partnerships with other organizations, or some combination of these, the recommendations outlined in this paper are intended to encourage FSPs to start adopting the right mindset and processes that will position them for success. While the right level of digitization may vary, the hope is that FSPs can use this framework to deepen their understanding of digital lending, identify their own digital lending objectives and current digital lending maturity, and take the first steps to implement digital lending.