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

Recent changes in technology have disrupted each segment of the financial services sector. Amongst all, lending has seen the most significant changes.

Advancement in technology and building a better customer experience have led to all these changes in lending. For instance, a person can apply for a loan from his smartphone and can get instant disbursement.

Connected banking and connected ERP have made this process easier for both banks and consumers. As customers need not fill any form to apply for a loan, they can proceed with the ERP in a few clicks. Also, this makes it easier for banks to access the creditworthiness of consumers.

With the help of connected banking and connected ERPs, the loan process has become seamless and transparent. It also helps the bank in reducing down the cost for both consumers and themselves.

Hylobiz is a fintech catering to SMEs, with active operations in India, UAE, and Bahrain, where a business can integrate their existing ERPs and connect their bank.

Hylobiz auto-sync their invoices from their ERP and help them in getting paid faster. Also, automate your receivables and payables, send automated payment reminders and attach payment links with your invoices.

At the Hylobiz dashboard, businesses can get real-time updates about their business health, and also dashboard helps them in building their creditworthiness, improves their business relationship.

Hylobiz API marketplace aims to help SMEs in every possible aspect, where SMEs can avail easy and quick business loans from Bajaj Finserv and Neogrowth credit private limited. It also offers SME credit card and bill discounting services. In the time of cash crunch or inefficient working capital, the Hylobiz API marketplace acts as a savior for small and medium businesses.

Read the blog originally published here : https://hylo.biz/how-consumer-lending-process-is-experiencing-a-transformation-with-connected-erp-and-connected-banking/

SME NeoBanking products — Payments receivables, Payables and Credit scoring for SME.