Think about this. About a decade or so ago, the only source for any kind of news was either the television or more primarily, the newspaper. You ordered your food by calling up the restaurant and shopping included a tedious drive to the mall, spending hours physically browsing for that one thing you hope you like. All of these time consuming actions have found an optimal solution that digitized them for the better. Now you have food apps, social media, e-commerce websites and so much more that has considerably elevated our experiences in our mundane lifestyles. If these things could be simplified, why not something like a loan sanction as well?
For an average customer, going through the travails of a bank queue can get on their nerves. The number of documents, understanding the terms and conditions and finally waiting for approvals isn’t a very desirable way to spend time. On the other side, banks and lenders also have a lot of inefficiencies by keeping their operations physical. The need for digitization, therefore, is absolutely necessary. Here are a few advantages of shifting from paper to digital.
Paperless Documentation: Gone are the days when you needed to go to the bank to file pages of documents for one approval. Digitization of this entire process will save you time, make it hassle-free and is also completely secure. Apps like Saarathi are already pioneering in this, with their aim of making any kind of sanctioning or credit approval super quick, in minutes!
Wider Range of Offerings: With a digital platform, you get the advantage of learning exactly what product you need. Banks and lenders can give you customised options and learn more about consumer behaviour so that you get the best-suited choice that is viable for you. Along with this, Saarathi is also creating a one-of-a-kind marketplace that gives a variety of services like loan, credit offerings and insurances. No more standing in individual lines for them!
Security: Digital platforms are now offering state-of-the-art security and privacy for all your documentation and transactions. Platforms such as Saarathi are using cutting-edge technology like No-Code Low-Code platforms and AI structures that not just make it easier for you to avail products but also keeps your data safe while you are at it.
Elimination of the Middle Man: Saarathi’s digital platform is revolutionising the way the lending industry operates. Consumers can now directly contact their banks or lenders for quicker approvals and the much lesser chances of any kind of fraud or extra charges. This leads to lower costs of processing and much quicker approvals, along with extra guidance before you make any decision from industry professionals as well.
Improving Last-Mile Accessibility: While some of the customers could still reach their respective banks’ physical outlets, the ones who live in remote places still have very limited options when it comes to availing any of the services the industry offers. Apps like Saarathi are changing that. This app makes sure that all their services are available to anyone with a decent mobile connection, eliminating any problems with last-mile accessibility and improving the reach of the banks to places where they may not have any branches.