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Manav Jeet

Manavjeet Singh is the CEO & MD of Rubique.

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Want Good Financial Advice? Ask a Digital Lending Platform

Digital lending platforms are leveraging cutting-edge AI to find the right credit product for you.

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The need for credit can come for a variety of reasons, and can be catered to by a vast plethora of different loan products. You would have heard or read of various different types of value-added services or features being promoted for different loan products – flexible repayment options, moratoriums on payment, and floating interest rates are all being marketed to consumers. However, the different products on offer and their variety of benefits can be confusing for the average Indian looking for credit. Depending upon their use for the funds – education, paying for healthcare, buying a home, purchasing a vehicle, starting up a new venture – choosing the right loan option can make the difference between sustainable living or having to deal with the constant regret of having made a bad choice while dealing with the fear and pressure of default. Your credit or financial needs can be catered to by a wide variety of financial products available on the market – but understanding which one and where to get it from can be difficult. Digital lending platforms beginning to use their advanced technology and large data-handling capacities to help you find the right credit option or financial product or service for your needs.

The need for financial advice

The confusing world of finance, with its various different credit options –line-of-credit loans, secured and unsecured loans, and instalment loans – make it chaotic and complicated to navigate without guidance. Finding the right product for your needs of the immediate present is an onerous task, and fails to account for future needs. While knowing that you need credit is easier to determine, figuring out your other financial needs – insurance, investments, etc. – depends upon an understanding of your financial future and the movements of the market, which are hard to predict even for experts. Many people attempting to make such choices for themselves avail of the first convenient option that they find, even if it turns out to be sub-optimal. Financial advisors are too expensive, aren’t reliable, and can’t be expected to have either the capacity or the inclination to search through every possible source and every bit of your data to find the perfect fit. In any case, human beings are terrible at predicting market conditions – for example, Wall Streets’ predictions for the stocks in 2017 were woefully inaccurate; AI has already replaced them at 32% of the companies in the financial-services space.

Clearly, if you had to get good financial advice, AI-leveraging algorithms are a better bet than humans. So why not use the same technology to help individuals and SMEs find the right credit options for their needs?

Digital lending platforms are helping you left-click on the solution

Digital lending platforms are using their innovative and pioneering technology to provide customized financial solutions to their customers, including offering them the right credit options and financial products to suit their needs in the short, medium, or long term. At the primary level, these fintech companies are using AI to create a substantially more accurate profile of customers and their data to determine the best financial product for them, and matching it to existing products made available by conventional financial institutions. Consequently, the technology enables these companies to have a clearer understanding of their customer’s needs, using a plethora of sources – from their banking records to their social media profiles. These algorithms can create a digital database of all the possible financial options, and cross-reference that with customer data to provide a perfect match for your needs in mere seconds. These technologies provide consistent, reliable, and accurate results every single time, lacking the capacity for errors like human financial advisors. These platforms are providing an unassailably seamless, convenient, and accurate financial provisioning system for their customers.

These technologies are already being used by some of the best players in fintech to provide advisory to individuals and SMEs on managing and improving credit scores. Using high-end matchmaking algorithms, these fintech companies are assisting both customers and existing lenders to discover the right fit and conclude a transaction. As a customer, you get personalized and customized advice on how to manage your affairs to ensure that your credit rating stays at a level that ensures funding access in the future. These platforms are also showing an interest in helping individuals and SMEs choose from amongst various other investment options, as well as curating insurance and other similar financial products. This data-driven intelligence offers great value to both stakeholders in finance – the consumer and the financial institution. Digital lending platforms can provide bankers and financiers by a more credible and reliable evaluation of risk. They can provide individuals and SMEs targeted financial advice to offer unique solutions to their customers’ complex financing problems. There is little doubt that in some nearby future, these digital lending platforms won’t just be your best resource for credit, but your best recourse for suitable and bespoke financial advice.

Disclaimer: The views expressed in the article above are those of the authors' and do not necessarily represent or reflect the views of this publishing house

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