Recent advancement in digital technology has eased SME loan processing by banks. The digital transformation happening at the banks is enabling them to streamline the disjoint processes in SME financing, which in turn has made it possible to deliver a prompt and effective solution to their customers. By automating the end-to-end lending process, digitization and automation have streamlined the cradle-to-grave loan cycle for SMEs from prospecting to underwriting and disbursement and servicing. The fully automated approval process for SMEs has eliminated discrepancies and human biases and also simplified the entire risk analysis process for SMEs.
