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Non-bank lenders are increasingly becoming an important source of funding, powered by the growing developments in technology and united with the evolving needs of customers to have access to more convenient online and mobile solutions for their banking demands.
We are taking a leap into the era of digital transformation. The times ahead are exciting as well as challenging, with businesses embarking on digital projects, app economy taking a lead and growing digital savviness of consumers.
Digital technologies are dissolving the boundaries between industry sectors. Banking is no exception. A report by Accenture estimates that competition from digital players could erode as much as one-third of traditional retail bank revenues by 2020.The reason being the ease and comfort of a transaction for an end user. Imagine a situation when you need to borrow a substantial sum of money? Some options that may occur in your mind: friends, family, maxing out credit cards, or the traditional bank. Now, imagine you could whip out your smartphone, answer some simple questions on an app, and get an answer within minutes. If the latter sounds appealing, then it clearly simplifies the reason behind the growing popularity of lending businesses...