With an expected smartphone user base of 1 billion by 2026 , India is quickly undergoing a digital revolution in every aspect of daily life. And the retail loan space is not far behind. Between 2017 and 2020, in just 3 years, active retail loans in India have almost doubled! 
The trend is consistently showing a shift towards the digital space for the retail consumer. More and more people are getting comfortable with banking online.
Source: TransUnion CIBIL data
A generational shift in personal loan market
The combination of an evolving digital consumer in a dynamic financial ecosystem is bringing new untapped opportunities for every lender. A report by TransUnion and Google highlights the changing dynamics of the personal loan market in India. 
Source: TransUnion-Google credit report
Small-ticket lending of size less than INR 25k form 60% of the entire personal loan market.  In fact, this category has grown 23 times in 3 years since 2017. Most of these loans (73%) originate outside of Tier 1 cities.
Many of these searches happen online, and consumers need a personal loan customized to their needs. The lenders who capture them as these inquiries happen will rule the personal loan market in the near future. It is also important that Banks and NBFCs ensure credit decisioning happens instantly without compromising on the risks.
Source: Google data, 2020
This is where technology comes to the rescue.
Transforming the personal lending landscape digitally
What is needed is complete digitization of the personal loan journey starting from the lead acquisition phase to the end disbursal.
The risk profile of the lead must be assessed even before the application is completed. For this, all necessary data points must be gathered accurately from credible data sources. A highly intelligent credit decisioning system must be in place to offer instant loan approval and disbursement.
Lentra’s personal loan platform offers an end-to-end digital lending journey. It starts with a robust lead generation module that finds new leads and tracks followups on multiple channels. This ensures the leads are captured even before an application is filled.
Lentra’s tech stack captures data from various credit agencies and spending behavior patterns to assess pre-eligibility for the lead. This helps lenders provide a smooth customer experience.
The highly sophisticated OCR capabilities of our systems also help search and edit data from scanned documents. This makes many tedious processes like verification, on-boarding, and collections a breeze.
The core part, however, of this lending technology is the AI-based tech stack that manages the credit lending and repayment journey. The data collected via pre-integrated APIs is fed into the core system to generate personalized loan offerings that reduce the overall risk exposure for the lender.
Lentra’s technology backend can help transform your customer’s personal loan journey smoother, more secure, and faster. All of this while capturing the leads even before an application is filed.