Now you can get a personal loan online without any phone calls or physical contact.
As the economy is in lockdown due to COVID-19, lenders are further boosting their digital capabilities.
In recent years, getting a personal loan has become easier with online application and instant approval.
With jobs and incomes under pressure, the demand for personal loans has also increased.
“Although the lockdown is temporary, COVID-19 is here to stay for a while. It has had a profound effect on the way business is conducted, and some of these changes will become the way of life. In the aftermath of the lockdown, we have gone full speed ahead in strengthening our digital platforms, tools and processes. For financiers, the main focus for the next few months would be on business opportunities where credit can be sourced, issued and collected digitally, ”said Bhavesh Gupta, CEO of Clix Capital.
Different personal loan providers have introduced new features to improve their digital presence and have also strengthened their existing digital channels. The idea is to make it easy for customers to access the product and answer their questions.
In addition, with most of their staff working from home, it is the responsibility of customer service staff to adapt to the new standard and gain knowledge about new products and services.
And technology makes it possible.
AI-powered chatbots were in vogue even before the pandemic, but now they are growing in popularity. Clix recently launched an AI-powered virtual assistant, Maya, which has proven to be a godsend in the current scenario. Maya has been very well received, with a third of all client inquiries being processed through her.
The company also activated a very comprehensive business continuity plan a few days before the lockdown took effect. The team was able to handle the increase in customer requests by working remotely. Training is also delivered remotely through a learning experience platform – Curio – to enable distance learning for all employees. They have also set up regular training and assessment programs via Webex and phone calls for its customer service staff. Web / mobile training content for self-study anytime, anywhere has also been introduced. “Modules on a three-month moratorium, product and policy specifications, technology guides and manuals are periodically released through Curio, which has really helped our employees step up to serve our customers smoothly,” explains Gupta.
By focusing on their digital reach, personal loan providers are trying to stay relevant even while foreclosed and doing business. Even after the lockdown is over, these practices are here to stay.
Loan providers thus open up multiple channels for people to access personal loans like a website, app, chatbot and also a dedicated team of customer service staff who are available by mail and phone to respond to customer complaints. .