Anyone who is interested in fast lending these days is usually on the Internet looking for a suitable loan offer. In addition to the classic features such as the most favorable interest rate and options such as early loan repayment and special payments, a fast credit approval procedure is in the interest of potential credit customers. Financial institutions as well as credit platforms, which offer new technologies such as video ident, digital account check, digital signature etc., are at the forefront among credit customers. Because they offer one thing above all: to be able to apply for a loan without having to upload any documents and having to go through an identification procedure in a post office and thus be independent of any opening or switching times. Not a few now refer to the new digital loans as couch loans , which perhaps best characterizes the new type of loan, namely being comfortable.
Digitization in the lending business saves costs
Such fully digitized loan offerings are also convenient for banks, because the technologies mentioned make it possible to standardize loan portfolios to a high degree. Which often results for banks a not inconsiderable cost savings in the so-called structural costs. Because where processes can be completely reproduced on the Internet without human interaction and “offline” available branch, the profit margin at the source of revenue “credit” is significantly greater. However advantageous such standardization may be, they are not free from corresponding downsides. Even if they do not necessarily have to be disadvantageous for banks and credit platforms. Disadvantages arise from this high degree of automation rather for specific audiences. Because not every target group can be digitized so easily.
Not every target group can be “digitized” in the lending business
Example self-employed: The requirements of banks to independent credit customers are much higher and more individual. Something that usually requires the existence of a bank adviser, who then checks the given information of the self-employed in a personal interview and ultimately decides. What applies to the self-employed applies equally to students and retirees. Their financial living conditions differ significantly from those of the traditional worker with a regular income and require an individual rating in case of borrowing.