With the advent of technology, individuals have turned to digitized means to conduct financial activities. Most banks and Non-Banking Financial Companies (NBFCs) have an online presence through their websites.
Nowadays, financial institutions also offer mobile applications, through which users may check their account balance, apply for a loan, make loan payments much more conveniently using their smartphones.
Instant customer service
Traditionally, customer services were offered by representatives present at the lender’s branches. Besides many others, they had to physically conduct the transactions, help customers with the loan application process, and collect the supporting documents. However, with the advent of financial technology, also known as fintech, customers now carry out such activities conveniently through mobile applications. Such apps provide complete loan-related information, thereby allowing loan seekers to make a well-informed decision.
Additionally, mobile apps allow potential borrowers to apply for a loan. Through the apps, loan seekers may choose from an array of financial products. Once the borrower applies for a loan through the lender’s app, the lender approves the application instantly. The approved funds are then disbursed to the nominated bank account. Borrowers may, therefore, avail of finance through consumer durable loans, home loans, and other types of loans rather instantly, without any hassles.
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Benefits of mobile transactions
With the help of a smartphone and a good Internet connection, transactions can be made from anywhere. Mobile applications offer a high degree of convenience as individuals may transact any time they wish to, without visiting the branch. Such mobile finance applications are also easy to use and have a user-friendly interface. Besides, banks and NBFCs use encryption, thereby offering a high degree of security. This helps protect user’s identity, privacy, and financial information.
Mobile apps allow users to apply for any loan with minimal documentation, be it a business loan or any other type of finance. However, choosing a well-reputed lender like Capital First is imperative, which offers maximum security through its mobile app. The Capital First mobile app allows users to apply for a personal loan, durable loan, two-wheeler loan, amongst others, through their smartphones. By doing so, loan seekers may avail of the much-needed finance instantly without any hassles.