Interesting to see the gap between the digitalization in EMEA versus the US...in Northern Europe for the last 5-10 years consumer lending has been digitalized....in 2002 got my mortgage fully digital....
The benefits of handling loans electronically rather than passing around sheaves of paper are a given. An all-digital process is quicker, with fewer errors and less paper to be filed in a cabinet. Less bureaucracy and faster answers make for happier customers. U.S. Bancorp, for one, has found all these advantages in its six years of offering paperless consumer loans and recently rolled out a similarly automated account opening. Yet a large segment of the industry still hesitates to use this technology, for legal, technical and cultural reasons, some more perceived than real. "Banks continue to stumble when it comes to automating the consumer lending processes," "The percentage of direct loans approved through automated underwriting and direct loan applications originated online remains at zero.
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