December 20196Over the last few years, digitalization has been rapidly changing the functioning of all industries, and the lending management sector is no exception. Customer experience and technological advancements have become the two main driving factors in today's digital world. Digital trends have pushed the banking sector to provide faster and continuous service, new and up-to-date functions, and much more to consumers. The advent of cloud-based payment platforms has also helped in improving the functioning of financial organizations.Blockchain technology is set to rapidly transform the lending industry, from mortgage loans to syndicated loans. Current lending management systems involve third-party intermediaries and can be a very time-consuming project. Thanks to blockchain, there is an opportunity now for people who were earlier shut out of the lending marketplace. It has been known for some time now that AI-based banking is the next evolution in the lending industry. The financial sector is highly data-driven and offers excellent potential for the implementation of Artificial Intelligence. More so, AI is crucial for the financial industry to survive the next major data revolution. AI specializes in enhancing client engagement and retention. With the aid of AI in modifying administrative tasks, employees can focus on building relationships with customers. Breaking the age-old traditions of banking methods, Application Programming Interface (API) helps Lending firms to build, configure, and organize their financial offerings. API based banking has transformed Lending-as-a-Service (LaaS) for all the business organizations that mandate working capital from their bank. API enhances lending operations and enables multiple operational efficiencies within the organization's internal operations. Lenders use big data analytics to analyze minute aspects of loans given out. Significant data analytics highlight intricate details and help predict outcomes. This facilitates easy loans for entrepreneurs and allows banks to remain profitable in the long run. In this edition of Banking CIO outlook, we have put together a list of the most promising lending management solution providers to help organizations explore and tailor themselves according to the rapidly transforming lending management industry trends.Do let us know your thoughts. Copyright © 2019 ValleyMedia, Inc. All rights reserved. Reproduction in whole or part of any text, photography or illustrations without written permission from the publisher is prohibited. The publisher assumes no responsibility for unsolicited manuscripts, photographs or illustrations. Views and opinions expressed in this publication are not necessarily those of the magazine and accordingly, no liability is assumed by the publisher thereof.Contact Us:phone:510.402.1463Fax:510-894-8405Email:sales@bankingciooutlook.comeditor@bankingciooutlook.commarketing@bankingciooutlook.com DECEMBER - 16 - 2019, Volume 05 -20 (ISSN 2644-2418) Published by ValleyMedia, Inc. To subscribe to Banking CIO OutlookVisit www.bankingciooutlook.com Editorial StaffSalesT:510.402.1464Sebastian Jacobsebastian@bankingciooutlook.comVisualizerManaging EditorJames RobertsonStepping into the Digital Future of LendingJames RobertsonManaging Editor editor@bankingciooutlook.comCarolynn WaltersJustin SmithSri KrishnaEditorialKenneth ThomasRussell ThomasPaul Barber*Some of the Insights are based on the interviews with respective CIOs and CXOs to our editorial staffAsher Blake
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