In the earliest days of the coronavirus outbreak, all lending institutions encountered unavoidable problems, namely countries implementing restricted or semi-restricted managements to intensify prevention and control measures of the pandemic. This disallowed companies to start new businesses in the near future while shouldering heavy interests on their operating expenses and financings. With micro-, small and medium-sized enterprises affected by the outbreak, normal lending processes of lending institutions are also disrupted, most notably on their loan collection processes. Besides, loan personnel were no longer able to use traditional methods such as visiting their clients to collect loans during the Movement Control Order.
In view of this, private lending companies have developed their smart loan management systems via Lend in Asia to provide flexible loan packages, designated for micro-, small, and medium-sized enterprises and the public. In this area, Lend in Asia lent a hand to these private loan companies to build online applications and service platforms by actively applying its own technologies. Its efforts nurtured Contactless financial services as a result.
Major applications developed by Lend in Asia have reached a total of 500,000 downloads to date. During this period, weekly downloads of applications were 30% more in April as compared to in February, with the growth rate reaching its peak of 35% in May. This data proved that artificial intelligence is not only effective in eliminating hassles in manual processes of the loan industry, but also essential to bring unprecedented conveniences to users, namely remote online applications, cash disbursements in the shortest time possible, etc.
Overall, the coronavirus outbreak brought upon both opportunities and dangers to the world; demands for loans are set to increase further after the outbreak. Based on download volumes and user communities, emerging intelligence loan applications have room to grow and are bound to create a long-term trend. Applications developed by Lend in Asia laid the foundation of future developments of the company where its own artificial intelligence technology will continue to expand through launches of more management systems.