A few years ago what might have seemed like a distant future, suddenly doesn’t seem to be so distant anymore. In a move which could revolutionize a lender’s Loan dispensing nature, ATMs will be now giving out loans. Yes, you read that right. Steering by the ability to comprehend and analyze data, banks can now pre-approve small value loans for their customers, and this will be done through ATMs.
Now – a – days it seems to be a trend where banks are now increasingly getting dependent on retail credit space for an increased growth. To increase the reach of their products banks have also started to use ATMs, which attract all kinds of customers throughout the day.
Since it is one the most visited property of any bank and is frequented by almost all the bank customers, it has a huge potential to penetrate the market. Since it is also a place where people go in an emergency, availing a pre-approved loan seems to be an innovative idea.
In order to finalize a few more things, banks are using Big Data analysis, such as a customer’s work profile, income, personal details and payment capacities in order to determine his credit worthiness.
Once the loan amount has been decided, then the customer will swipe his card and he will be shown the loan amount and has to hit agree, in order to avail the loan. The money will be transferred in his account within seconds.
Certain Banks such as Axis, have gone further and also given a call-back option for those who are not their customers but want to avail the loan facility. In that case the bank would call the customer.