Embedded Finance, or EmFi, is one of the latest technologies slowly gaining traction among lenders and borrowers. When you think of a digital lending app, the first thing that will cross your mind is that it simplifies the borrowing and lending process. A loan management app integrates the product services of a financial institute with non-financial entities with the help of an Application Programming Interface or API. The software in the digital lending app allows the two different entities to ‘talk’ to each other. Here is all you need to know about EmFi. What are the basic features of embedded finance? Embedded finance is designed to improve the entire lending process. It reduces the wait time and simplifies the application and granting of a loan. It is a digital lending platform that connects you with suitable ones. The digital lending solutions offered by a digital lending app will offer faster checkout. You must upload the necessary documents and your KYC and prove your financial viability to get the loan. With the help of embedded finance and digital lending solutions, you can do away with the intermediaries and the long process of submitting paperwork to get the loan sanctioned. Once your documents are submitted and verified, you will get the loan. How is embedded finance beneficial to the Non-Banking Financial Company of NBFC? Embedded finance is designed to benefit the NBFC as it makes it easier for such companies to lend to borrowers. The RBI has already issued guidelines to NBFCs regarding granting loans where 'fair practice' norms must be followed, and presenting a loan is the lender's responsibility. The field executive app for NBFC makes it easy to capture daily data regarding the management of loans and the recovery of money. With embedded finance, you can track all the loans your company has granted. Moreover, a digital lending platform is AI and ML-driven. You will get regular feedback evaluated by AI, and machine learning can help you with workflow management. Thus, embedded finance can help an NBFC expand its business operations. What are the primary benefits of EmFi? With the help of embedded finance, you will find that your ability to lend to customers has increased. You can reach out to a broader customer base. When you use embedded finance, you will get the following benefits: ∙ Your average order value will increase, increasing customer retention and improving revenue. ∙ Both financial and non-financial institutes will benefit as it will provide them with vast data on the borrower pool. Using a digital platform to provide loans gives you an advantage over your competitors. It will help you stay ahead of the competition. Thus, embedded finance can be helpful to clients and lenders by increasing the business operations of financial and non-financial institutes. You will find that embedded finance allows clients to choose lenders and makes it easy for lenders to vet the borrowers. Thus, EmFi can make it easier for the borrower and lender to take and give loans. Credility is a leading tech solutions firm that offers the best products to companies looking to simplify the digital customer onboarding process.