Digitization Of Credit Management

Abstract

The management of credit granted to customers is credit management and is identified as strategic by companies. Credit management is usually developed in large scale business organizations all over the world, but it is not the case in small and medium scale companies where the focus of business is mainly on sales and they usually avoid such critical management. Digitization of credit management includes involving digital technologies for automation of the process that would improve data analysis as well as enhance the level of customer experience. It would lead to fast decision-making, reduction in costs, and efficient workflows. Such digital transformation of banks and financial institutions has made a huge influence on tradition credit system. It is shown by mechanism analysis that digital transformation can make positive influence on credit scale as it would improve operating efficacy as well as strengthen risk control capability. As finance and Information Technology experience digital transformation giving an opportunity of re-evaluating and optimizing the process of credit management. Study survey was conducted among 231 people from different sectors to study the Digitization of Credit management.