Fintech companies are beginning to transform many aspects of the financial world. From mobile payments replacing cash and credit cards to robo advisors competing with traditional financial advisors, financial products are increasingly inexpensive and user-friendly. Luckily for borrowers, consumer and business lending are also being revolutionised. How exactly are new lenders changing the game and how will you be affected by changes in the lending industry? Leveraging Data Analytics One of the most disruptive ways fintech companies are changing lending practices is their use of data analytics. Lenders leverage data obtained from applicants in order to better predict the risk associated with each potential borrower. This approach can benefit borrowers in a few ways. First, it often allows for a simple online application and faster review process. For example, online lenders often require fewer documents and some lenders even offer application review decisions within minutes. Additionally, data analysis gives ......