The automobile industry will experience a surge in demand for two wheelers as consumers will move away from public transportation fearing coronavirus infection. Industry estimates say that today 50% of two-wheelers are financed against only 30%, a decade ago.

For consumers that use buses and trains, affordability will be an issue and will turn to financial institutions for two-wheeler loans. The loan processing can last for days if bank staff is required to review and verify the data from loan documents manually.

For financial institutions, it would be imperative to speed up every step of the loan processing and reduce physical touchpoints. Ability to quickly extract and validate consumer information from loan documents such as application form, KYC documents, Bank Statements, Income proof etc is crucial.