Transforming Consumer Lending with Connected Banking
“Consumers want more than a loan when borrowing; They want ease of application and disbursement, a lightning-fast process that is channel agnostic, flexibility of terms and conditions, and transparency across the entire customer journey.”
Owner and CEO, Digital Banking Report
Host, Banking Transformed Podcast
Today many banks and credit unions can support online loan applications. However, the process still takes far too long, with approval and disbursement taking additional days or even weeks. In most cases, the consumer still must visit a branch office to finalize the process.
Financial institutions must undertake digital lending transformation to remain relevant to the digital-native customers of today. But the process of digital lending transformation is not easy. The path to success is not always evident. Modern technology is opening doors for lending opportunities never imagined in the past, but the leadership of banks and credit unions must embrace this potential. Digital lending transformation includes the combination of improving the customer experience, innovating new ways of allowing consumers and businesses to borrow, streamlining operations for maximum efficiency, and compliance with stringent risk management and regulatory requirements.
Read this whitepaper authored by Jim Marous, Co-publisher, The Financial Brand, to gain detailed insights into the following-
- Status of digital lending maturity of financial institutions across the globe
- How financial institutions can fire up their lending engines in 2021 and beyond
- Why a connected banking approach is the best bet for digital lending transformation