In a world that never stops changing, and with customer expectations always on the rise, it’s time to harness the innovative power of technology to deliver modern lending platforms across lending types. Leveraging the entire life cycle of lending data
– and adapting your business culture accordingly – is the foundation of long-term lending success. In this blog we’ll focus on the technology aspects of this type of transformation.
Major organizations all over the world have been collecting and storing data points across every aspect of their customer relationships. Whether it’s tracking lending information or monitoring loan performance, companies across the globe have access to a
tremendous amount of data. Becoming the organizations of the future is all about relying on smarter technology solutions to analyze and amplify your data to add value, gain insights, and make better decisions.
Technology pushes the evolution of decisioning
Decisioning, the measurement of risk when it comes to lending, is the foundational aspect of lending. Today’s evolved decisioning is about so much more than the traditional idea of underwriting a loan. Modern decisioning creates a complex network from the
interconnected data streams of the entire customer life cycle. How is technology making a difference? The influx of solutions and tools driven by artificial intelligence (AI) and machine learning (ML) technologies creates vast new opportunities for everything
from marketing to future-proofing and business growth.
Customers go all-in on digital
Today’s customers are looking to do more online, especially with their mobile devices. Whether it’s banking from a smartphone or getting a new car loan from their tablet, the powerful combination of immediacy and convenience are elevating customer engagement
and creating a banquet of innovations from digitalized banks and fintechs. One prescient example is the surge of Buy Now Pay Later (BNPL) options for everything from exercise equipment to new appliances and beyond – the use cases are ever growing.
Not only does this shift to fully digital channels mean a better customer experience, but it also represents access to even more customers’ buying and behavioral data. Finding, collecting, analyzing and forecasting on that data will set modern financial
institutions (FIs) apart from slower competitors who still rely on legacy technology to get the job done.
Direct-to-consumer lending
Offering loans direct to the consumer, especially in a digital format, could easily be passed off as a relic of an earlier time. Except that even here, technology has created a renewed interest in direct …….
Source: https://www.finextra.com/blogposting/21191/reimagining-lending-with-the-power-of-technology