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Financial
Institutions
Some don’t know where to start. Others are faced with strong competition from alternative lenders and other financial institutions. Still, many struggle with perceived high credit and fraud risk, and many need a better understanding of how to map their existing practices to the new digital lending realities.
All of them want to improve engagement with their existing customers, attract new ones, and grow new profitable loan products with affordable CapEx. If they can crack the digital lending code, community financial institutions have a built-in advantage that can lead to immediate success. However successful digital lending is a journey that requires expert guidance, the right technology, and a proper business process approach. Technology options are many. Off-the-shelf products promise rapid market entry, while customized solutions enable scale and better customer experience. Leaders need a trusted advisor with the domain expertise to help them make decisions, and the technical expertise to bring a solution that results in loan growth to market quickly.
83% of millenials
95.5% is the
19.4 million
Only 7% of banks
inc. 500
Alternative
Lenders
Alternative lending is rapidly becoming one of the most attractive options for consumers and a compelling business opportunity for FinTechs. Whether operating in a state model or in partnership with a financial institution, alternative lenders must navigate through complex regulatory issues and highly competitive pricing pressures. Subsequently, this makes high conversion rates and low customer acquisition costs equally as important as cross/upselling to existing customers.
Product executives are faced with an increasingly complex set of available technologies, marketing techniques, and advanced loan products and services. It is imperative to re-target customers more effectively, reduce operating expenses, and scale, all while maintaining a high-quality customer experience.
Setting out to build an unsecured digital lending system has its risks. Which components can be outsourced and which can be done internally? What about backend integrations? How will you support your brand identity and ensure a smooth experience that gives you a competitive advantage? How do you make sure you are building the right features and defining the right requirements? Do you have the right subject matter experts and technology partners? How do you quickly go to market with a pilot program and then prove its business case in order to scale?
Answering these questions is critical to success. Alternative lenders need the right partner with experience building, integrating, and scaling complex lending systems to avoid mistakes and demonstrate immediate success today, with a clear plan to scale for the future.
E-Commerce
Alternative lending is rapidly becoming one of the most attractive options for consumers and a compelling business opportunity for FinTechs. Whether operating in a state model or in partnership with a financial institution, alternative lenders must navigate through complex regulatory issues and highly competitive pricing pressures. Subsequently, this makes high conversion rates and low customer acquisition costs equally as important as cross/upselling to existing customers.
Product executives are faced with an increasingly complex set of available technologies, marketing techniques, and advanced loan products and services. It is imperative to re-target customers more effectively, reduce operating expenses, and scale, all while maintaining a high-quality customer experience.
Setting out to build an unsecured digital lending system has its risks. Which components can be outsourced and which can be done internally? What about backend integrations? How will you support your brand identity and ensure a smooth experience that gives you a competitive advantage? How do you make sure you are building the right features and defining the right requirements? Do you have the right subject matter experts and technology partners? How do you quickly go to market with a pilot program and then prove its business case in order to scale?
Answering these questions is critical to success. Alternative lenders need the right partner with experience building, integrating, and scaling complex lending systems to avoid mistakes and demonstrate immediate success today, with a clear plan to scale for the future.