As unsecured digital lending continues to grow, executive leaders at financial institutions are faced with immense challenges and vast opportunities.
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. But 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.