Nobody – regardless of age, enjoys (or ever did enjoy) filling out lengthy forms, tedious queuing to get loans, or red-tapism; seems like digital natives simply won’t abide by it!
COVID-19 has indisputably changed the way financial institutions approach customer interactions – and it will only evolve for the better from here. The after-effects of this pandemic will reinstate digital adoption even more than how much demonetization forced it to.
Lending is among the fastest growing industry segments in APAC, driven by factors like
- Changing demographics
- Increased financial inclusion
- Rising digital-native population
To respond to the needs of current borrowers and to serve the needs of future borrowers, banks and credit unions must simplify borrowing and provide more options for consumers in need. The millennial crowd leans towards digital platforms with most seeking instant gratification.
In an environment where boards & individual senior managers are increasingly being held to account for their actions, financial services firms should ensure sales managers have the foresight, governance, skills and operational capabilities to adapt and respond effectively.
The lending journey being a mix of physical & digital processes, there is now a swift movement towards complete digital journeys – an opportune moment for the lending community to reevaluate how tech & data tools accelerate growth, productivity and competitiveness.
If you think about it, doing more with your existing customers is even more important now! Lending institutions should smartly identify the lifetime profitability of their existing customers – a key-value factor in making better contextual interactions that increase customer loyalty and relationships.
Ease of access to financial services
The fundamentals of digital lending in the future include:
Most loan application processes are tedious and time-consuming. Winners in digital lending will eliminate steps using data pre-fill and intuitive design and will evaluate legacy steps that can be modified or completely eliminated. The goal should be to move to a single click assessment.
The use of the cloud enables integration with credit bureaus, alternative data sources, risk services, and internal decision and underwriter rules for deeper insight and speed of decisioning.
With using an advanced digital lending platform, mass data can be processed faster, with metrics used to better understand portfolio & process performance. Advanced warning systems around potential credit issues are invaluable as are insights regarding market and process improvement opportunities.
What are some key challenges in sourcing, onboarding and collections, we asked our audience!
In this webinar, we have Varun Ravichandran – Head of Industry Solutions, Vymo and Roshan Cariappa – Director of Marketing, Vymo, discuss in detail about how Vymo Coach is helping provide managers at all levels with unmatched visibility and control over their team, to drive immediate productivity increase.
Connect with our solution expert to understand more how Vymo Coach can drive your sales conversations effectively!