Digital lending has become a remedy for the pain points customers are experiencing with traditional lending, namely cumbersome loan processes and good credit history requirements for getting access to bank loans.
According to a survey by IBM Institute of Business Value, 60% of representatives of world banks believe that the boundaries between various industries are gradually blurring. This means that banks have new competitors. Among them are both promising FinTech startups and ecosystems that unite financial and non-financial players.
The year 2021 with COVID-19 and a series of crises accompanying it has brought revolution across all sectors. Financial sector is no exception. While video KYC and paperless loans have become top priorities of digitalization of the finance sector, at RNDPOINT we are sure they are only the tip of the iceberg.
Lately, at RNDPOINT we noticed that leaders among credit unions have already acknowledged the fact that almost a quarter of their members would prefer to move to alternative financial institutions if credit unions fail to innovate their services. Some of them are making certain steps in partnering with the vendors of credit union software in an attempt to ensure better meeting members’ expectations and needs.
I am often asked by my clients and partners how to effectively implement a Commercial Loan Servicing software in a financial organization. Therefore, I decided to write this article and talk about the advantages of the loan servicing solution and outline the roadmap of its implementation.
LaaS vendors have been packaging the latest top-notch lending platforms often with included expertise and operational services lately. The Market Leaders’ survey, conducted by LendIt Fintech, embraces the insights based on industry research and interactions with software providers.