The short-term lending industry – and payday loans particularly – experiences several loopholes, which are leading to growing criticism towards it. How Lender can improve their lending strategies?
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.