Though relatively new as a web-enabled technology, digital point-of-sale financing had already topped $100 billion a year in the US when the coronavirus descended early in 2020. Now it’s in sharper focus among retailers striving to do two big things: boost sales that have been impaired by lockdown-inspired social distancing, and lay the groundwork for […]
Back in May, PNC Financial’s CEO Bill Demchak told CNBC of the astonishing speed of his customers’ shift to digital banking under coronavirus-inspired social distancing. For several years prior to 2020, digital banking usage at PNC had increased at the steady rate of about a percentage point every quarter — until it went ballistic during the lockdown, said Demchak. […]
Digital banking and transforming an institution to embrace this, isn’t the same as implementing online banking. Where online banking refers, broadly, to financial-service delivery over the internet, digital banking relies on process automation in support of any and all web-delivered banking services. To accomplish this, open banking is implemented and application programming interfaces, or APIs, […]
Open banking changes everything “Open banking” is a financial-information exchange methodology and a source of innovation that’s transforming banking as we know it. It gives third-party financial-service developers and providers permission-based access to customers’ financial data from financial institutions via “application programming interfaces,” or APIs. In plainer terms, open banking has the potential to change […]
Direct lenders are well positioned to capitalize on the growing demand for non-bank loans. Consumer and SME borrowers are turning away from big banks because traditional lenders are declining more loans than they approve. Direct lenders who understand the dynamics of non-traditional funding can earn superior returns on their portfolio, without taking on undue risk.
Artificial intelligence, or AI, is changing the face of lending, empowering digital alternatives to outdated business processes while encouraging new entrants — from retailers and medical practices to trade-order financiers and equipment-leasing firms — to become effective lenders in their own right. AI takes account of data to inform decisions or predictions, broadly mimicking human […]
With hope for a quick economic recovery from coronavirus lockdowns seemingly dashed by the contagion’s resurgence around the globe, financial-service firms, retailers, and business-to-business providers are looking with renewed intensity for adaptations to the pandemic and nascent post-pandemic protocols. For some businesses, COVID-conscious office layouts, plexiglass partitions, and staggered shifts have come into view as components of […]
Peer-to-peer lending is primed for significant growth, fueled by lower operational costs for lenders and broader availability for borrowers in a period of market disruption and innovation linked, in part, to the coronavirus pandemic.
Your company’s lending program is only as good as its credit scoring. More than any other non-macro factor, how — and how deeply — your company assesses prospective borrowers will determine the size and profitability of its lending program.
To create lifelong consumer advocates in the digital age, you don’t need to spend more on advertising. What you need is a quality product and to provide a superior user experience. In this video, we’ll show you how easy digital lending can be for your customers. Below is a demo of how the TurnKey Lender […]
There’s a changing of the guard, but it’s not at the palace. Millennials are pushing Baby Boomers out of the top spot for most coveted consumer demographic as this latter group ages and shrinks in size.
Demand for business loans continues to rise, especially when it comes to SME borrowers. On the other hand traditional funders like banks and credit unions continue to decline the majority of these applications. And they use a slow, paper-based process to come to their negative conclusion. This is good news for alternative lenders who can […]