How Lending Automation Can Take the Sting Out of Inflation
With inflation reaching high double digits around the world, businesses in sectors as diverse as retail, health, auto, and capital equipment are wondering how best to handle this sobering development. For enterprises thinking of providing in-house “buy now, pay later” consumer financing on an installment basis, it’s vital to understand the impact of inflation. Like […]
13 Irrefutable Reasons Retailers Are Racing to Provide In-House “Buy Now, Pay Later” Financing
“Buy now, pay later” financing was part of a retail revolution before the pandemic crashed into our lives in 2020. Now, with the economic recovery on everyone’s mind, retailers are more eager than ever to promote sales and retain customers by helping them pay for purchases by installment — the essence of buy now, pay […]
TurnKey Lender Addresses the Varied Needs of Lending-Tech Users of All Sizes and Types
If you’re waiting for digital finance to become a “thing,” then you’re missing the boat. It became a thing — that is, a service so widespread as to be increasingly expected by customers — in 2020, ignited by social-distancing dictates of the coronavirus pandemic and propelled by earlier technological innovations around two basic problems. 1. Embedding functionality: […]
The State of Consumer and Business Digital lending Entering 2022
Digital lending is helping nonbanks achieve deeper customer relationships, increase revenue, and glean vital intelligence on everything from customer satisfaction and shopping preferences to the impact of marketing campaigns and seasonality. Globally, the digital financing market is set to grow from $311 billion in 2020 to $587 billion by the end of 2025, for a […]
Six Specific Advantages of Using Advanced Collections-Management Software
Businesses of all kinds, otherwise keen to extend credit to eligible customers, sometimes think twice about the whole proposition because of collections. For many businesses, facilitating sales by means of installment payments makes perfect sense. After all, “buy now, pay later” is a tried-and-true strategy for moving bigger-ticket items and services, both in retail and […]
US Small-Business Lenders on Notice: Consumer Financial Protection Bureau Wants More Data on Applicants, Outcomes
The US federal government’s Consumer Financial Protection Bureau recently proposed new rules under an amended Equal Credit Opportunity Act. The CFPB wants small-business lenders — mainly banks and credit unions — to collect each loan applicant’s demographic and financial data to help the bureau enforce fair-lending laws. The result, says the consumer watchdog, would be […]
Merchant Cash Advance Providers Need Software From an Alternative-Financing Automation Specialist
A business that requires cash quickly can get it on the fly if approved for a merchant cash advance. And approval isn’t rare. According to the US Federal Reserve, 84% of MCA applications got a thumbs up in 2020. MCAs are credit products in which payment of set amounts are made over time from a […]
The Healthcare Practitioner’s Guide to In-House Financing for Patients
You’re hearing about other medical practices rolling out in-house financing initiatives, and you’re eager to give your patients the means to pay by installment for treatments and procedures. To help you conduct due diligence, we’ll look at how in-house financing can benefit your practice, and suggest how best to broach the topic with patients. Medical […]
How Loan Automation Makes In-House, Software-Enabled Consumer and B2B Lending an Absolute No-Brainer
Faced with a pandemic that’s changing how retail businesses engage with their customers, and under pressure to disburse tide-over “stimulus” funds to businesses roiled by the public-health crisis, banks and other lenders have flocked to labor-saving, social-distancing technologies in the last 18 months. Of course, lenders are past masters at rising to challenges. Just since […]
Five Reasons Your Lending Operations Need an Upgrade, and How Smart Loan Origination Is Fast-Tracking the Future
Automation has been increasing workplace efficiency since the days of water-powered grist mills. And while banks have long been at the forefront of automation associated with lending, the advent of the internet, developments in artificial intelligence, and the rise of hand-held, take-anywhere devices have empowered third-party innovators and pushed leading-edge loan origination into new markets. […]
Non-Profit Lenders Want — and May Need — to Demonstrate Their Impacts on the Communities They Support
Voices in community development are urging the Biden administration to use CDFIs — community-development financial institutions — to bolster its goal of supporting equity for communities that are underserved in terms of equal access to economic, social, and civic services. Along with increased funding for underserved communities further disadvantaged by the coronavirus pandemic and its economic impacts. Black workers […]
Smart Lending Tied to Advanced AI and Hyper-Intelligent Simulation
Going back 10 years or more, the promise of “big data” didn’t mean that much to financial-technology veteran Michelle Katics. Not in practice anyway. “I said, ‘Talk to me when this is actually feasible, when it’s a plug-and-play solution for accessing large data sets and using it to make smart decisions,’” says Katics, co-founder and […]