The landscape of lending is changing in part to the continued popularity of online lenders. A large number of today’s loan applicants are more likely to choose a non-bank lender for their financing needs for a number of reasons such as convenience and flexibility. However, community banks can remain competitive with the right software solutions.
Though the reasons that applicants turn to online lenders can vary, the one that is most often cited is convenience. Not only can borrowers tap into the loan application process at a time and place that is convenient to them, they also enjoy the ability of these online lenders to rapidly gather, analyze and apply relevant data in order to effectively assess their risk. This experience takes place via a communication method that is rich in technological features, appealing to a segment of the population — millennials — that’s driving the industry.
Community banks can structure their offerings to provide customers with the convenience they want while still delivering those advantages that set such lenders apart from non-banks. MarketPlace Lending Software from CLOUDecision offers the solutions community banks need to streamline their lending processes such as:
Choosing an affordable, agile and robust software solution allows traditional lending institutions the ability to develop a strategy specifically tailored to meet their customers’ needs. When combined with the structural advantages offered by community banks — access to cheaper funds which results in cost savings for customers, the ability to deepen customer relationships and the accessibility of multiple financial vehicles, for example — community banks are better able to compete with online lenders.
CLOUDecision’s MarketPlace Lending Software not only provides customers with convenient lending, it also gives banks the ability to improve internal processes and customer relationships. To learn more about customizable MarketPlace Lending solutions, contact CLOUDecision.