Common traits of modernized lending [Video]

Marketplace Lending Software

Over the past decade, as the lending landscape has become modernized, a few common traits have emerged.

First, because more people can get approved for alternative loans, even if denied by a bank, more loans will be given with the rise of alternative lending.

Second, traditional lenders, such as banks and credit unions, have been known to be slower to implement new technologies. This means that borrowers could prefer alternative lenders, even if they can still be approved by banks, because processes and practices may be easier and more digital-focused.

And that digital focus brings up the last trait: Customers now prefer digital experiences. This makes their application submission faster and lenders are able to make assessments right away based on more advanced analytics systems.

To ensure the most up-to-date technologies are being implemented correctly to take advantage of modernized lending, get in touch with GDS Link today for more information.

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