Traditional banks face some hurdles adopting alternative lending models.
However, that doesn’t make the strategy insurmountable for their businesses.
Firms seeking to implement alternative lending processes can use risk analytics platforms to foster data-based decision-making, fueling process automation and rapid application processing.
From there, banks and credit unions can use online lending backed by risk analytics to offer experiences that are comparable to alternative lenders.
In practice, enacting these strategies can be particularly valuable in two key settings: Small business lending or small, short-term loans for consumers. Banks and credit unions can provide an alternative to payday loans and marketplace lenders that some borrowers may want to avoid. The key is to blend technology with targeted service models, strategies that GDS Link can help you enact.
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