Automation Lays Base for Customer-Centric Online Lending

Automation of Consumer Lending and Clearing

Shifting consumer expectations have put banks and credit societies at a crossroads. The natural response has been to invest in digital technologies to keep pace with customer demands, but actual adoption has lagged among regional and community banks who lack the resources and expertise to dive deep into technology.

There’s good news: Risk analytics and online lending platforms have matured to the point that the technology is increasingly accessible for smaller lenders, a development that may be just in time for community and regional banks.

The Changing Consumer Expectations
According to a Deloitte study, banks are facing pressure largely because innovation in other industries has led consumers to become accustomed to digital-enabled experiences. The research firm found that banking consumers tend to feel a stronger sense of loyalty to the tech brands they rely on than they do to their banks, often because these brands can offer experiences that are blended across physical and digital channels. This is leaving retail banks scrambling to keep up with new demands.

As banking customers push for greater responsiveness and efficiency, the need for automation becomes acute. Accenture explained that customer experiences have become the primary point of competition between businesses today. As such, financial services firms must work to provide the best experiences possible by breaking down their custom, manual processes that silo data and customer interactions. When customers have to jump through hoops to interact with your different products and services, they’re going to go elsewhere.

” Process automation depends on data-driven decision-making as the foundation for innovation.”

According to Accenture, this focus on customer experiences has turned the back office into a front-office function. How banks and credit societies operate has a clear and direct impact on their customer interactions, and making process improvements is essential moving forward.

Approximately 75 percent of banking COOs polled by Accenture said they are either already using or plan to use analytics and data automation systems to create more value from data, something that can bolster operations and fuel automation.

Risk Analytics Essential in Automation
Building online lending platforms around process automation depends on data-driven decision-making as the foundation for innovation. You can’t automate decisioning unless you can gather and analyse relevant data with minimal user input. You can’t empower your employees to make smarter, faster decisions unless you’re automating the data collection, analysis and management processes in the back end. Whether you’re looking to partner with existing online lending platforms or build your own user-facing system, a risk analytics investment gives you the capabilities you need to spur growth.

At GDS Link, we work to make risk analytics accessible for community and regional banks and credit societies. Our modular solutions allow you to invest in the components you need step by step, gradually deepening your use of the technology to automate processes and improve digital capabilities. Consumers are expecting better digital services from their banks and credit societies, and risk analytics solutions hold the key to the deep automation and optimsation necessary to delivery.

Contact us today to learn more about how our technology can help your firm grow.

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From loan originations and decisioning, to customer management and beyond, GDS Link helps thousands of clients manage risk while driving growth.