FinTech digital lenders doubled their market share in the Personal Loans category from 22.4% in 2015 to 49.4% in 2020 (Experian study1). A market share gain which came at the expense of traditional lenders - Credit Unions and Banks.
To slow the continued erosion, Financial Institutions need to consider next generation lending platforms and make them available for member use.
Such platforms can transform your lending economics in 4 ways:
1. Accelerating direct loans (More of the profitable loans)2. Decrease adverse actions (Better customer relationship)
3. Improve operational efficiency (Lower costs)
4. Increase cross-sell loans and increase share of wallet (Member relationship expansion)
This white paper goes into great detail on how these four wins can be realized.
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