REPAY recently participated in an interview with Smarter Loans to discuss the latest digital transformation trends in the lending industry.Susan Perlmutter, Chief Revenue Officer of REPAY, and Vlad Sherbatov, President & Co-founder of Smarter Loans, highlighted the many ways lenders can evolve and digitize the lending journey for their borrowers.
Watch the video to learn more about the following topics:
- Digital transformation in lending
- How lenders are evolving
- Changes in borrower behavior
- Must-have qualities for new lenders
- Innovation in payment processing
Adapting to changes in borrower behavior is even more critical with the onset of the COVID-19 pandemic. While all businesses are adapting to the ‘new normal’ of a post-COVID-19 world, lenders are uniquely positioned to utilize technology to drastically improve the lending experience for borrowers while simultaneously creating internal operational efficiencies. Lenders should focus on streamlining the online application process, offering instant funding options to electronically push funds to consumers’ debit cards in near real-time, and providing an omni-channel platform for digital payments and communication methods. Implementing advanced technology does not have to take up significant amounts of time or resources. By partnering with the right fintech companies, lenders can set up an end-to-end digital lending process in as little as 30 – 45 days.
About Smarter Loans
Smarter Loans is Canada’s first and most complete loan comparison website. On Smarter Loans, you can browse and choose from over 50 loan providers in Canada. The website makes it simple to compare products, fees, eligibility requirements and terms for a wide range of loan providers in the country. Smarter Loans helps people make smarter financial decisions by educating them about Canada’s most innovative financial products and connecting them with Canada’s top financial companies in a safe, fast and convenient way.
Headquartered in Atlanta, Georgia, REPAY is an innovator in the financial technology and payment processing industries. REPAY helps financial companies and lenders across Canada and the U.S. improve their operations and serve their customers better by implementing and upgrading payment technology solutions, enabling companies to accept electronic payments, instantly fund loans, and improve communication with borrowers. REPAY has served the consumer finance and personal loans market since 2006.