You don’t have to be a multinational tech company to offer payments by phone. Any size business can offer voice payments to its customers on the REPAY platform. It’s quick, easy, and inexpensive -- and it works!

REPAY recently participated in an interview with Smarter Loans to discuss the latest digital transformation trends in the lending industry.

There is one question on everyone’s mind right now: what’s next? There’s just so much uncertainty about the near future. What new realities will COVID-19 bring?

Are you using payment technology to manage your loan portfolio effectively? A 2019 Experian study shows auto loan debt is at a record high. As an auto lender, your first thought might be, “Well, of course. Cars are more expensive, and more people finance them now.”

Our appetite for borrowing only continues to grow, Coronavirus or not.

Debt levels are rising despite what has been eleven years of favorable economic performance. That was before the Coronavirus outbreak. Borrowing demand, however, is likely to remain strong, if not just a little delayed, despite the forced global slowdown.

Does your credit union use technology to make things easier for members?

Mambu, Salesforce, Microsoft Office 360, Google G Suite, and Leasewave

At this point, millennial borrowers probably make up a large portion of your customer base, so it’s important to understand their spending habits and priorities. The American Institute for Certified Public Accountants (AICPA) conducted a study of millennials and found 70% believed that financial stability was the ability to pay all their bills each month. So, according to millennials, stability means striving for zero payments due at the end of the month.

Take advantage of one of the few times of year you KNOW your customers have money for both down payments and loan payments.

The average tax refund last year was $2,869, according to Marketwatch.

Is Your Credit Union Keeping Up with Modern Technology?

Seventy-nine percent of credit union members would leave their credit union for a financial technology (fintech) firm for convenience and easy access to services.