Technology has impacted nearly every aspect of the developed world.
In fact, FinTech (technology related to finance) has allowed several processes that were formerly handled manually to be executed by artificial intelligence (AI).
Here are some of the most interesting developments in FinTech:
While we have not quite achieved a cash-free society, innovations such as reloadable debit cards, and automated peer-to-peer payment systems, have sharply reduced the use of checks and hard currency. Peer-to-peer payment systems allow instantaneous funds transfers through a computer keyboard, or a few taps on a mobile app.
AI Financial Advising
Back in the day, financial advice was reserved for the wealthy. These days, AI-driven services, such as SigFig, Betterment, and Wealthfront, have allowed ordinary people to obtain services on par with those provided by pricey financial advisers or wealth counselors. Even main-line financial advising firms, such as Wells Fargo (Intuitive Investor), and Bank of America (Merrill Edge Guided Investing), have gotten into the AI financial advising act.
Automated Payday and Conventional Lending
Payday loans generally have a bad reputation due to their high interest rates and predatory repayment terms. However, startups, such as MyBucks and ZestFinance, have harnessed FinTech and AI to offer lower-interest payday loans while still realizing a profit for lenders. Automated lending has also made traditional lending and credit underwriting more efficient, without sacrificing the granular level of underwriting necessary to ensure quality loan production.
LENDSYS AUTOMATED SOFTWARE ALLOWS CREDIT UNIONS TO LEVEL THE PLAYING FIELD WITH LARGER INSTITUTIONS AND TO COMPETE WITH ONLINE LENDERS
By allowing easy online access and faster loan application processing – we enable smaller institutions to obtain more of the loans they want, while avoiding the bad loans they don’t want.
If you’re ready to take the next step in exploring how an automated lending platform can help you gain competitive advantages and achieve your next strategic lending goals through automating your Credit Union’s lending process, give us a call today to schedule a demonstration.