PAYMENT SOLUTIONS
“ THERE IS AN EXPECTATION THAT THINGS SHOULD BE DONE INSTANTLY AND CONVENIENTLY ONLINE ”
UMA RAJAH CEO OF PRIME PROPERTY LENDING PLATFORM , CAPITALRISE
Meisberger explains that alternative lenders sprang up because incumbent banks were not sufficiently servicing the market demand . This revolution was driven by the incumbent bank ’ s lack of a digital offering . “ Their reliance upon lengthy processes that were paper-based or requiring ‘ in person ’ applications at local branches , meant that lending challengers could reach consumers – especially the unbanked – by taking advantage of advances in Big Data and AI .”
A welcome disruption
Uma Rajah , CEO of Prime property lending platform
CapitalRise , believes the legacy systems were ripe for an overhaul because they were old fashioned , cumbersome and time-consuming . It was this situation that launched the fintech revolution , which , she says , now better serves both customers and lenders .
Since the start of the pandemic , she points out that online lenders have provided an essential service to businesses and consumers alike .
“ It should make no difference whether a business is offering consumer loans via an online platform or offline , as they are subject to the same rules which are designed to protect customers . As long as all platforms are compliant , the online lending market will increase access to credit for people who need it , which , in a COVID-impacted world , is more important than ever .”
Rajah says the opportunity to use technology to streamline processes in order to deliver fast , convenient , flexible finance to all types of borrowers has been instrumental in driving fintech ' s online lending revolution .
She adds that fintech has thrived in the customer-centric environment that delivers according to user needs . Banks must adapt and digitise or be left behind . “ We live in a tech-driven world , and there is no going back . There is an expectation that things should be done instantly and conveniently – online .”
Lending and COVID-19 According to some experts , the pandemicdriven demand for online lending is equally split between consumers and commerce .
Ian Johnson , SVP , Managing Director , Europe for
Marqeta , explains , “ Many consumers faced interruptions to their income , and needed access to funds quickly to make ends meet . Businesses were hit by closures