FINANCIAL SERVICES
Considering the current financial climate , helping customers to maintain their assets while enabling flexible borrowing could well be a lifeline to protect consumer assets while giving them flexibility and spending power . The loans are also based on the amounts of cash the customer has saved on a regular basis , thus reducing risk for the lender while incentivising the customer to save more .
“ Financial institutions unifying their online and in-branch loan application process through a single digital experience ensures that customers can compare loan terms and make informed decisions ”
Steve Zimberg , Director of
Marketing , North America at FintechOS , says market conditions will always fluctuate , and financial institutions must be agile enough to serve their customers and members in those moments of flux .
“ Loyalty and savings loans are products that can certainly be useful to support customers / members seasonally or for emergency needs .”
In either scenario , he says that a financial institution ' s ability to move quickly and be of service to its members is critical . “ Organisations with a High-Productivity Fintech Infrastructure ( HPFI ) can quickly pivot to meet the needs of local and economic market conditions , and rapidly configure and personalise loan products and journeys at scale .”
This can be a real boon for financial institutions of all sizes , especially for organisations that want to enter new areas of opportunity but may not have the resources to execute such a move or are tethered to a legacy banking core and cannot move quickly . “ Having the right HPFI helps financial institutions stay relevant in all economic climates ,” Zimberg says . fintechmagazine . com 77