If you’re a financial service and credit provider, you’re likely to be one of many that are stuck in mid-transformation, struggling to successfully transition from a traditional lender to one that offers digital experiences to an ever-changing online market. Luna Connect provides digital lending software to help loan providers with this move. However, we’ve noticed that moving online can also be an obstacle to traditionally designed business models. To that end, we’ve released The Luna Connect Digital Transformation Playbook to guide you in this process.
Personalisation, speed, and cost-effectiveness. These are all things that local lending institutions are in dire need of and the only way through the tunnel is to seamlessly digitise in order to see the light at the other end. Luna Connect, a disruptive fintech company, is breaking down barriers to digital transformation by enabling traditional banks and local lenders to provide a more personalised customer experience through digital integration and automation. We take a look at how they are fast becoming the best lending software around.
Loan automation software is the new black; at least it is in the world of local lenders. Banks and credit unions are more attuned now than ever to the need for a shift in mindset and functionality to keep up with the ever-changing trends of the digital era. Unfortunately, many small to medium enterprises don’t have the capital to invest in advanced tech and are discouraged by lengthy processes of a complete transition to digital lending solutions.
Luna Connect aims to bridge this gap with its new out-of-the-box platform that gives local lenders a ready-to-use, easy-to-integrate product. We employ the following five tools to make digital transformation possible within weeks.
As digital lending platforms grow in demand, local banks and private lenders are struggling to make the change to online user interfaces. In response to this challenge, Luna Connect has officially released The Luna Connect Digital Transformation Playbook, From Traditional Local Bank to Digital Lender: How to Make the Transformation in Weeks.
As footfall at retail outlets continues to fall and people choose to complete more of their purchases and transactions online, from the comfort of their homes, lenders need to respond accordingly.
Thanks in large part to the COVID-19 pandemic, which has accelerated the trend for moving online, gone are the days when customers would come into a branch to enquire about securing a loan.
Now, customers will Google a lender, expect to be able to ask questions via email or Messenger and apply online. In a competitive marketplace, if your digital lending or credit union lending business isn’t able to meet these expectations, then your potential customers will go elsewhere for their loan instead.
Luna Connect and Yapily outline how to automate loan origination and credit decisions with online loan origination and Open Banking
What Is Artificial intelligence (AI)?
Artificial intelligence (AI) is used in various aspects of our lives and every day we are surrounded by companies, technologies and devices that use AI. You unlock your phone using face recognition, social media personalises your feeds, spam emails are filtered from your inbox and banking systems determine if your latest purchases were fraudulent. 2020 will go down in history as a pivotal time for digital transformation. In 2021, what may have until recently felt new, exciting and progressive is now becoming the norm.
Are you constrained by existing technology investments to compete with digital competitors?
Innovation has always been a crucial part of lending throughout the ages. From the very first signs of civilization, lenders have leveraged best practices to survive and prosper in the evolving environment.
From Mesopotamia, to Greece and Ancient Rome, lending has been going through continuous transformation.
Today, lending institutions find themselves facing an arduous digital transformation challenge. But looking back at the past can often offer some explanation to the changes in the present, and where better to begin than in the cradle of human civilization?