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.
THE OBSTACLES STANDING IN YOUR WAY
Many local banks that are trying to go digital are faced with various challenges and obstacles that can delay the process or make it seem impossible. The biggest problem is not having a competitive digital offering, being underserved by incumbent tech providers who are holding them back with outdated branch-based systems. They also sometimes lack the necessary digital skills to make the transition on their own. Implementing a fully integrated platform from scratch can sometimes take well over 12 months to achieve and can be costly, which is another reason why many local banks are struggling to make this transition or may be hesitant to even start the process. Apart from acquiring the software, it then requires training in using complex technology such as artificial intelligence, machine learning, performance analytics, and digital marketing. Small to mid-sized financial institutions often lack the resources to commit to this kind of investment.
However, based on the direction trends are going, digital transition can no longer be ignored or delayed for traditional financial institutions. A 2020 study projected that the top three aspects inducing a positive customer experience in 2021 would be digital user experience, personalisation, and financial education. Luna Connect makes this attainable with the Digital Transformation Playbook and flexible lending solutions.
IMPLEMENTING A DIGITAL STRATEGY WITH LUNA CONNECT’S TOOLS
Digital change is becoming easier and easier with innovative fintech solutions like Luna Connect. The Digital Transformation Playbook is designed to make implementation and execution of our digital lending software possible in a matter of weeks, not months. One of the highlights of the Playbook is that it outlines Luna Connect’s technology tools which have been empowering local lenders over the last few years. The Luna platform includes the following five categories of tools:
- Digital tools
- Integration tools
- Compliance tools
- Management tools
- Cloud tools
These effective tools for digital transformation have helped local lenders to experience growth in younger demographics, increased loan applications, and reduce time-consuming paperwork all through online integration and digital activation.
GET YOUR PLAYBOOK AND MAKE THE CHANGE
If you would like to access Luna Connect’s tools and guidelines for effortless, affordable digital transformation, get the Luna Connect Digital Transformation Playbook. Luna Connect is a fintech company that facilitates and accelerates digital transformation in small to medium-sized financial institutions, offering specialist lending solutions. With no capital investment required, local lenders can use the Luna Connect Digital Transformation Playbook to easily deliver digital lending experiences in just weeks. To find out more, visit our site or email hello@lunaconnect.io.
