Our Viewpoints

Our Viewpoint

Being Fast Is Not Enough To Build Deep Relationships in Online Lending

March 28, 2017

Alternative lenders seemed to have a host of advantages over traditional financial institutions when they came on the scene a decade ago. These advantages included a lower cost-structure shorn of branches, less regulation, and a seemingly bottomless supply of capital from investors chasing return amidst historically low rates.

Still, the biggest advantage that alternative lenders seemed to have was their ability to create compelling customer experiences online.

The Silicon Valley mindset and the inherent agility of alternative lenders allowed them to create a whole new level of convenience in the digital lending space, particularly in the mobile channel – an area where many traditional financial institutions were weak or absent. With their speed, simplicity, and transparency, many alternative lenders were able to capture business from traditional lenders, especially in areas like commercial lending and mortgages.

Now, financial technology companies are partnering with banks and credit unions to shore up their mobile digital offering, helping them offer loans easily, and reduce approval times from days to minutes.

To be sure, speed and transparency is only part of the picture when it comes to building deep relationships with customers online.

I had a chance to speak with Dan Putney, Vice President of Sales for D+H, for the Lending on Call podcast, to find out how banks and credit unions plan to close the customer experience gap with alternative lenders.

Our interview covered:

Hear the complete interview here.

Having trouble playing this file? This interview is also available on SoundCloud.

Hear about how one financial institution leveraged end-to-end lending technology to build deeper relationships with their customers in the digital lending space. Or learn more about D+H’s solution for mobile mortgage lending.

Author

David Zweifler
Leader, Content Marketing - Global Lending Solutions

David Zweifler leads communications for the Global Lending Solutions (GLS) division of D+H, and has more than 20 years of experience in content marketing. David’s career has taken him to Asia and back, and spanned equity research, journalism, and corporate communications. For the last decade, David has worked in-house in financial technology firms ranging from startups to global, publicly listed firms. When David isn’t podcasting, blogging, and talking to reporters, he enjoys cycling, reading, and being outsmarted by his three children.

David Zweifler