The digital transformation journey is undoubtedly beneficial to the new-age lenders, financial institutions and their customers. Delivering a complete -user experience without financial vulnerability and threats are the need of the hour. Enabling convenient and easier forms of credit-decisioning is something that financial institutions are working on to enhance the end-user experience. Financial institutions are adopting data and analytics to inform consumers which actions can affect their credit scores and also decide on the right candidates who can be long term customers for them based on their financial habits.
A recent trend report by Clarity Services, a credit reporting provider, showed that online funded loan volumes grew by almost 500% between 2013 and 2017.
As the pace keeps increasing, what are financial institutions from a technology standpoint?
Replace or upgrade legacy IT systems
Reduce operational inefficiency
Improve customer experience
A LiveVox report says, financial service institutions that are elevating user experience are at a different point in their digital transformation journey:
54% of financial institutions have developed a digital strategy, but have not yet implemented it
29% of financial institutions are currently developing a digital transformation strategy
Only 14% of financial institutions are in the process of implementing a digital transformation strategy
The numbers boil down to only a short percentage of financial institutions actually willing to implement digital strategies. It is thus, an important question to ask, “what is stopping them from reaping the benefits of the technological transformation in their business?” Therefore, events, talks, conferences have become a potent medium to grab the missing threads.
Zuci has worked with several financial services institutions and helped them on their user experience journey using technology by building progressive web applications, mobility, digital lending platforms and so on.
We are determined towards persistent innovation in FinTech and are always looking at a step further. Join us at the LendIt 2019 event in San Francisco from April 8 onwards.
It is the world’s leading event in Financial Services Innovation, Fintech, Digital Banking, Blockchain, and Lending.
What to expect in 2019?
- Advancements in Credit, Underwriting and Identity
- BlockFin: Blockchain in Financial Services
- Consumer Lending Innovation
- Digital Banking Innovation & Partnerships
- Financial Health & Inclusion
- Investing in Debt & Equity: Key Insights
- The Latest in Policy & Regulation
- Learnings from Around the Globe
- Niche Lending: Looking for Yield
- Paperless Mortgages
- Payments Innovations for Small Businesses
- Small Business Lending Innovation
- The Digitization of Credit Unions & Community Banks
Zuci is revolutionizing the way software platforms are engineered with the help of patented AI and deep learning models. Learn more about Zuci at www.zucisystems.com
About the author
Romita is the Digital Marketing Manager at Zuci. She is extremely passionate about reading, writing, and networking. Find her talking and interacting at Romita Verma