Is Your Bank Ready for Digital Lending?

Digital banking on the deposit side of the house has been around for years as consumers have moved away from coming into branches to make deposits. Many of them now do their banking either through the bank’s website or mobile phone. Fintechs and other non-banks are now providing consumers with the ability to get installment loans either at the point of sale or via a mobile app. Are you ready to move to digital lending?

When I started in banking in 38 years ago, bankers across the country were talking about the “checkless” society. Payments were being made by credit cards and eventually debit cards and the number of checks slowly dwindled. In fact today only about 8% of debits in the United States are paper items. Now many believe there will be a “cashless” society as well.

I was in London last week and I was amazed how further along England is than the US when it comes to the payments systems. Not once in six days did I use any British pounds to pay for anything. All payments were “tap and go” with a chip enabled Visa credit card… 39 different payments from the London Underground to meals, sightseeing tours, taxis, concessions, etc. They virtually live in a “cashless” society already. The US banking systems are behind the times.

Digital lending is here and now is the time to get onboard. Quilo recently won the “Best of Show” at the Finovate Conference in NYC attended by bankers from all parts of the globe. Quilo was also given the “Choice Award Winner” at the ICBA convention in March. If you haven’t seen how the digital installment lending platform works you are missing out.

To see how Quilo will work for your bank contact Strunk at info@strunkaccess.com for a 45 minute web demo.