Digital banking has been around for about a decade as community banks and credit unions scrambled to offer consumers something big banks started in 2007. Mobile banking really started in Europe in the late 1990s and it took over ten years for it to become popular in the United States.
Mobile banking gives consumers 24/7 access to their deposit account. Most mobile apps allow for bill payments, remote deposits, fund transfers and some even allow person to person payments. Mobile apps have not provided any type of service on the lending side of the house until now.
The buy now pay over time solutions that many consumers are using started in Europe several years ago and in the past year they have become popular in the U.S. Just like mobile banking, the financial institutions here have lagged behind the rest of the world when it comes to digital technology solutions for consumers.
The Quilo mobile app provides instant access to small dollar (over $250) consumer loans that can be used at 1) POS or for online purchases; 2) to pay down or pay off credit card debt; or 3) to replenish a checking account for recent debit card transactions. The loans follow strict credit underwriting by each institution. Funding, collections and reporting is handled by the Quilo app.
Strunk has partnered with Quilo to provide a turn-key solution that will meet consumer demands by providing small dollar lending profitably. Quilo will substantially increase loans, net interest margin and interest income.
For a quick demo of Quilo contact Strunk at email@example.com or 800.728.3116.