Digital is no longer a differentiator. It’s just table stakes.
The word ‘Digital’ is almost clichéd now. Everyone has heard about it, and they have all jumped on the bandwagon. If you are an established bank or a lender, you must have already incorporated digital into your long-term strategy, and you are most probably thinking: “Oh, you mean that ‘everything-online,’ ‘integrated customer experience’ and ‘connected enterprise’ thing? Yeah, we have a plan for that.”
Unfortunately, the brash new startups that are entering the lending scene are not thinking that way. For them, online and connected are already a given, the bare necessities. For them, ‘Digital’ is a means to ‘Disruption.’
You have surely come across some of the more famous ones among these upstarts, right?Have you heard of ‘Kabbage,’ the lending platform that offers nearly instant loans to small businesses, based on creative, alternative data – like the number of UPS packages sent or received by the industry? Or ‘Tala,’ which approves microloans for borrowers from underserved economies who lack credit history by crunching out myriad data points ranging from financial transactions to mobile games played? And what about the aptly named ‘Upstart,’ which uses data such as education, employment history, and whether applicants know their credit score to underwrite and price loans? Upstart’s algorithms are supposedly so well-trained that they now approve 47% of loans with zero human intervention and yet manage to have one of the lowest default rates in the industry!
Get digital already. There is no time to lose!
Going digital is no longer the endgame. It just places you at the start-line for the sprint towards innovation and disruption. Therefore, if you have a long-term, multi-year digital roadmap, you have lost the race even before you have started. You need to go digital right now—within weeks—so that you can compete on level terms and give yourself a chance to race with (and fend-off) these new-age disruptors.
If you are a bank or a lender with HELOC offerings, Tavant VΞLOX product suite can help you do just that. It offers a ready-to-use toolbox of services, integrations, and interfaces that propel you instantly to a fully digital-ready enterprise within weeks. Do not waste your time and energy on figuring out how to get digital. Tavant has that covered, which means you can focus your precious resources on figuring out how you will unleash the power of digital for innovation, disruption, and market leadership.
