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Profiting from digital lending

April 4, 2018
Taking advantage of rapidly advancing technology and growing demands from consumers for digital interactions, a number of disruptors have carved out niches in financial services. Just like other industries disrupted by new technology, many leading banks were initially quite indifferent to the challenge. However, this has given way to recognition of the need to change. Digital has become a fundamental theme for almost every transformation project.

With the tremendous cost advantages that the new technologies bring, it is little wonder that so much focus is being placed on efficiency. But is that what ‘going digital’ means? Is it about being available on the web, mobile and across social media? Is it about being paperless and having automated processes? Yes, it definitely includes these things but it is not limited to just these things. It can be very easy to say ‘it all starts with our customers’ and that the reasons for going digital are therefore driven by customer expectations. But there is more to it than that. Clearly, it helps reduces costs and may make it more appealing to younger customers. If competitors are all going digital and if it the regulators are pushing digital then the pressure builds.

Read more here : https://www.rfigroup.com/australian-banking-and-finance/news/sponsored-profiting-digital-lending