We like to compare these impressive income projections to revenues of two decades ago when NSF and interchange income tripled from $12 billion to $34 billion and from $6 billion to $18 billion, respectively (see chart below).
With digital lending, your account holders can get the funds they need—online and in minutes—while your institution reaps the rewards by dramatically increasing loan volume, while also reducing costs. Digital loans can be delivered for as little as $200 annually, where current lending processes cost $1,000-$2,000 per loan.
Digital lending technology also helps banks strengthen their digital strategy, which has been a major determinant in financial success. According to BCG Perspectives in its 2016 Retail Banking Excellence (REBEX) benchmarking study:
- “Banks leading in measures of operational and digital excellence reaped the lion’s share of financial rewards. They achieved 50 percent higher average pretax profit per customer than the median, while their operating expenses per customer were 30 percent less, a savings largely driven by lower personnel and IT costs.”
Join us for our webinar on February 14 to see how you can drive new revenues and efficiency with digital lending, while retaining under your underwriting and your brand.