For the seventh consecutive year, The Financial Brand has provided a global survey of financial services executives that outlines their top three retail banking trends and predictions for 2018. Of the organizations that provided their top 3 trends, the highest ranking prediction was that the industry was going to remove friction from the customer journey (61%).
Digital lending technology—which automates the entire lending process and significantly reduces the cost to originate, underwrite and manage these loans—addresses this most important trend by providing a loan offer in less than one minute and delivering a loan with e-sign in under five minutes on a mobile smart device or computer. Talk about friction-less... It's full self-service in minutes!
Digital lending technology replaces manual loan processes and helps community and regional banks reclaim a significant portion of the loans lost to non-bank, Fintech lenders. The entire process–from origination to delivery–can be achieved under your complete control: your brand, your underwriting, your compliance. And the loans remain on your balance sheet.
By adopting digital technology, community and regional institutions can derive significant efficiencies in the way they deliver loans, drive revenue and, most importantly, provide the frictionless experience customers want.
The other top trends for retail banking in 2018 are illustrated below.