Blog

Be Like Uber and Lend More Competitively

Posted by Trevor Knott, Sr. VP Business Development on Oct 26, 2016 4:44:58 PM

When the app-based driver service Uber hit the streets in 2010, it quickly siphoned off a large percentage of business from the taxi industry. Uber won over taxi riders with its on-demand response and digital delivery method.

Today, the same thing is happening with Online Lending and your customers.

In record numbers, consumers and small businesses alike are getting the short-term loans they need from online, non-bank lenders like LendingTree and OnDeck—preferring their rapid approval and delivery to traditional lending methods.

Unless you innovate like Uber, your institution could lose up to 60% of your retail and small business profits to non-bank entities in the next five years, according to a study by the consulting firm McKinsey & Company. 

The industry advisory firm Bain & Company concurs, saying, "Banks need to accelerate investments in digital lending if they are to avoid a material decline in profits and loss in market share."

Read More

Topics: Digital Lending, Innovation, Online Lending

Subscribe to Email Updates

Recent Posts

Posts by Topic