Here at the Rules of Thumb blog from MoneyThumb we often discuss different aspects of online lending. We have many online lenders who use our PDF financial file converters. MoneyThumb's proprietory tools allow online lenders to make much faster lending decisions by providing the ability to convert the financial statements of prospective borrowers in an instant.
So what does the future of online lending look like? Tearsheet asked 17 online lending experts what they predict for the future of online lending. Below are a few of the results:
John Schleck is senior vice president, centralized and online sales at Bank of America:
“When it comes to the home of your dreams, the #1 trend heading into 2019 will be intuitive, simple ways for buyers to apply for a mortgage. We know they’re looking for an efficient, personalized experience — and one that has value — that they can complete on their mobile device and at their convenience."
Adrian Nazari is the CEO and founder of Credit Sesame:
“We expect to see the continued evolution of targeted mobile and cloud-based lending solutions as we head into 2019. Backed by powerful data analytics, these platforms will be competing to offer personalized lending experiences to customers, particularly to millennials, who place more value on this personal attention.”
Brent Vallat is the head of lending at Varo Money
“As we approach 2019, we’re seeing a higher demand for online lenders to develop an ongoing customer relationship that demonstrates incremental value add. Transactional business models will no longer suffice as innovation among lending products evolve beyond standard-term loan offerings to better meet ongoing borrowing needs."
Eyal Lifshitz is the CEO and founder of BlueVine:
“When the Fintech revolution began, most of the early players were essentially single product companies, i.e. offering just one product or solution. Some had products for searching for mortgages, while others focused on student loans. My own startup initially just offered invoice financing services. But the days of one-trick ponies in Fintech are numbered. More companies will see the need to offer multiple solutions and services. My own company has expanded to offer a business line of credit and we continue to explore other products.”
Priyanka Prakash is a lending and credit expert at Fundera:
“Going into 2019, we are seeing more online lenders offer a full suite of financial products and services, either on their own or through partners with other firms. Lenders and lending marketplaces want to position themselves as the only financial tool that their customers need, so they will offer one-stop shopping."
David Nilssen is the CEO and co-founder of Guidant Financial:
“Startups will continue to be left behind by digital lenders. They do not have the capability or appetite to support entrepreneurs in the early stages. Important tools for startups and business transfers – which are often used together (i.e. 7a SBA loans and rollovers as business startups) will continue to serve Main Street entrepreneurs where digital lenders and retail banking establishments cannot.”
So it looks like the biggest prediction for the future of online lending is that companies are realizing that consumers want a more personalized experience above all. As is the way of the world, everything comes full circle. The decades of impersonalized automation have driven people to desire real experiences with real people, which is a great predictor for the future of our planet as well as that of the online lending experience.
However, even though personalized experiences are making a major comeback, we can't throw the baby out with the bathwater. Technology has made great strides and there will still always be a great demand for tools that automate, such as the PDF financial file converters from MoneyThumb. An online lender can make a lending decision about a prospective borrower within minutes after converting and being able to view their financial information using the best financial file converters on the market.
If you are a lender who is searching for a way to make loan decisions a much smoother and quicker process by having the ability to convert and analysis prospective borrowers' financial statements in an instant, you can take a free test-drive of our PDF financial file converters especially created for lenders by following this link.