As COVID-19 has accelerated digital banking trends, many institutions have pivoted toward digital transformation. However, in the digital lending space, slow-moving institutions still face a disadvantage.
The economic downturn and obstacles to in-person channels have changed lending demands. These trends, along with intensified competition and high borrower expectations, make loan origination an essential component of your digital banking strategy.
Before the pandemic, CSI conducted a digital lending trends survey of 107 banks. Of the respondents, around 58% prioritized digital lending to increase market share. Despite this data, adoption hasn’t met the increased rate of demand.
Setting aside recent events, it’s wise to broaden lending capabilities. Outdated technology and inefficient processes hamstring your institution against a shifting economy. And a lackluster or incomplete digital experience may drive customers elsewhere.
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