Digital Borrowers Expect Money in Seconds... Not Days

While most traditional banks and credit unions realize the inefficiency and bad consumer experience created by legacy lending solutions, few have automated more than the application step. Even in those cases, the process is not simple or fast, resulting in prospect borrower abandonment. Subscribe to The Financial Brand via email for FREE!Over the past few years, more traditional and non-traditional lenders have developed improved digital lending processes. This includes investments in online applications and borrower portals, as well as new digital tools to improve borrower acquisition and servicing. For the most part, the digital transformation has focused on automating previous paper-based processes as opposed to significantly improving the borrower experience.