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How Covid has Accelerated Online Lending Trends

COVID-19 is Accelerating Online Lending Trends

COVID-19 has created undeniable impacts for every industry and business on a global scale. The pandemic has pushed consumers to make most transactions online at an accelerated rate. Companies and industries that were agile and well-suited to meet evolving demands prospered in 2020. Businesses unprepared or ill-equipped for the transitions suffered as consumers were forced to buy from home.

For the Financial Services industry, the rapidly digitizing market amid COVID-19 is no different.

To meet the new demands of consumers in 2021, lenders must provide their customers with user-friendly digital platforms accessible on any device, offering simplicity, reliability and a high level of support throughout the process. Institutions that implement these new systems quickly and effectively will have the edge on their slower, less modernized competitors.

As Andrew Weiss of HousingWire puts it,

“One of the most significant impacts of the rush to online commerce is that the mortgage industry no longer has the luxury of defining a “good borrower experience.” That work has already been done for us by the world’s tech giants — and the bar has been set very high. Consumers have enjoyed near instantaneous online experiences with overnight — and in some cases same day — delivery.”

How can Rate Reset help?

Rate Reset gives banks and credit unions the required tools to compete in an increasingly digitized landscape by offering a host of market-tested, award winning products that make the lending experience seamless for borrower and lender alike.

The Button™, a consumer-initiated instant pre-qualification solution positions credit unions and banks to complete against agile FinTechs by offering members and non-members the ability to prequalify themselves for a loan. The Button can be implemented in 60 days and is easier, faster, and more member-friendly than anything on the market today.

Rate Reset’s The Button is provided through KNOCK KNOCK, the first bilateral digital lending platform in the Financial Services industry. Click here to learn more about KNOCK KNOCK.

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