Leslie G. Gillin’s Post

Buy Now Pay Later users are predicted to reach an astounding 935 million by 2027. How is this possible? The answer lies in the transformative technology of embedded #lending. In our latest article, we explore how #lendtech businesses are leveraging this innovation to offer seamless, customer-centric services that surpass traditional banking. #Fintech #BNPL

Check out my blog about the future of BNPL and #embeddedlending 🚀

Digital lending at many financial institutions is in a chaotic limbo 🖥️🌀 The customer experience continues to suffer as banks and credit unions 🔍 try to find the sweet spot between interaction with human representatives and self-service. As Jeff Keltner, Senior Vice President of Business Development at Upstart says, it’s a tough balancing act. ⚖️ “The most successful companies make it easy to avoid talking to a human when you don't want to, and super easy to talk to a human when you do.” 🤖🤝 As Jeff points out, customers usually need another set of ears 🙉 when they don’t know where to start. “I think the time consumers most want to speak to a human is when they're not sure which product or service is the best fit for them,” he told us. 🛍️❓ On the flip side of that argument, Jeff believes many customers are resourceful - so let them be resourceful. 🧠🔧 “I think the more you can get out of the way of letting people who want to self-serve - self-serve, the more you can put resources towards people who need the human touch.” 👤📲 By optimizing the customer experience, financial brands can help their clients make positive deposits in digital growth through digital lending. 📈💰 Tune in more insights from Jeff on the Banking on Digital Growth Podcast: https://bit.ly/3izRYjo #data #dataandanalytics #digitalgrowth

Innovations in Community Banking💡 Just came across Quilo, a FinTech, pioneering a game-changing approach in the community banking/CU arena. 🏦 Their strategy? Leveraging digital channels to aggregate loan syndication among participants while mitigating credit risk through fractionalization. 🚀 This isn't just your run-of-the-mill innovation; it's a potential game-changer for community banks challenging the status quo in origination channels, if enough capital is deployed across a myriad of financing models. One standout feature? The rollout of small personal loans via POS - a glimpse into the future. 🌐 I can already envision this technology scaling to handle even more complex syndications and fostering compelling partnerships and integrations across diverse customer segments. 🤝 I took a dive into their open-API framework and documentation, and I'm impressed by the simplicity and thought-provoking concepts that indicate a clear path to further scalability within the value chain. 📈 From a further glance, the potential doesn't stop there. I can see some incredibly promising use cases in the realm of CUSO capital formation and FinTech partnerships. 🔗 Kudos to Quilo for pushing the boundaries and reshaping the landscape of community banking. What they're solving for makes A LOT of sense in ensuring the continuity of community banking as the FinTech & banking landscape further evolves. Carry on! 👏🏾 #FinTech #Innovation #CommunityBanking #StatusQuo #CreditUnions #Scale #Syndication #ParticipantLending #Aggregation #Quilo

The pay later market is a game-changer for consumer lending 🚀📈 And now as technology continues to democratize credit, the entry barrier is lower than ever. Click on the article to find out: *How technology is creating opportunities for affordable and seamless finance options. *How to implement your own seamless pay later program and stay in control of your customer journey. #TurnKeyLender #PayLaterRevolution #DigitalTransformation #ConsumerLending

“It’s more than just a mobile app,” says 费轶明 Michael Fei, CEO of PAObank. “It’s how you approve loans, settle them, and disburse the proceeds. To do this digitally, a big bank would have to change a lot of things.” He provided DigFin Group with a lot of insight into running one of Hong Kong's two #virtualbanks focused on #SME #lending. Including why he can create a competitive 'moat' from data, as well as the challenges he faces, including higher interest rates. In some ways SME banking is simpler: it doesn't require the same emphasis on UX as a retail bank, and the product line is tighter. But SME banking has its own depths and complexity, such as industry segmentation, and it has to be 💯% (or pretty close!) at credit assessment and pricing. https://lnkd.in/gYfR7c2y

Check out the latest op-ed on the CLA's official blog Canadian Finance News: "GenAI and Low-Code: Transforming the Canadian Retail Lending Landscape" Read here: https://lnkd.in/gPRSY4Xd Sandeep Hinduja, VP of Sales (Ameicas) at Newgen Software explores the transformative impact of generative artificial intelligence (GenAI) and low-code technologies on the Canadian retail lending landscape. Amid a digital revolution, these innovations offer unprecedented capabilities to enhance the customer experience and streamline operations in the face of increasing consumer demands and a competitive market. Despite potential economic downturns, the Canadian consumer credit industry continues to grow, with technological advancements playing a pivotal role in shaping efficient, personalized lending processes. From the historical evolution of retail lending to the modern integration of GenAI and low-code platforms, the blog details how these technologies are redefining the sector. It highlights GenAI’s role in automating and personalizing customer interactions and low-code platforms’ contribution to rapid solution deployment, ultimately presenting a future where financial institutions can leverage these technologies for growth, efficiency, and improved service delivery. Carry on the conversation at the 2024 Bankers Summit on May 15th at The Quay in downtown Toronto! Register your organization for the 2024 Bankers Summit here: https://lnkd.in/gZJpQSgN #nextgen #fintech #genai  #lending Canadian Lenders Association

SME banking requires systematic capability and not built overnight

Looking forward to participating in the AltFi Lending Summit next week, sponsored by Experian. I'll be there all day, so if you are too, do come and say hello and have a chat. 👋 Find out more below 👇 #AltFiLendingSummit23 #Credit #Lending #SME #CommercialCredit