The COVID-19 crisis has increased the need for digital lending platforms and processes more than any previous event. To respond to the needs of current borrowers and to serve the needs of future borrowers, banks and credit unions must simplify borrowing and provide more options for consumers in need.
Going digital may seem daunting, but it can be simple with the right technology. Is your business interested in taking the digital plunge? Check out the Equifax infographic to find out more.
The COVID Slump is a very different recession. In some ways, it's nobody's fault. But an Accenture expert says that a careful balance is needed from lenders because it is possible for even a well-intentioned move to make the situation far worse. A key suggestion: avoid any credit policy that looks like a 'blunt instrument.
CUs must consider whether their digital strategy is adequately positioned to withstand a longer-term shift to remote operations.
When it comes to mortgage lending, borrowers are demanding swift and efficient processes, but at the same time, the value they place on interacting with the loan officer is increasing. In this National Mortgage News Ask the Experts article, Jennifer Henry of Equifax discusses ensuring a seamless experience for home buyers as they go between online interfaces and personal interactions.
Pre-pandemic, carmakers braced for the possibility that Americans would eventually stop buying vehicles, choosing instead to rely upon ride-hailing. But now, social distancing has prompted the pendulum to swing back in the direction of personal car ownership.