4 Challenges of Manual Consumer Lending and How Automation Solves Them
Consumer lending traditionally involves several manual processes that greatly increase the time needed to complete a loan transaction. Even though most consumer loans only require 30 minutes of actual work, moving information between physical locations such as a branch or a main office can add hours or even days to the process. Intensifying competition from non-traditional […]
Overview of US Consumer Lending
Financial system across the US took a beating in the aftermath of the 2008 financial crisis and American views changed overnight with regards to their financial system. In a 2014 Gallup poll, only 26 percent expressed having “‘a great deal’ or ‘quite a lot’ of confidence in banks,” down from 41 percent in 2007 and […]
From Wall Street to Main Street: How will Goldman's new consumer product, Marcus, fare?
Goldman Sachs enters the consumer lending market with its new product, Marcus, rousing mixed responses from the industry. Last week, Goldman Sachs debuted Marcus, an online-loan service geared toward prime consumers paying down credit-card debt. Essentially, as representatives at Goldman put it, Marcus aims “to help Americans manage debt better.” In sum, consumers (typically those with a credit […]