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FinTech Magazine Sees 7 Key Technology Trends

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In a recent article, Rebecca Avram, a Mortgage Advisor at Seniors Lending Center, sees the following trends driving fintech technology investments in 2022:

 Data-driven decision making: “The more detailed of a background you have of a prospective client seeking a loan, the more suitable of a decision you can make. Thanks to AI and automated machine learning, lenders don’t need to manually sift through documents and histories to make well-informed choices regarding an application.

 A more streamlined road to approvals and subsequent payouts. ”With internal process refinements comes a luxury for lenders: the ability to allocate manpower and resources more effectively. This potentially enables the ability to better serve more customers in a more time-efficient manner without rushing.”

“Alternative lending solutions. ”Innovations like peer-to-peer lending have paved the way for continued lender process refinement, again reducing the delay between loan application, approval, and the provisioning of funds…The more traditional approach of accepting deposits before offering loans isn’t a necessity. The turnaround time via alternative lending methods like these is therefore typically much shorter.”

• Reduced process bloat…With that time saved, without sacrificing service efficiency but rather improving it, comes the ability to better allocate resources and manage overhead.”

• More cost-effective lending operations. “Saving on overhead costs can make a tremendous impact on your own finances and available resources as a lender. From everyday office expenses to long-planned cloud migration projects, security improvements, increased hiring, and worker training, there are many ways you can make use of having more cost-effective lending operations.” These savings can be passed on to clients.

• Improved security and compliance…Adopting modern technologies better positions companies to maintain modern security standards, including data privacy, cybersecurity, fraud detection, cloud governance, and otherwise. Systems like Blockchain, predictive analytics, AI, automated machine learning, and other elements will help lenders look after their customers and finances.

• Not being stuck in the past. ”The only way to truly improve the lending process is to be open to change, and many organizations struggle to do so by clinging to outdated, woefully inefficient legacy hardware and software.”

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