Consumer and small business lending market share is being won and lost in a fight to provide value and the best customer experience. New players are shaking up the lending market by offering dynamic, multi-channel ways to engage; fast-moving banks are modernizing platforms and service delivery to compete. The real winner is the customer—better connected, better informed, and expecting better service than ever. For everyone else, it’s a struggle to keep up.
For technology leaders, rising customer expectations present significant challenges. Antiquated, mainframe-based infrastructure inhibits rapid delivery of new products and services, and is a barrier to delivering personalized digital client experiences. Outdated loan origination systems (LOS) also tie banks to branch- and product-centric models that are misaligned with customers’ evolving, bank-anywhere expectations.
