August 11, 2015
The world of digital banking is here to stay, and banks need to embrace it to remain relevant.
There's no separating the technological and financial worlds - they're fused together forever.
Considering how astoundingly fast the digital platform has taken over every aspect of life - including financing - it should come as no surprise that banks are increasingly depending on technology as a profitable footing in the world of finance.
But while banks have traditionally always been on board with technology - and have typically been among the first lines of business to integrate technology into their operations - financial services is in somewhat of an unsettling position these days.
The combination of new stringent regulations and somewhat obsolete technology has made it challenging for financial institutions to conform to the cutting-edge digital world of today.
It's no secret that the last decade alone has seen exponential increases in the number of technological devices, software and platforms from which the average consumer can do his or her banking. And with the onslaught of online lending, the world of financing has certainly realized a significant change.
Financial institutions have no choice but to not only keep pace with such technology, but also to embrace it. It's critical for banks to start re-imagining the financial industry that they hail from, as well as the services they offer.
The revolution of the banks will need to include opening up current assets and information to digital innovation, and discovering new ways to boost digital workflows. These firms will definitely need to start focusing on the quality of investments they make and have in technology - and that includes cyber-security.
The future will likely have banks and digital platforms teaming up to provide consumers with the services they're looking for.
Many banks are increasingly starting to look to financial technology startups to help them compete in this faster-paced financial world. With more and more online lenders popping up in the virtual loan market to serve the most under-banked consumers in the country, banks need to step up their game to compete.
But rather than trying to beat these online lenders at their game, smart and savvy big banks are joining them instead.
Many fintech lenders are increasingly trying to design fast and effective digital experiences for consumers. The timing of income and payments owed is faster than ever with the use of digital platforms that fintech companies use, many times as a result of crypto-currencies which aim to hasten payments that could assist consumers in avoiding late fees.
Mutually depending on one another can benefit both entities, with one thing in common - digital platforms are a mainstay that need to be harnessed for their maximum potential.
Garnet Capital - Helping Banks Be Successful on the Digital Loan Market Front
For decades, we at Garnet Capital have had our finger on the pulse of technology in the world of banking, and have been an integral part of helping banks fuse with digital platforms in order to remain relevant with their clients.
We are uniquely and ideally poised to assist both banks and digital platforms, as our history has long included extensive involvement in the internet marketplace lending environment. We've been arranging bank relationships with other entities for years, and can do the same for you.
If you're interested in hearing more about how Garnet Capital can assist your financial institution in migrating to a more digital and innovative platform, contact us today!