Tips to expand & enhance lending in 2020

first_imgBorrowers today are educated and technologically savvy. They know what they want, and they want it now! Thanks to technological advancements, financial institutions are often no longer the first stop for consumers with financial needs. The loan market has become increasingly consumer-driven, meaning consumers are looking for the most convenient, least expensive loan offers, wherever those offers can be found.To address this shift, your lending institution should take measures to attract and retain borrowers before your competitors get to them first.Expand Your Borrower Pool First, determine whether you are targeting a diverse enough set of prospective borrowers for your loan program. You should market your services to people across all stages of life, with your largest gains likely to come from Millennials and Gen Z.Today’s borrowers have become accustomed to receiving a high level of customer service from the businesses they patronize. You have an opportunity to capture these borrowers by offering a worthwhile, easy-to-maintain solution, which can result in higher portfolio profitability for your institution.Not all potential borrowers who apply for loans with your financial institution will be perfect candidates for lending. Excellent credit scores, large down payments and interest rates aside, there exists alternative types of borrowers that could be very lucrative for your business. Take the following examples:Near-Prime Borrowers: This group wants lines of credit and have money to spend! Near-prime borrowers include many younger lines of credit (namely Millennials and Gen Z) and offer profitable opportunities for your financial institution. Lending to these borrowers at higher interest rates could attract loan yield business from a relatively untapped market.Payment-Centric Borrowers: Payment-centric borrowers are more concerned with their monthly loan payments than with their loan’s interest rate. Offering loans with longer terms and lower monthly payments gives you an opportunity to increase revenue through higher interest rates.Use data to obtain a full view of each consumer’s financial history to be able to expand loan offers, while protecting your portfolio by avoiding borrowers that appear to have a “riskier” history. Offer Expanded Lending SolutionsBorrowers are not necessarily using traditional methods in searching for or taking out loans. There are a variety of consumer lending products and add-on solutions that can help differentiate your institution from other lenders to expand your loan portfolio’s profitability. These include:Private student loans and student loan refinancingAuto and consumer loans with flexible payment structuresHome refinancing and home improvement loans———-Listen to Allied’s Podcast: Leverage Student Lending to Drive Millennial Membership———-Implementing these cutting-edge solutions can help you pursue more loan opportunities while offering desirable loan characteristics, like shorter terms and lower monthly payments, to a wider variety of borrowers. Deliver Positive Experiences to All Borrowers In today’s competitive lending environment, consumer loyalty is key. Delivering a positive experience to all your borrowers is one simple way to generate consumer loyalty, and is important to your institution’s long-term success.Implementing an ongoing digital strategy should be a priority. Borrowers expect financial institutions to offer online and mobile technology for services like bill pay, account and balance inquiries, check cashing, and peer-to-peer payments. They expect this experience to be easy, while still delivering the same level of service they would receive in the branch. Offering digital and mobile tools will help facilitate positive experiences.At the same time, digital lending can:Elevate cross-selling of loans and add-on solutions via the onboarding process with new members and the loan servicing process with existing borrowers.Nurture borrower relationships through faster approvals and better offers on both new and existing loans.Serving new markets, expanding lending options, and enhancing the borrower experience are just some of the actions lenders can take to differentiate themselves. Taking these steps can put your financial institution in a better position to drive consumer loyalty and referrals, and in turn, retain and attract more loan opportunities.Allied Solutions is invested in helping our credit union clients build competitive loan programs that support the success of their business, members and community.Click here to contact Allied Solutions about growing your lending program. 11SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,Jarrett Settles Jarrett brings expertise in Technology-Driven Loan and Deposit Growth Strategies, Digital Transformation, and Data Strategy for Financial Institutions.Consumer lending/deposit, UX / Digital Efficiency, Fintech/Insurtech/innovation, Generational divides in … Web: Detailslast_img read more

Jamaica’s Police Commissioner Tests Positive for COVID-19 As New Curfew Is…

first_img“What we have decided to allow, but this will be under observation, if it does not work, we will shut that down as well, we will allow drive through meaning that the political party should present a route to the police…and they can drive through but not stop and greet”. Holness said that the curfew was necessary to restrict the movement of persons, since the virus cannot move on its own and among the measures would be restrictions regarding churches being prohibited from holding funerals. He said the government would also be reviewing the access to beaches and water parks. The police information arm, the Corporate Communications Unit (CCU), says he is now in isolation at home after presenting flu-like symptoms. He says members should strictly observe the established COVID-19 protocols and immediately seek medical support once they exhibit any flu-like symptoms. “This is to say that motorcades with more than two buses what we call Coaster buses, motorcades that are stopping and greeting, motorcades that are carrying persons by bus that will be prohibited and the police have been advised. According to the CCU the commissioner’s immediate support staff are all being tested and have been placed under quarantine and sections of his office have also been closed for sanitisation. The coronavirus has also affected the operations of several entities in these parishes, including the Jamaica Defense Force, Digicel, the National Commercial Bank, Kingston’s tax offices, the Kingston health department and Jamaica Customs, which have all had to temporarily close due to one or more positive cases among their staff. Anderson has also called on all members of the force, particularly those on the frontline to take all necessary precautions as they carry out their daily functions. “They will of course be able to hold their regular worships. Burials however will continue with strict observations and enforcement of the 15 person rule and the 15 includes the funeral officials and the persons preparing the grave sites”.center_img “It just takes on errant person who is not following the protocols to come in the midst of a campaign event even if it is just 20 persons and infect the entire gathering,” Holness told reporters, adding that motorcades in the convention sense will be prohibited. “It is just a very controlled drive-through. We will ask the police to observe and report and if the activity, which is one that suggests it is not being followed then we will have to ban all kinds of such campaign activities,” he said, adding that the authorities will allow five persons to undertake door to door campaigning. The news comes after the government announced a 7 PM to 5 AM curfew for Kingston and St. Andrew, St. Catherine and Clarendon following a spike in cases in these parishes over the last two weeks. Over the weekend, it was announced that Jamaica’s Police Commissioner Major General Antony Anderson has tested positive for COVID-19. Holness said as a result “there should be no gathering at any point” and persons would not be allowed to alight from the vehicles and mix with the crowd. Holness said that the new measures would also affect the campaign for the September 3 general election and that discussions had taken place with the main opposition People’s National Party (PNP) in that regard. The government says that the island is now beginning to show signs of community spread as the COVID-19 cases are steadily on the rise and also becoming more random. The curfew in the four parishes is set to expire on September 2, the day before the island’s general elections. As of Sunday, Jamaica had over 1,500 COVID-19 cases and 16 deaths. Some 31 staff members at the Kingston Public Hospital were also placed in quarantine after eight positive cases were detected among the staff.last_img read more

Giannis Antetokounmpo surprised by Bucks’ sensational season

first_imgThe Bucks were the first team to secure their postseason berth on March 1, and they wrapped up the Central Division title 20 days later.Should they beat the 76ers on Thursday, the Bucks will be guaranteed to go into the playoffs with the best record in the NBA, and that is something Antetokounmpo — who contributed 28 points against the Nets — was not expecting at the start of the campaign.”I thought we were going to be a really good team, but to be honest with you I didn’t think we would have the best record in the NBA,” the MVP contender said following his return from an ankle issue. “We know how important it [the best record] is, but we’re just trying to get better.”Obviously we won the game but we didn’t play the best basketball we could play. Against Philly we’re just going to try and be better and hopefully we can clinch the first spot in the NBA.” Giannis Antetokounmpo admits the Bucks’ sensational season has caught him by surprise.Monday’s 131-121 victory over the Nets at Barclays Center left Milwaukee with a 58-20 record and one win away from securing home-court advantage in the playoffs. WE GO HARDER!! #FearTheDeer— Milwaukee Bucks (@Bucks) April 2, 2019Defeat left the Nets scrambling for a playoff place, although they were fortunate to see all their rivals for the final three places also lose.The Pistons, Heat, Magic and Hornets are all vying for the playoffs in the East, but suffered losses.last_img read more