Incumbent lenders and traditional financial institutions are NOT on the verge of mass extinction. For financial institutions to succeed in today’s consumer lending marketplace, the answer is mass adaptation.
When evaluating the above questions, it’s important to ask if your offers are both timely and targeting the right individuals. Ultimately financial institutions need to leverage technology to meet consumer expectations as well as their own profitability goals. Those who rely on traditional methods may be left behind by the competition.
It’s an almost comical stereotypical battle, the aggressive financial institution marketer who only cares about response rate versus the conservative credit manager only wanting to target top quality loans. This...