OneSpan webinar: digitising the commercial lending process
The global COVID-19 pandemic has brought unprecedented change to individuals, businesses and economies worldwide.
As a result, many businesses and institutions have faced unparalleled financial impact that has seen governments around the world issuing economic stimulus and relief packages.
Due to the severity of the impact of coronavirus, a large number of businesses affected need these funds as quickly as possible.
This means that a smooth lending process is paramount.
Achieving that is the subject of a new webinar from digital identity and anti-fraud leader, OneSpan that will be held on 18 June at 3pm AEST.
In Digitising the Commercial Lending Process, OneSpan discusses the impact on businesses of the current crisis in more detail.
It expands on the importance of a smooth, digitally-driven lending process that enables businesses to get the funds they need to ensure survival.
OneSpan explains that, from the EU, where the European Investment Fund will guarantee loans to at least 100,000 European SMEs and small mid-cap companies, to Japan, where SMBs and large organisations are being offered various stimulus packages, global lending continues at pace.
In the 18 June webinar, which is held in association with Loan Market, expert speakers will expand on the importance of quickly digitising the commercial lending process in times of crisis.
This will ensure that customers are being helped in their moment of need through the use of electronic signature and ID document verification.
Join the webinar to find out more on:
- How e-signature can help meet the urgent need for small business loans
- How ID document verification can help prevent fraud in the digital channel
- Security and authentication tips
- Loan Market use case
The webinar will be held by OneSpan’s Global eSignature Product Manager, Michael Lakhal, and Joanne Church, Chief Operations Officer for Loan Market’s MyCRM technology.
Lakhal has more than 10 years’ experience in the digital signature market, focused on B2C for financial services. He has previously served as an e-commerce manager at French banks Cofidis and Banque Accord, and has experience of building the first mass market platform for B2C transactions and driving related product activity across the EMEA region.
Church is an expert at understanding complex problems and distilling them into understandable components so they can be solved. At Loan Market she leads the team that provides support to the users of the company’s MyCRM in Australia.
OneSpan specialises in digital identity and anti-fraud solutions that create exceptional and secure experiences.
The company’s solutions have helped prevent billions of dollars worth of fraudulent activity and cover everything from risk-based adaptive authentication to digital identity verification.
Register to OneSpan’s Digitising the Commercial Lending Process here .
Find out more about OneSpan here.
Find out more about Loan Market here.
FIVE things fintechs must do to keep investors onboard
New investors flocked to the stock market during the COVID-19 pandemic. Thirty-eight percent of investors said they had never had a brokerage or similar account before opening one in 2020.
Low or no-fee trading options have helped accelerate the trend – nearly half of new investors said they accessed their account primarily through a mobile app. As FinTechs, how do we create the trust needed to keep new investors in the market and create a fruitful customer experience for them?
The financial industry does a disservice to individual investors if we merely offer tools that focus on making money quickly, an approach that usually backfires. Instead, the surge of interest presents an enormous opportunity for those who want to help more consumers use financial technology to educate them on responsible spending, saving, and investing in order to achieve financial wellness current fintech tools have welcomed individual investors in the door.
Now, it’s time to focus on education and improving their experience going forward. There are several ways those of us in fintech can step up to shape the future of retail investing so that it works better for everyone, starting with the following areas.
Equal access to financial wellness education
Financial health should be available to everyone — but today, not everyone has the educational resources to achieve it. One study shows that only 3.9% of students from low-income schools were required to take a personal finance class. What they aren’t learning in school or from family members, fintech companies can provide on their platforms.
The companies should move from solely offering financial services to a more responsible model of education, advice, and prescriptive choices to help consumers develop better habits and make wiser financial decisions. Not only can they empower consumers and bridge historical wealth divides, but they can also stimulate growth by opening up new consumer segments.
Just as we’ve come to expect that our fitness routines are tailored to our individual bodies, we’re also ready for finance tools that go beyond one-size-fits-all solutions. But only six percent of financial institutions say they’re using the kind of technology that allows them to deliver a deeply personalized experience. Fintech tools need to reflect that financial success looks different for each of us.
For one consumer, it may mean providing guidance on how to pay off student loans early; for another, it may mean prescriptive actions that enable them to stick to a budget for the first time; for a third, it could look like prioritizing environmental, social and governance (ESG) investments, so that her portfolio aligns with her political beliefs.
Now, we are seeing financial technology beginning to meet the demands of personalized finance in a substantial and meaningful way.
The rise of AI-Powered Advice
Big-picture advice and predictive guidance used to be a feature of high-end financial advisory firms — a perk only available to those who could afford it. But thanks to rapid advancements in data analytics and artificial intelligence (AI), that kind of holistic advice is now more accessible than ever. AI-driven robo-advisors can parse many different streams of financial information, delivering customized answers to key questions: Is it time to buy a home, or is it smarter to keep renting? Can I afford to take out another student loan?
Intelligent connectivity powered by AI can anticipate consumers’ needs and next steps, making proactive suggestions that guide them along the path to financial wellbeing. Fintech companies can also help consumers identify when their financial picture becomes too complex for a robo-advisor, and help them find a human financial advisor to meet their needs.
Focus on financial mental health
New investors are quickly finding that the market can be overwhelming. That’s not surprising, financial anxiety is common and studies show that financial stress can have an impact on mental health for some.
It’s not enough for fintech companies to give retail investors access; they also must provide the guidance and support that help consumers manage their financial well-being. Educational tools can ensure that consumers are well informed about their options.
Predictive analytics can anticipate consumers’ questions, serving them key information and insights before they ask. Features that emphasize a comprehensive notion of financial well-being, rather than short-term wins and losses, can also help ensure that consumers are keeping their eyes on the bigger picture.
Gamification for good
The surge of gamification apps has done an impressive job making investing as engaging as playing a video game or joining a social media platform.
Much of the current use of gamification emphasizes short-term thinking, but there’s also an opportunity to help consumers think more broadly about their overall financial picture. One example is peer benchmarking, a feature that enables help consumers to see how their financial habits compare to those of friends and fellow consumers.
Gamification can also be used to incentivize making smaller, smarter choices — for example, rewarding saving over making an impulse buy.
The future of fintech is about more than just broadening access to the markets. It’s about making sure more individuals have access to the tools that can help improve their financial well-being—in the ways that suit their own circumstances and needs. The potential to act within their own set of individual priorities, with their long-term financial wellness in mind is much more empowering to a consumer than simply relying on short-term, high-risk investments.