How to navigate through COVID-19: 5 Quick steps to Lenders
As the world copes with the corona virus, the outbreak is causing widespread concerns and the biggest danger to the global economy since the 2008 financial crisis. The situation is fast-moving with wide impacts on consumers, businesses, and communities across the globe. Lenders have business continuity plans, but there are no clear contingency plans to […]
What happens if you don’t have Data backup and data security?
Have you ever lost a lot of really important data? When was the last time you had taken a backup of your work or personal data? Is your work or personal data syncing to cloud storage in real-time? If not, your data is at high risk and in many situations, if deleted, it can’t be […]
Lending firms, does the Covid-19 threat scare you?
Covid -19 has impacted the world like no other situation since at least World War II. In financial terms, it poses the biggest danger to the global economy since the 2008 financial crisis. In pandemic terms it is still nothing compared to the Spanish Flu epidemic which lasted from 1918 to 1920 (exactly 100 years […]
How lenders can fight fraud risk with RPA
Lenders face higher costs of fraud than other industries. According to LexisNexis Risk Solutions, for every dollar of fraud, lending companies incur $2.82 in costs, which includes fees, interest, etc. Large digital lenders, with over $50 million in annual revenue, are hit hardest by fraud in this space When lending went digital, it gave fraudsters […]
Beware! Online frauds, a big challenge to the lending industry
“It takes 20 years to build a reputation and few minutes of cyber-incident to ruin it.” – Stephane Nappo, Global Head, Information Security, Société Générale International Banking pole Online Frauds is an ever-increasing threat to lending firms. It is a critical problem to address as it directly affects the firm’s profitability, its customer experience, and […]
Can Excel be Dragged out of Finance and Accounting?
A debate that dates back to 2007 from the CIO magazine article, “How To Say Goodbye to Spreadsheets” the article suggests the need to move out of the ancient tool. It still seems like a hard and painful task in reality. Research across the accounting and finance industry shows that professionals are aware of the […]
Online fraud, a big challenge to the lending industry
Monthly Newsletter | March 2020 | Issue 103 Featuring Focus On Beware! Online fraud, a big challenge to the lending industry “It takes 20 years to build a reputation and few minutes of cyber-incident to ruin it.” – Stephane Nappo, Global Head, Information Security, Société Générale International Banking pole. Online fraud is an […]
AI for Cybersecurity at Lending Firms
Due to its surge in popularity, and fast transaction cycles, online lending is a prime target for cybercriminals. Though financial institutions may have always had customer security in mind, the industry has felt the backlash in recent years. 70% of lenders regularly put sensitive financial data at risk by prioritizing customer convenience over security. With the growth […]
Making debt collection a win-win deal for Lenders
Loan approval has become much easier in the recent past. But debt collection is still a daunting task which affects the productivity of lenders and slow down their operations. With increasing consumer debt, the traditional debt collection methods are no longer viable with modern customer expectation. As a lender, preparing for debt collection issues and […]
Using Artificial Intelligence for improved debt collection
With advances in Artificial Intelligence and Machine Learning, it is possible today to make loan default management hassle-free. Based on access to large volumes of unstructured data, AI can predict red flags or green lights when it comes to onboarding consumers in the first place, and where credit is first extended. This can help identify […]
