Lending in the age of social distancing

How to Keep Lending High-Touch in a High-Tech World

By Joseariel Gomez, CEO of Shastic

Most financial institutions are racing to go digital, and they’re making significant investments in new digital infrastructure to get there. However, these institutions are now faced with the challenge of going digital without losing personal relationships with customers. For community banks, which many customers choose precisely because of personalized service, going digital runs the risk of transforming their services into a commodity in which the only differentiators are interest rates. Investing in digital personal touch-points can be a key competitive advantage for these community banks.

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Priority One Integrated SMS for Verification and Security

Recently, Shastic and Priority One collaborated to create a technology solution for the credit union’s digital platform.

With the addition of SMS, Priority One added an innovative security process for the verification of the member’s identity. This allowed the credit union to perform specific tasks over the phone, such as balance inquiries, transferring funds and making loan payments.

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Banks and Credit Unions Are Losing to Fintech

Both banks and credit unions continue to lose market share to digital lending platforms that offer better user experience and more personalization. 
Fintech startups issued 38% of all US personal loans in 2018, while banks provided 28% and credit unions accounted for 21%, according to TransUnion. This is a significant change from 2013, when fintech startups issued only 5% of US personal loans, banks issued 40%, and credits unions 31%.

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Shastic Partners with MeridianLink to Leverage SMS in the Application

MeridianLink is the largest loan origination system in the United States, providing the nation’s first multi-channel loan organization platform

Recently, MeridianLink announced a partnership with Shastic to deliver an innovative SMS and real-time tracking integration inside all of their applications. Before this, financial institutions did not have a way to communicate with their customers as they moved through the application process.

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