In the last five years, digitalisation has soared. While a focus has often fallen on the deposits side of banking, the next wave is coming. Customers have discovered the usability of digital platforms for day-to-day banking.
But when they look at the supposed bread and butter of banking – lending – it can often come up wanting. 47% of financial institutions still use spreadsheets to track loans. 58% of US banks manage loan accounts entirely manually.
The digital lending revolution is coming. New products like BNPL have taken the industry by storm, generating annual growth of 26% yearly. Banks must look to their existing lending platforms and assess their readiness for this new future.
With that in mind, Pismo has launched its new lending capability. We designed the lending solution along the same lines as our core platform, utilising all the powers of a cloud-native, microservices-based system.
It provides the functionality, scalability, speed to market, and seamless implementation needed to meet new digital needs. Pismo enables you to create lending solutions tailored to your customers without limitations. Select from 1000s of combinations to create and craft unique products.
Step out of the box
Financial institutions have become used to selecting from a series of “Lending-in-a-Box” solutions, which must be inserted into their existing infrastructure. This can be time-consuming and labour-intensive. With Pismo, the process is as simple as connecting our APIs.
Our platform focuses on providing effective digital-first loans to revolutionise how funds are disbursed. Have you ever wondered why so few banks offer BNPL solutions? Some in the market find they need help with their legacy systems to do so. These older platforms need help to handle the millions of touchpoints required for low-value, high-volume products.
A significant benefit of the cloud is its ability to scale quickly when required, but only some lending products today are cloud-native. Pismo is born on the cloud, and we offer a headless lending solution powered by a set of APIs capable of managing the entire lifecycle.
End-to-end coverage
We partner with leading providers in the market. All of them match our vision for hyperscale financial services to cover origination, e-KYC, and credit scoring. We can also work with your existing solutions and infrastructure. Our APIs allow us to connect the dots. At the same time, the Pismo system sits at the heart of the lending ecosystem, doing what it does best – managing the lifecycle, ensuring repayments, or issuing penalties.
Digital personal loans give financial institutions a way to offer a seamless experience to customers with a faster go-to-market. We know implementations dragging for months or years without a single loan being issued hits the bottom line. Pismo enables banks to hit the ground running and see results as quickly as possible.
These benefits extend to customers, providing a powerful engine on top of which a bank can build a fully digital lending product. Digital-age customers want to be able to apply for loans through an app, have credit checks made on the fly, and be issued a decision not within days but within minutes. This is the future Pismo lending can power.
Is your current platform ready for the future of digital lending? Get in touch with us today to take the next step.
