Treating Customers Fairly
How can lenders manage risk, make the best decisions to maximise commercial opportunities while honouring commitments to treat customers fairly? What does ‘treating customers fairly’ look like in online lending methods and tools? Read the latest on this topic.
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Optimising both regulatory and commercial objectives is hard
Lenders have two objectives, to lend responsibly and lend profitably. Delivering both can be done, but it’s difficult, and success or failure will be determined by lenders onboarding journeys.
Journeys must balance the need for speed with the need for insight. Journeys that understand a customers’ total commercial value as well as their potential vulnerability and regulatory risk.
The primary tension between commercial and regulatory objectives is conversion. Long journeys don’t convert as well as short ones, but short journeys reduce understanding, elevating regulatory risk. Journeys must be long enough, but only as long as they need to be. That’s why ‘one size fits all isn’t good enough any more.
How PrinSIX can help
Onboarding today is inadequate to manage these two challenges. PrinSIX’s platform equips organisations to create dynamic, personalised, agile journeys – one applicant at a time.
About PrinSIX Technologies
We make innovation work for businesses around the world.
PrinSIX offers a services-led digital platform that uses real-time analytical learning ‘at the speed of digital’ to orchestrate unique customer onboarding journeys, one decision stage at a time. PrinSIX meets the needs of lenders, regulators and customers fully and simultaneously; equipping lenders to maximize customer experience and lending while minimizing cost and risk; with a major concern being regulatory compliance—an existential threat.
For more information, please get in touch www.prinSIX.com/get-in-touch