The online lending industry continues to grow at a rapid pace and is now serving a broader customer base, providing more diversified loan types, and leveraging technology and data to approve or decline applicants in record time. According to an article by Research and Markets, with a market size expected to reach $350 billion by 2025, online lenders must balance the elevated expectations of today’s consumers with the need to be profitable, increased competition, and consistently rising fraud rates.
Rising consumer expectations have introduced a “need for speed,” and further amplified the importance of approving applicants quickly. Meanwhile, the floodgates have opened for unqualified and fraudulent applicants to seep into underwriting – introducing all new levels of risk to the industry.
In Whitepages Pro’s new infographic, we’ll look at the ways online lenders can adopt smarter practices in order to stay competitive, maintain quality loan standards, and keep profits high. You can find and serve your best customers by delivering a simplified customer experience, implementing advanced applicant filtering, and creating a near instant “decisioning” process in an effort to avoid first payment defaults and ultimately lower the cost per fund.
For an in-depth read on how online lenders can safeguard against fraud by using our layered approach that leverages quality data, secure infrastructures, and machine learning, check out our new eBook.
Click the image below to download the infographic.