The 2019 Digital Lending Review Shows Substandard Efforts at Most Banks and Credit Unions

The annual Digital Lending Review from Digital Banking Report shows that the lending process at many banks and credit unions is antiquated and slow; the majority of consumer loans still require some branch involvement; most digital lending apps from banks and credit unions do not meet customer expectations; the consumer desire for digital lending functionality is grossly understated; 31% of banks allowed the completion of a consumer loan application entirely on a mobile device while that number jumps to 52% for the ability to complete the entire loan process online. Source.

Peter Renton is the chairman and co-founder of LendIt Fintech, the world’s first and largest digital media and events company focused on fintech.

LendIt Fintech conducts three conferences a year for the leading fintech markets of the USA, Europe, and Latin America. LendIt also provides cutting-edge content all year long via audio, video, and written channels.

Peter has been writing about fintech since 2010 and he is the author and creator of the Fintech One-on-One Podcast, the first and longest-running fintech interview series.

Peter has been interviewed by the Wall Street Journal, Bloomberg, The New York Times, CNBC, CNN, Fortune, NPR, Fox Business News, the Financial Times, and dozens of other publications.

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