The financial services industry is changing on every front. It's about offering speed, convenience and embedded features for both lenders and borrowers. Payers should adopt best practices in their disbursement and collections strategies by taking advantage of faster payment options, which can help lower costs and increase consumer satisfaction. This panel discussion featuring VoPay's Chief Strategy and Growth Officer, Rojin Nair, explores why faster payments are the way to go for the industry, so lenders can keep pace with today's evolving consumer expectations.
And it's not just about the payments. Today's lenders spend too much time managing payments and collections. With innovations in paytech and payment digitalization, lenders can make better quality decisions, streamline costs and scale up. The industry is reinventing itself with these new technologies that leverage the power of data, automation and analytics to deliver a better experience, enhanced FTE productivity and more money on the bottom line.
Real-time payments aren't just about the fast funding; they are about the entire process. Watch what these experts have to say.
Has the payment been processed? Have funds been received? Is a payment on the way. The abyss of the unknowns plays havoc with strategic decision-making.
"A lot of lenders want visibility into cash flow, they need visibility into liquidity, and they want visibility into the whole ledger, and the payment platforms are providing that."Rojin, Nair
The longer it takes, the higher the chances your client will walk away.
The costs behind bounced payments far exceed the fees. That extra lag time hits lenders where it hurts the most.
"So, if you were to think about innovation in the payment space, imagine if I knew ahead of time if there was money in an account, and if it wasn't, I gave people the option of changing their payment date or paying with a different method. And imagine if all of that didn't cost me any more money. I have an entire team of 40 People in my credit and collections department, and that is what they do, calling, emailing trying to collect on NSFs. "Michael Garrity, CEO FinanceIt
Determining who's paid and who hasn't or what's been paid for is a spreadsheet jigsaw puzzle. Fitting the pieces together is like working with a 5000-word puzzle.
A time-intensive process of entering data, making corrections, and validating by hand and human. Document fraud, converting bank statements to different formats, and errors are simply three of the challenges faced.
Gone are the days when credit risk management was just an art, lack of transaction visibility was "accepted," and manual reconciliation was a necessary evil.