In a post-COVID world, financial institutions must deliver innovative credit options, on-demand, in an almost instantaneous manner. To accomplish this feat – which had previously only been offered by fintech firms – traditional financial institutions will need to rethink back-office processes that currently hinder the speed to deliver digital credit.
This will require the rethinking of everything from an organization’s origination process, to credit checks, to the operation of approvals, focusing on being able to use data to reduce costs, improve speed and expand the potential marketplace.
I was very fortunate to be granted an exclusive interview with Christopher Maloof, chief product officer at MeridianLink, as part of the Banking Transformed podcast. His perspective on the results of this year’s research is a great overview on what banks and credit unions must do to succeed in the future.
About the Banking Transformed Podcast
In each Banking Transformed podcast, host Jim Marous has candid conversations with the world’s foremost leaders on what it takes to transform financial institutions during an age of digital disruption. His guests discuss technology, channels, innovation, customer experience, leadership, culture and competitive forces that are changing the banking industry faster than ever before.
Named as one of the most influential people in banking, Jim Marous is an internationally recognized financial industry strategist, co-publisher of The Financial Brand and the owner and CEO of the Digital Banking Report. The Digital Banking Report is a subscription-based publication that provides deep insights into the digitization of banking, with over 150 reports in the digital archive available to subscribers.
As a sought after keynote speaker, author and recognized authority on disruption in the financial services industry, Marous has been featured by CNBC and CNN, Cheddar, The Wall Street Journal, New York Times, The Financial Times, The Economist, The American Banker and has spoken to audiences worldwide. Jim has also advised the White House on banking policy.