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Sunday, June 16, 2024

Unveiling the Blueprint for Tackling Consumer Lending Challenges: Innovative Solutions on the Horizon

Consumer lending plays an important role in meeting the population’s needs, improving their standard of living, and providing social protection and development. This industry’s high social and economic importance has led to the fact that many organizations are also engaged in microcredit along with traditional banking institutions that issue loans for consumer needs. Their number has increased so much that now the main problem of the industry has become high competition and search for clients. One of the ways to cope with this problem and optimize customer service is to introduce an innovative Payment Card Solution.

Features of Consumer Lending

Consumer lending is one of the world’s most common types of lending. Consumer credit is a loan granted to a client in the form of money for purchasing goods, payment for services, or satisfying his needs unrelated to business activities. The organization issuing this loan does not specify what exactly these funds are used for, so they can be spent on any whim:

  • an automobile;
  • housing;
  • repairs;
  • vacation;
  • education;
  • medical treatment;
  • shopping.

Due to the growing economic crisis in the world, the number of solvent people who dare to take consumer loans has significantly decreased. Also, the number of debtors on already taken loans has increased. It means that such customers have problems with their credit history and will not be able to use the loan service again.

Another problem for companies engaged in microcredit is the stale and sluggishness of bank payment systems. The fact is that such organizations, although they provide credit from their own or investors’ funds, use the services of traditional banks to credit money to the client’s account. This procedure takes a very long time. After confirmation of the loan, the money is credited to the account for several hours to several days. It negatively affects the company’s image, so its clients will only decrease over time. Co-brand solutions will help to solve these problems.

The best offer for consumer credit providers

High competition in consumer lending forces providers of such loans to search for innovative methods to improve the quality of customer service. The companies provide a unique opportunity to modernize the financial processes of a credit company to improve its efficiency. For this purpose, a specialized platform is provided to establish card Issuing.

With this platform in place, consumer loan providers do not need to partner with traditional banks to credit a borrower’s account. Now, they can issue virtual and physical cards for unlimited quantities. Wallester’s platform allows full management of these cards:

  • set limits;
  • control spending;
  •  reissue;
  • block;
  • unblock;
  • etc.

Money is credited to such cards instantly and can be used immediately after receiving them.

The Wallester platform does not involve banking institutions in its work, so credit consumers may not worry that information about them and their arrangements with credit organizations will get to the banks, which may affect their credit history in any way. The platform works completely offline and confidentially.

White-Label Card Issuing is an additional benefit. These cards with exclusive corporate designs will help increase brand recognition and customer loyalty.

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