8.4 C
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.



Bespoke named Best Place to Work by The Sunday Times

Chorley-based digital marketing agency Bespoke has been named by the...

Sky Bet Bonus Code 50/1 England to Wear White – Get £50 Free Bets

New customers at Sky Bet this June, ahead of...

US Open: McIlroy and Cantlay share lead after round one

Rory McIlroy and Patrick Cantlay hold a share of...

Subscribe to our newsletter

Business Lancashire will use the information you provide on this form to be in touch with you and to provide updates and marketing.

Don't miss

Best Betting Sites UK for June 2024

It isn't an understatement when we say that the...

Morson Group and Palantir Technologies Introduce AI Solutions to Remodel STEM Recruitment

In a landmark development set to transform STEM recruitment...

Last call for Lancashire Artist of the Year 2024 entries

It's the last call for entries to the Lancashire...

Work begins on £1.5m annex to Greater Lancashire Hospital

Greater Lancashire Hospital has commenced building work on a...

More News

Our guide to the best Father’s Day gifts 2024

It's nearly Father's Day and if you're still looking for the perfect gift for grumpy grandad or fusspot uncle Phil, check out our best...

9 Benefits of Outdoor Landscape Water Features

People have long been attracted to outdoor water features. These include ponds, waterfalls, and fountains. They are valued for their beauty and peaceful feeling....

Unlocking the Potential of B2C PPC for Your Ecommerce Business

In today's digital landscape, where competition is fierce and consumers have endless options at their fingertips, it is essential for ecommerce businesses to stand...