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Consumer Finance – Technology-led Transformation enhances Consumer Loan Servicing
The increase in innovative technology, ever-changing customer needs, regulatory pressure, competition, and demand for more real-time transparent loan management is impacting the consumer finance industry. Limitations due to legacy systems, lack of proper infrastructure, and a need for talent make it tough for banks and financial institutions to compete while trying to embrace advanced technology to meet customer expectations. In order to cope with these changes, organizations are leveraging technology-rich platforms supplied by service providers to enhance customer experience and afford an automated and transparent financial lending workflow process. This approach within the consumer finance industry is poised to drive transformation in the sector.