How has technology changed the way banks compete for consumer loans?

TECHNOLOGY HAS BEEN BOOMING IN THE LAST DECADE. RAPID DEVELOPMENTS IN TECHNOLOGY HAVE PIONEERED SOME OF THE GREATEST ADVANCEMENTS TO DATE. THE FINANCIAL SECTOR IS A PRIME EXAMPLE. FROM IMPROVED SECURITIES TO FASTER TRANSACTION TIMES.

WITH ADVANCED SECURITIES BEING WORKED ON DAILY, AND ELUSIVE BLOCKCHAIN CURRENCIES HITTING GLOBAL MARKETS – WHO KNOWS WHAT THE NEXT FEW YEARS HAVE IN STORE FOR THE FINANCIAL INDUSTRY. TECHNOLOGY IS ONLY GOING TO KEEP EVOLVING OVER THE NEXT FEW YEARS. IT’S BETTER FOR BUSINESSES TO GET USED TO THE CHANGE NOW RATHER THAN GET LEFT BEHIND. IF YOU WANT TO KEEP UP WITH THE COMPETITION – TECHNOLOGY IS THE ANSWER.

FIRST, AND PROBABLY MOST APPRECIATED TECHNOLOGICAL ADVANCEMENT IN THE LENDING INDUSTRY IS THE EASE OF WHICH CONSUMERS CAN NOW APPLY FOR LOANS.

NO LONGER IS IT A HASSLE, A TIME INVESTMENT, OR A PROCRASTINATION FOR SOMETHING THAT YOU KNOW NEEDS TO BE DONE. THANKS TO MOBILE AND SAAS ADVANCEMENTS, CONSUMERS CAN APPLY FOR LOANS FROM ANYWHERE IN THE WORLD.

TAKING OUT A LOAN IS NERVE-WRACKING. CHANCES ARE YOU ARE TAKING OUT THE LOAN BECAUSE YOU HAVE URGENT BILLS TO PAY AND NO OTHER CHOICE. BACK IN THE DAY, IT USED TO TAKE WEEKS TO GET AN APPROVAL ON A LOAN, DUE TO SLOW INFRASTRUCTURE.

NOWADAYS, HOWEVER THANKS TO TECHNOLOGY – EVERYTHING HAS CHANGED.

BANK OF AMERICA IS A PRIME EXAMPLE OF WHAT NEW AND IMPROVED TECHNOLOGICAL INFRASTRUCTURE MEANS FOR THE FINANCE INDUSTRY.

CONSUMERS CAN NOW TAKE OUT A LOAN FROM BETWEEN $10,000 TO $250,000 DIRECTLY FROM THE BANK OF AMERICA PHONE APPLICATION.