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How can you increase revenue for consumer lending services?

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Consumer lending services are a vital source of income for many financial institutions, but they also face increasing competition, regulation, and customer expectations. How can you boost your revenue from this segment without compromising your risk profile, operational efficiency, or customer loyalty? Here are some strategies to consider.

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Bradley Tompkins

Chief Information Officer
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Digital Marketing Manager @ Bank of Abyssinia | MA in Marketing Management
Octavio Hozawa

LinkedIn Top Voice | Especialista eCommerce | Vendas Online | Marketplace | Mercado Livre | Amazon | Autope?as…

1 Offer personalized products

One of the key trends in consumer lending is the demand for more tailored and flexible products that suit the needs and preferences of different customer segments. By using data analytics, artificial intelligence, and behavioral insights, you can design and offer products that match the customer's risk profile, repayment capacity, life stage, and goals. For example, you can offer dynamic pricing, customized loan terms, or value-added features such as insurance, rewards, or financial education.

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Bradley Tompkins

Chief Information Officer
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I think there is a flaw in the question. The question should be, "How can you increase net income?". It always easier to control costs, and that can be done with technology purpose built to reduce manual interaction in the loan approval process, as well as, automating servicing and collections. All things that Vergent LMS can help with.

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Octavio Hozawa

LinkedIn Top Voice | Especialista eCommerce | Vendas Online | Marketplace | Mercado Livre | Amazon | Autope?as Autoparts | CPG FMCG | Moda Fashion Apparel | Indústria | Importadora | Brands | DVNB | Montadora
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you can increase revenue from consumer loan services by offering a smaller amount and a shorter repayment term. Example: USD1000 to be paid in 3 months

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2 Leverage digital channels

Another way to increase your revenue from consumer lending is to leverage digital channels to reach more customers, reduce costs, and enhance customer experience. By investing in online and mobile platforms, you can offer faster, easier, and more convenient access to your products, as well as provide more information, guidance, and support. You can also use digital channels to market your products, cross-sell and upsell other services, and collect feedback and reviews.

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3 Optimize your portfolio

A third strategy to boost your revenue from consumer lending is to optimize your portfolio by balancing your risk and return, diversifying your products and markets, and managing your capital and liquidity. By using advanced risk management tools, you can monitor and control your credit risk, fraud risk, and operational risk, as well as comply with regulatory requirements. By diversifying your products and markets, you can tap into new opportunities, reduce concentration risk, and hedge against market fluctuations. By managing your capital and liquidity, you can ensure your financial stability, profitability, and growth.

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4 Partner with fintechs

A fourth strategy to increase your revenue from consumer lending is to partner with fintechs that offer innovative solutions and services that complement your core competencies and capabilities. By collaborating with fintechs, you can access new technologies, data sources, customer segments, and distribution channels, as well as enhance your product offerings, operational efficiency, and customer satisfaction. For example, you can partner with fintechs that provide alternative credit scoring, peer-to-peer lending, or robo-advisory.

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Digital Marketing Manager @ Bank of Abyssinia | MA in Marketing Management
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By leveraging the fintech's expertise in targeting specific demographics or niche markets, companies can attract new customers and new segments that may have previously been out of reach and increase their market share.

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5 Focus on customer retention

A fifth strategy to increase your revenue from consumer lending is to focus on customer retention by building long-term relationships, loyalty, and advocacy. By providing excellent customer service, value proposition, and communication, you can increase your customer satisfaction, trust, and loyalty, as well as reduce your churn rate and acquisition costs. You can also use customer relationship management tools, loyalty programs, referrals, and testimonials to retain and reward your existing customers, as well as attract new ones.

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Pouria Zolfaghari, MBA, CSPO

Product Management |Data Analytics | Finance
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This is truly one of the biggest tools to increase revenue. The lending and funding landscape has been synonymous with uncertainty, fixed repayment obligations, and this makes it an unforgiving burden on business owners. Designing a merchant-friendly and merchant-focused solution can lead to your solution becoming a lifeline for them, a tool for their success as opposed to a necessary evil. This will create retention, and you will have an ongoing book of business of loyal customers who believe in the intrinsic value of your solution.

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6 Innovate and experiment

A sixth strategy to increase your revenue from consumer lending is to innovate and experiment with new ideas, approaches, and models that can differentiate you from your competitors and meet the changing needs and expectations of your customers. By fostering a culture of innovation, learning, and adaptation, you can encourage your employees, partners, and customers to generate and test new solutions, as well as learn from your failures and successes. You can also use agile methodologies, design thinking, and prototyping to iterate and improve your products and processes.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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How can you increase revenue for consumer lending services?

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1 Offer personalized products

2 Leverage digital channels

3 Optimize your portfolio

4 Partner with fintechs

5 Focus on customer retention

6 Innovate and experiment

7 Here’s what else to consider

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