Digital Lending: 3 Things FSIs Must Do To Scale, Serve and Earn Revenue Rewards

A digital lending/loan solution is NOT an advanced Excel sheet with a pretty user interface!

In my past life, I drove a sales strategy around a 'not-so-smart' #loan #origination and management #solution, and it was difficult to sell. It was like fitting a round peg into a square hole. There was nothing digital about the product, yet we had a solid sales plan.

I had a fancy sales pitch/deck and a well put-together product brochure. I received audience from CEOs, CTOs and Digital Transformation Officers but the result was always the same - "we would like to review further and get back to you". At some point, I sat down to review the product offering with the #product team and it was at that point we realized that the product was not a #digital lending platform.

So, the question then is "What makes a digital lending platform?" or "What is a digital loan management platform?" "How is it different from other loan management platforms?" This publication has three answers to the questions above.

1. Not every software that can calculate annuity schedules and do a few advanced Excel calculations is a digital loan solution. A proper digital lending/loan solution does everything end-to-end including KYC management, loan origination, management, disbursement, and recovery DIGITALLY. It does everything digitally!
2. If your software cannot manage different loan/lending products (cash, dividend, airtime, gadgets, bills etc.), it is NOT a digital lending solution. Lending has gone beyond cash offerings that has limiting interest calculations. A digital loan solution does the work! Fees calculation, repayment allotment, standing orders management, digital submissions and all types of liquidation schedules etc. for all type of loan products - cash loans, cash advance, business loans, dividend lending, pay-small-small, buy-now-pay-later loans, airtime/data loans, bill payment loans (e.g. EKEDC/DSTV) etc.
3. Not every solution can meet your business needs when it comes to digital lending/loans. Your best bet is to have a solution that has robust dashboard capabilities (including the granular details) and a solid support SLA to handle your 24/7 business model with millions of users across multiple channels.

So, what are the three things FSIs must do to scale, serve and earn rewards in this digital lending space?

• Get a robust digital lending solution that has all the imaginable and unimaginable capabilities. I know one.
• Get into an ecosystem that has more than 500,000 salaried employee user-base that can become your customers in our loans marketplace. I will introduce you to one.
• Partner with a technology company that has a track record of solving complex problems in Nigeria and abroad. I work in one - SystemSpecs Technology.

To get started, you can request a demo, write to me directly, ([email protected]) or chat me up, my DM is open to all. You could also refer a friend who might be in need of a digital loan/lending solution.