Retail Lending in a Digital Reality
For retail lenders, consumers are dictating the pace of change. In this episode of Financial Futures, Andrew Beatty, Senior Vice President of Next Generation Banking at FIS, explores trends in retail lending in a digital era.
Financial Futures · FIS, Erin Dangler, Andrew Beatty
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Show Notes
In a digital era, consumers don’t want to wait too long, no matter what the product. Whether they’re streaming a television show or applying for a retail loan, we expect instant availability. Andrew Beatty, Senior Vice President of Next Generation Banking at FIS, says that financial institutions need to be paying attention to these expectations: “if the consumer is dictating the pace of change, financial institutions, merchants, and retailers all have to evolve towards that.”
In season five of Financial Futures, we're focusing on banking's digital transformation, and why the switch to digital is no longer just nice to have––it's a necessity. We'll unpack what this digitization trend looks like for banks, consumers, and communities.
Retail loans have helped consumers for generations make big purchases. In this episode, we’re looking at how the retail loan process has adapted to changing consumer trends, digitization efforts and the pressures of a global pandemic. We’ll also look at:
- How has the influx of PPP loans affected credit metrics?
- What role are Fintechs playing in the digital transformation of retail lending?
- How has the influx of new data changed loan decisioning?