How Lenders Can Meet Borrower Expectations in Today’s Financial Climate

As rapidly increasing inflation continues to impact Americans, lenders' need to focus on meeting the needs of borrowers, according to a panel of experts who spoke at Money Experience Summit 2022. Many people are struggling in the current economy, which can lead to increased anxiety and fear among the population. 

“We've got to think as a community of bankers and lenders and credit agencies: How can we weather the storm while also helping those that are in most need?” said Brent Chandler, Founder and CEO of FormFree. 

Unfortunately, the individuals in need of the most help are often the people who get left behind by the system. Rather than shying away from these economic issues, financial institutions have the chance to embrace this opportunity and find innovative ways to solve problems for borrowers today. 

“These are the times when industry pioneers, industry thought leaders emerge with new ideas and new ways to approach using technology for the underserved, the left behind, the excluded — we’ve got to do more. Data can help,” Brent said.   

When lenders use data to their advantage, it becomes easier to compete in the global marketplace, according to Keren Moynihan, CEO of Boss Insights. 

“The complexity for us is providing something that's very very simple is incredibly difficult and challenging,” said Rhett Roberts, co-founder and CEO of LoanPro. “It's very complex, but that's what we need to do is provide a user experience.”

Watch the entire discussion from Money Experience Summit 2022 here: The Need for Speed: Meeting Rising Borrower Expectations.