Finastra research reveals that just one in ten financial institutions are “not currently seeking to integrate fintech solutions, indicating that 90% are actively pursuing new fintech partnerships to improve their offerings.” A key pain point is “the automation of digital workflows, with respondents saying only 29% of their commercial and consumer lending workflows are automated, indicating that more than 71% of processes remain manual, marking a clear opportunity for effective fintech partnerships.” The research , “conducted by East & Partners , finds that banks view new customer acquisition and strengthened retention as the key considerations for fintech provider selection.” Three out of four banks “prefer fintechs that can clearly demonstrate black and white revenue gains stemming from streamlined processes, leading directly to increased share of wallet and retention.” It is important “that fintech partners do not have too disruptive an impact on operations and customers, with 65% of respondents indicating that guaranteeing minimal impact is a priority.” Lending process automation “remains a major area for improvement, with significant room for growth in approvals, closing, origination, and servicing.” As noted in the update, 11% of respondents “say they utilize automated approvals, while just 10% offer automated loan closing processes.” Even […]
Click here to view original web page at www.crowdfundinsider.com
