Life is full of uncertainties and throws surprises at us at every moment. There are instances when we quickly need cash—for a broken-down car, an upcoming anniversary gift, back-to-school expenses or a small investment for your business. Credit cards help at times, but getting one is a multi-step process and carries the risk of being maxed out. While you can ask a friend for help, owing money is an awkward situation that can strain or even terminate a friendship. For these reasons and more, obtaining a loan is one of the most strategic ways of obtaining some much-needed currency. Yet, some of the major difficulties a person faces in getting a loan are the waiting times and uncertainties of the loan decision process, which can prompt customers to apply for multiple loan applications to increase the approval probability.
As the weeks dwindle in the final stretch of 2017, we look towards the new year for goal setting and reaching new horizons. It’s a time for reflection, visualization, and geared ambition to enter 2018 with a winning mindset.
One thing we have undoubtedly learned from 2017 is that technologies have proven to disrupt services. From the spike in bitcoin prices to the growing impact of artificial intelligence we have seen how eager society is for alternative financial services.
Topics: Technology Trends, digital transformation, blockchain, demand for digital services, technology trends in 2018, growing impact of artificial intelligence, artificial intelligence, machine learning
Open APIs (Application Programming Interface) is a term commonly used in the technology industry. Simply put, it enables the transformation of an institution from a complicated web of disconnected systems into an easy-to-use resource. When used effectively, it can hide the complexity of stacks, layers and multi-vendor technologies. Yet, financial services have been slow to embrace this trend. The herculean task of updating archaic systems and processes while meeting the evolving needs of customers prevent the industry from adopting Open APIs. This outdated way of thinking could spell doom for institutions.