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Finance Goes Digital: Why Financial Institutions Need to Stay Ahead of the Curve

Published January 24, 2018


Financial Insights

It’s safe to say that times are changing in the financial services industry. The way we choose which brands we’re going to be loyal to and our overall expectations of them means that a company’s underlining ethos and delivery of products and services is extremely influential when it comes to consumer decision-making. It means that the way finance businesses think, deliver and innovate is crucial.

Consumers want results, and they want companies to provide better experiences. Offering products and services without putting the consumer front-of-mind can obliterate an organization.

Traditionally, in banking, consumers go into a branch, make a transaction and then go about their day. Nowadays, people want fast and convenient digital experiences that limit human contact, whenever possible. The stakes are high, so many banks are catching on and catching up to digital banking.

In a recent report by the American Banking Association, George Sclavos, Chief Financial Officer of Laurel Road, a division of Darien Rowayton Bank, offers some insight into how Laurel Road is staying ahead in digital finance:

“With Millennials, online lending is really table stakes. When we chose to target a highly sophisticated millennial base, we knew that our customers would accept nothing less than the best-in-class online experience and we built a platform to enable them to complete the entire process online, from application to e-signature…surveyed customers of Laurel Road are amazed that they can go through the entire online student loan refinancing process without ever talking to a human.”

When it comes to financial services, companies need to meet consumers where they are, just like any other business. And right now, it’s all about digital.

Download The State of Digital Lending from the American Bankers Association by clicking on the below image:

the state of digital lending

Darien Rowayton Bank is now Laurel Road Bank

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