With interest rates declining and competition amongst lenders intensifying, Lendela envisions the role of fintechs — and especially lending platforms like itself — as increasingly indispensable in the banking and finance industry.Tay expects borrowing and spending to ramp up further in the near future.
“As competition intensifies in the lending space, information will become overwhelming for consumers, which often leads to less informed and more impulsive decisions,” Tay said. “This is where loan matching and the reverse auction model become especially useful to consumers, because they won’t have to deal with any of that but will still be able to access the most competitive rates available to them.
“Banks and loan providers have great infrastructure and may have built strong brand loyalty, but leveraging fintech platforms like Lendela will benefit their acquisition strategy, unlock customer segments at scale, and also take pressure off customer support capabilities,” he said.“We make it far cheaper to acquire high-quality customers with strong intent from the get-go with our unique matching model and Lendela’s acquisition machinery,” Tay said.
“For fintechs, partnerships with financial institutions can provide the necessary credibility and infrastructure to scale effectively. Lendela facilitates this synergy through our platform, helping banks reduce acquisition costs and optimise their offerings,” he added.
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