Businesses are increasingly focused on what can be achieved by shifting from manual to automated processes, especially in terms of attaining greater economies of scale and cost efficiencies. In the world of financial services and banking, digital lending is assuming an ever-greater role as lenders adopt next-generation digital lending technologies to advance their processes, workflows, compliance management and overall capabilities. Those who tap the many benefits a fully digital platform brings in the form of Digital Original™ assets are positioned for success. That’s according to Wolters Kluwer Compliance Solutions, sharing its digital lending expertise in a recently published interview.
“A simple concept we apply… and share with customers and prospects, is the idea of digital lending made simple,” says Steve Meirink, Executive Vice President and General Manager for Wolters Kluwer Compliance Solutions in a HousingWire commentary exploring The Building Blocks of Digital Lending. “A digital lending platform lowers the classic ‘barriers to entry.’ Companies can adopt new technology faster while increasing efficiency, reducing cost, and growing margin and profitability. And most importantly: they can deliver better customer experiences.”
Meirink believes that digital lending today is a must-have for organizations wanting “to differentiate in the marketplace by moving faster with greater agility, while at the same time reducing costs.” He notes that the benefits of digital transformation apply not only to financial services but more broadly, as consumers increasingly expect better digital experiences. “Companies that provide this kind of seamless user experience will move ahead and be better prepared for future customer needs.”
The demand for those contactless transactions has only accelerated, he notes, with the pandemic. “We saw this with the COVID-19 pandemic, where the demand for contactless transactions took off – such as the ‘tap to pay’ feature for your smart credit card. In digital lending this has led to the growing use of eClosings and remote online notarization (RON) solutions,” he adds. Ultimately, a fully digital lending platform solution “offers not only powerful tools aligned to create a better customer experience, but also analytics to ensure broader compliance and a warranted asset/portfolio matched with end-to-end, digital-asset certainty.”
Steve Meirink oversees a growing business in Wolters Kluwer Compliance Solutions, which, during 2020, helped U.S. lenders navigate the Paycheck Protection Program through its award-winning TSoftPlus technology to assist small businesses working to retain their workforces. In late 2020, Wolters Kluwer Compliance Solutions acquired eOriginal , the leading digital lending platform. In 2021, Meirink was named Executive of the Year, Financial Technology, by CEO Monthly magazine.
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Governance, Risk & Compliance is a division of Wolters Kluwer, which provides legal and banking professionals with solutions to help ensure compliance with ever-changing regulatory and legal obligations, manage risk, increase efficiency, and produce better business outcomes.