How Has Technology Revolutionised the Financial Sector?

Nowhere – with the possible exception of medicine – has technology revolutionised people’s lives more than in the financial sector.  In little more than five decades we’ve gone from a cash-based society to one that uses other more convenient payment methods.  Even cheques are rarely used any more as consumers prefer to pay for their shopping with debit and credit cards.  Without these alternative methods, it’s an undeniable fact that online shopping would never have been able to take off in the way that it has. 

Apart from shopping, the way that people borrow money has changed.  The closure of more and more bank branches and the dramatic increase in online banking and arranging loans via phone mean that many bank customers no longer see the human face of a bank cashier.  This might have saved banks money on their overheads, but it has also loosened the emotional ties of loyalty that customers used to feel towards their bank.  For some, it’s much easier to shop around when they’re looking for a loan instead of automatically applying to their local branch.

Of course, technology has made it easier than ever before to apply for a loan.  And many applications can be done from the comfort of your armchair, or even while you’re on the go by using a lender’s app.  This process has been helped by the use of credit reference agencies which can check a borrower’s credit file easily instead of a borrower having to supply a file of paperwork in support of their loan application. 

In offering personal loans (from £2,000-£25,000),, have taken this revolutionary process one step further.  One factor is that the entire application procedure is extremely fast.  Your personal information can be completed in a matter of minutes; the lender’s decision is available in seconds while the cash can appear in your account within an hour.  This streamlined combined application/decision-making process is very convenient in our fast-paced society where no one has any time to waste. 

Another way that this innovative consumer credit company is changing the way that people borrow money is that it acts as both a direct lender and a credit broker.  If they consider that their financial products are unsuitable for the potential borrower, their up-to-date Monevo powered algorithm will match the borrower with the most suitable lender from their network of 50 reputable and FCA-authorised firms.  There are no brokerage nor application fees, and would-be customers also save a lot of time.  They won’t have to spend hours on the computer looking through price comparison sites and trying to work out the terms and conditions so that they find the most affordable loan for their personal circumstances.

Supporting people is something that its parent company knows all about.  From drawing people’s attention to the impact of the government’s wage freezes on nurses to ethical lending practices, this London-based lending company continues to have a positive effect on the consumer credit market.