It is vital that peer-to-peer lending and crowdfunding platforms develop their offering and create products tailored to the specific needs of the market. In a recent blog post, Modulr have shared their advice on how these platforms can achieve this, and as a result, go on to achieve critical mass and drive growth, which has always been a major challenge in the world of alternative finance.
Some of the innovations that Modulr suggest adopting include:
- Immediate, automated repayment of any client overpayments;
- Self-service borrower and investor portals;
- Responsive and informed customer support interactions;
- Instant loan payments after onboarding; and
- Providing proactive client communications.
The team at Modulr say, “By embracing innovation in payments, P2P lenders and crowdfunding platforms can improve their service offering to drive both revenue and growth. With the right developments and systems, new capabilities can be unlocked throughout the payment process that offer major benefits to clients.”
You can read Modulr’s advice in more depth in their recent blog post.