Bankers are seeing less and less new faces at their desk every day. Once a bastion of the pecuniary milieu, the banker now finds his/her clients being inveigled by the Cyberspace Revolution, as the Internet continues making banking much more convenient and inexpensive for consumers. It seems as if the banker's only remaining steadfast clients (and only new clients coming in) are from the older generations with less techno-savvy or inclination to opt for online banking methods.
Gone are the days of people galumphing and harumphing their way to the bank and asking if they can apply for a loan. Now anyone with access to a computer can apply for loans online. And for those who have neither a PC/laptop nor Internet connection, going online is not a problem as there are many public libraries that allow free Internet usage and net shops that would offer the same service for a nominal rate.
What makes applying for a loan online all that it's cracked up to be? Privacy. Indeed we have to get the obvious out of the way, and privacy is a standard of many loan application websites, what with their highly advanced encryption systems. You can also benefit from having your personal data decoded right after it comes through the loan company's system. The machines used for encryption can only be accessed by select individuals, and are just as impenetrable as a virtual Fort Knox. Your data is safe.
A second very obvious reason why people would rather apply online for loans rather than pay the banker a visit would be the plenitude of information that can be accessed online. You can throw random questions around on the 'net, think of the most out-of-the-box banking situation and voila - it won't be long before you are provided with some valuable AND reliable answers to your questions or hypothetical situations. Your banker probably can't say the same; faced with out-of-the-blue questions, he would invariably scratch his head or make you wait as he asks his supervisor for insight.
Thirdly: accountability. Lenders working online have the onus to provide prospective customers with a wealth of resources of information to close a sale. And if the information is of dubious quality, it's safe to say that word will spread like wildfire and their credibility will be ruined beyond repair. Researching for customer feedback is also easy, as all it takes is a few seconds to show you whether a lender's customers are satisfied or disgruntled with their service. Lenders online value accountability and this commitment to providing nonpareil customer service puts them several cuts above the average offline banker.
And probably the most important reason why people submit their loan applications online is the sheer amount of options. The competition between online lending institutions is now so fierce that it has become more important than ever to research, compare and make a proper conclusion in order to get the best and most affordable deal. And with the number of online lenders multiplying, they have no other choice but to provide a wide range of options and put the "full" in "full service" lest they lose customers to the competition.
The public has spoken - online lending isn't the dubious operation it was once perceived to be. Borrowing large amounts of cash from an online company is a hugely growing trend. So the reason why the banker seems to be becoming superfluous is simple - their main competition is on the Internet and they cannot quite keep up. To put it frankly, brick and mortar financial institutions simply do not have the versatility, security and accountability to "keep up with the (online) Joneses."
Gone are the days of people galumphing and harumphing their way to the bank and asking if they can apply for a loan. Now anyone with access to a computer can apply for loans online. And for those who have neither a PC/laptop nor Internet connection, going online is not a problem as there are many public libraries that allow free Internet usage and net shops that would offer the same service for a nominal rate.
What makes applying for a loan online all that it's cracked up to be? Privacy. Indeed we have to get the obvious out of the way, and privacy is a standard of many loan application websites, what with their highly advanced encryption systems. You can also benefit from having your personal data decoded right after it comes through the loan company's system. The machines used for encryption can only be accessed by select individuals, and are just as impenetrable as a virtual Fort Knox. Your data is safe.
A second very obvious reason why people would rather apply online for loans rather than pay the banker a visit would be the plenitude of information that can be accessed online. You can throw random questions around on the 'net, think of the most out-of-the-box banking situation and voila - it won't be long before you are provided with some valuable AND reliable answers to your questions or hypothetical situations. Your banker probably can't say the same; faced with out-of-the-blue questions, he would invariably scratch his head or make you wait as he asks his supervisor for insight.
Thirdly: accountability. Lenders working online have the onus to provide prospective customers with a wealth of resources of information to close a sale. And if the information is of dubious quality, it's safe to say that word will spread like wildfire and their credibility will be ruined beyond repair. Researching for customer feedback is also easy, as all it takes is a few seconds to show you whether a lender's customers are satisfied or disgruntled with their service. Lenders online value accountability and this commitment to providing nonpareil customer service puts them several cuts above the average offline banker.
And probably the most important reason why people submit their loan applications online is the sheer amount of options. The competition between online lending institutions is now so fierce that it has become more important than ever to research, compare and make a proper conclusion in order to get the best and most affordable deal. And with the number of online lenders multiplying, they have no other choice but to provide a wide range of options and put the "full" in "full service" lest they lose customers to the competition.
The public has spoken - online lending isn't the dubious operation it was once perceived to be. Borrowing large amounts of cash from an online company is a hugely growing trend. So the reason why the banker seems to be becoming superfluous is simple - their main competition is on the Internet and they cannot quite keep up. To put it frankly, brick and mortar financial institutions simply do not have the versatility, security and accountability to "keep up with the (online) Joneses."
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