Technology has significantly impacted on most of the sectors in the economy over the past few years. However, the technological innovation that has been brought about by GreenSky in the financial lending sector seems to be the mother of all the innovations that have happened in the financial industry. This is because after a long observation of the challenges in which the clients of the credit sector underwent, GreenSky has now introduced a mobile application that enables the borrowers and creditors to communicate and complete the loan application process on the internet, without having any of the party making any physical movement onto the other’s premises.
This innovation was spearheaded by the company’s CEO, David Zalik, with the help of his able team of young innovation enthusiasts who have been working on the project for the past five years. The primary idea behind the development of the mobile application was to minimize the movements with which the borrowers were involved whenever they contemplated seeking credit assistance from the financial institutions. They had to move to the premises of the lenders so that they could access loan application forms to start the application process. The clients would spend hours of their time queuing in the lenders’ facilities, and in the end, the only milestone that the clients would have achieved was to initiate the process.
They would then return home and wait for the banks or the respective financial institutions to approve their applications so that they could get the funds. This process would take weeks due to a large number of customers that were involved in the process. To add salt to the wound, in some instances the customers would get partial funding due to the insufficient capital of the lending companies. This would result in frustration and disappointment on the borrowers, and in some cases, some of the customers preferred not to seek the assistance of these institutions even when pressed with financial challenges.
After GreenSky introduced the application, the customers can now enjoy the freedom of applying for the loans while at home. GreenSky has also embarked on funding small lenders to ensure that the credit customers have constant access to loans and mortgages.