Many financial institutions are looking for competitive differentiation in order to obtain new, creditworthy consumers. The problem is that most of these creditworthy consumers already do business with a financial institution. Trying to convince consumers to switch from their current banks or credit unions can be a daunting task. It might seem that the only other type of consumers available are those with poor credit; however, the Consumer Financial Protection Bureau (CFPB) recently published a report outlining the 26 million consumers that are credit invisible – meaning that they do not have any credit record. This in no way confirms that the consumer isn’t creditworthy. Even if these consumers had access to loans, the lender would not have the necessary information to make a credit decision. If that number isn’t troubling enough, the CFPB found that 30% of consumers in low-income neighborhoods do not have any credit history with a nationwide consumer reporting agency.
Here at Epic River, we have spoken with several financial institutions that only leverage their existing relationships and target creditworthy consumers to generate new revenue. While this has been an effective approach, expanding the reach to the group of credit invisible consumers via MyLoans has an even greater effect. By utilizing our healthcare financing program, you are not only collecting new interest income but molding new, creditworthy consumers that now have a relationship with your financial institution without any additional risk. Keeping in the Community Reinvestment Act’s (CRA) good graces by reaching these low-income neighborhoods in your community doesn’t hurt anything either.
By providing patients with fast access to medical loans at a fair and unchanging interest rate, the MyLoans™ software by Epic River enables financial institutions to ease the financial stress of health care through collaboration with medical providers. Not only can medical providers offer a federally insured and fully regulated patient financing between banks and patients for medical care needs, but doctors and hospitals alike can finally get immediate funding of their patient’s outstanding balances. Additionally, financial institutions gain new customers and interest income with little administrative overhead in exchange for servicing the loan. For more information, visit www.myloans.co.
About Epic River, LLC
Since its inception in 2005, Epic River has been providing high quality software services aimed at solving process-intensive problems. With a focus on high quality and rapid delivery, Epic River’s methodology accelerates the process of innovation while keeping a firm grasp on the business case behind the application, enabling our partners to grow their market leadership. The company’s unique approach to the agile methodology and user experience ensures both parties work closely together every step of the way. Whether you’re looking to expand into new technologies or markets, need a custom internal tool, assistance with architecture, or simply need someone you can trust to make technology decisions, Epic River is at your service. For more information, visit www.epicriver.com.