Peer to Peer lending with Lending Works

There comes a time in everyone’s life when we are in need of a loan. When we are younger it is often our parents we turn to, as we get older, and want to buy a car, or take a special holiday, or make those home improvements, it is usually our bank that gives us the cash. But these days, more and more people are looking into a third option – Peer to Peer lending. One of the most popular and trusted of this exponent is Lending Works.

Peer to Peer lending allows people to lend or borrow money to individuals or small companies. It cuts out the middle man in the form of a bank, and can often offer lenders a better return on their money, whilst giving borrowers much better interest rates, particularly people with a good credit rating. As borrowing as become more difficult, and with many people feeling distrust with conventional banks, or just anger over banker’s bonuses, Peer to Peer lending is becoming more popular and widely used.

Lending_Works_logo.pdf

Lending Works is one of the UKs most popular Peer to Peer lending companies. It was launched in Jamuary 2014 and has consistently excellent reviews on Trust Pilot, with a 9.4 excellent rating (with customer service and ease of online applications and prompt decisions particularly praised.) For lenders, it offers an alternative to keeping savings in the bank, where current rock bottom interest rates are frustrating those with savings, making Peer to Peer lending an attractive proposition.

The Team behind Lending Works

The Team behind Lending Works

For borrowers, another good point, aside from the possibility of lower fees and better interest rates, is that you can borrow smaller amounts than you can get from a High Street bank. This is useful if you are only looking for a small amount – maybe for Christmas or to put towards a family holiday.

Like all forms of lending and borrowing there are risks involved, so you should do your research very thoroughly before entering into any agreement, but it is useful to know that there is another way to both lend and borrow money.

Online banking is becoming more personalised

Online banking is one of the many conveniences that the digital age has brought with it. It enables you to view your balances, make transfers and pay bills, all from your mobile phone or tablet. Whilst there’s no doubt that mobile banking is incredibly convenient, there is a personal touch that’s missing when you log into your account online, especially compared to visiting your local branch.

images

Whilst a lot of banks now offer live chat for their customers, many people find this to be a very impersonal way of having their questions answered, after all, it is still faceless and anonymous, and so,  as a result, banks are now looking into incorporating other forms of technology into their online service, such as video chat. Not only does video chat provide a more personal touch to online interactions but it’s also much more efficient for answering customer questions.

online1

Alex Bray, Retail Channels Director at Misys Banking Systems, recently had this to say on the subject: “Many banks are still struggling to connect with customers online – particularly during sales processes. I’ve always believed that video-chat would be much better for banking than web-chat. From a customer’s perspective, it is easier to initiate – it takes just one click, no tricky numbers to remember or dial in. The face to face option gives the customer a more human touch.

From the bank’s side, the customer interactions are likely to be faster than via web-chat – where customers tend to drift off mid-conversation. They also provide the opportunity for banks to differentiate their service, by providing a human interaction – which can be particularly tricky to achieve through digital channels.”

As mentioned in the quote above – One of the big downsides to live chat is that customers often don’t feel any particular obligation to stick around, especially if it takes the bank representative a while to get the answer to a particular question. If we’re being honest, I think we have all become distracted by the TV, or the kids when waiting for answers that seem to be taking forever. This would certainly be a problem that would vastly reduced using live chat and would enable banks to answer customer questions more efficiently, whilst also giving them a great way to separate themselves from the competition.

live_online_chatThe cost of implementing video chat into online services shouldn’t prove to be a stumbling block for banks either. Whilst there would of course need to be staff in place to answer customer questions, the fact that video chat would almost certainly be an optional alternative to live chat rather than a replacement, this means the additional costs of implementation would be minimal.

Now would appear to be the perfect time for banks to make use of video chat. One of the main reasons for this is the wide adoption of tablets in the last 4 years. Ever since the first iPad was released in 2010, the sales of tablets have increased drastically and are now established as a mainstream form of technology along with mobile phones and laptops.

When you also take into account how popular Skype has become as a video chat tool, then it’s clear that having the option to chat face-to-face with bank representatives would certainly be something customers would welcome in the very near future.

As technology advances further, banks constantly have to find ways to stay ahead of the curve and provide a service that’s incredibly convenient without compromising on good customer service. Video chat seemingly provides a perfect solution to this conundrum and will doubtless be integrated into online banking services in the coming years.

Guest Post.