In the current credit and lending environment, client satisfaction is higher than ever. According to a recent PwC research, 90% of consumers believe that a company's customer experience is just as essential as its goods and services.

Consumers may now obtain credit more easily thanks to the introduction of integrated lending and the strength of modern data analytics, which are allowing increasingly personalized client solutions.

We spoke with Danielle Sesko, TruStageTM's Director of Product Management and Innovation, about integrated lending's revolutionary impact on the market today.

TruStage: Focusing on technology, investments, and insurance

Sesko is in charge of organizing and enabling the teams at TruStage to create financial services solutions that will disrupt the market. Sesko and her teams have a very clear goal: to provide creative solutions that raise the standard of living for millions of Americans.

To be sure, TruStage confronts a lot of competition in the US market for providing useful technological solutions that help consumers secure their financial destiny.

Built on over a century of expertise and a "people helping people" concept, TruStage has distinguished itself as a pioneer in the provision of insurance, investment, and technological solutions in order to stand out.

Sesko believes that these innovations' capacity to enhance the customer experience promotes customers' access to financial services and well-being.

"By expediting the credit application process and offering customized financial solutions, embedded lending and advanced data analytics are greatly improving the customer experience," the spokesperson claims.

Platforms such as Affirm, for example, provide point-of-sale financing that is seamlessly integrated with the shopping experience, saving customers the trouble of applying for traditional credit cards and enabling them to break purchases into manageable installments.

Only with the application of sophisticated data analytics can systems such as Affirm do this. According to Sesko, loan choices may be made that are more inclusive by using advanced data analytics, which analyze a variety of consumer data points to evaluate creditworthiness in addition to traditional credit ratings.

"This broadens access to financial products and services by enabling people with limited credit history to still obtain credit based on alternative data, such as their transaction history or employment status."

Expanding the middle-market customer base through embedded lending
The possibility of alternative data use to reach the underserved is being hailed as a means of expanding access to financial services.

Additionally, once these customers are engaged, specialized goods and services can be provided to meet their unique requirements.

According to Sesko, the use of accessibility and personalization in fintech innovations is enabling marginalized populations by increasing their access to financing and credit products.

Businesses like as Basis, for instance, use technology and other data sources to assist more people in obtaining funding for dental treatment.

"These fintech solutions eliminate the need for physical bank branches by providing loans through digital experiences, increasing accessibility to financial services for individuals living in underserved areas or with limited mobility."

insightful information from customer data

The availability of services to the underprivileged is facilitated by customized products created using each customer's unique set of data.

Access to consumer data may offer priceless insights into an individual's financial health, allowing more precise risk assessments and individualized financial solutions, as Sesko points out.

Lenders are able to create a thorough picture of a person's financial situation by using transactional data, spending patterns, past bill payment records, and other financial behaviors.

Companies such as Credit Karma, for example, utilize consumer data to provide tailored loan and credit card suggestions based on an individual's financial objectives and spending patterns.

Closing holes in the ecosystem of consumer credit

Although customer convenience has been enhanced by embedded lending technology, there is now a gap in the consumer credit ecosystem.

According to Sesko, "consumers today continue to benefit from the unparalleled convenience, accessibility, and speed that the fusion of technology and finance offers."

But as digital lending has proliferated in the market, a crucial hole that lending insurance used to cover in the consumer credit ecosystem has now surfaced.

"Payment Guard from TruStage effectively closes that gap, assisting digital consumer lenders in reducing default and delinquency risk without complicating the borrower experience. It is the first real digital lending insurance solution in the market. Right now, Payment Guard is the only product on the market that does what it does.

"We give lenders the freedom to do what they do best, which is give consumers the money they need to fuel their lives."

Giving customers the money they need to support their operations has, in fact, become even more crucial in recent years as consumers' budgets have been squeezed by ongoing macroeconomic challenges and growing inflation.

However, TruStage is looking forward to creating fresh approaches to improve the embedded loan and insurance industry once things settle down.

TruStage: Forward-thinking

The primary focus for TruStage in the near future is the ongoing demand in its Payments Guard offering.

Sesko ends by saying, "We anticipate that Payment Guard will continue to grow exponentially for all types of consumer loans, including personal loans, cash advances, BNPL, and auto loans. To date, we have already seen strong market interest and adoption."

The possibility of expanding the scope of credit underwriting is what excites us the most about Payment Guard's possible effects on the lending environment.

"The long-term impact that we can have is making credit more accessible to more people, since we are helping to make lenders more resilient against potential losses and more efficient in attracting borrowers."