Technology has been greatly embraced in the finance sector due to the manner in which it has been transforming the operations of the involved organizations. Through technological advancements, a lot of activities in the finance industry have been made easier to handle and also minimizing the chances of loss-making by the forms. However, this advancement in the technology has taken years to reach the lending and credit sector. Many lenders and creditors have been engaging their customers in a prolonged process of filling in forms with volumes of details so that they can access credit from their facilities. These tedious processes have been brought to an end by GreenSky Credit with their recent innovation of an online platform that will enable Creditors to assess and evaluate their customers more conveniently before they access their credit facilities.
After the formation of GreenSky Credit in 2006, the main focus of the company is to ensure convenience and efficiency in the manner in which credit customers are served. It has been very normal for the financial institutions to subject their borrowers to tedious processes of the loan application which sometimes have resulted in frustrations to the borrowers. GreenSky Credit, led by its Principal, David Zalik, realized this market gap and decided to fill it. Instead of providing funds directly to the borrowers, the organization acts as a lender to these creditors. Then it’s the obligation of the financial institutions to vet their customers and ascertain that their creditworthiness is unquestionable and approve them for the access of the funds. Then the obligation of GreenSky Credit follows to disburse the approved funds into the accounts of the borrowers.
The benefit of this platform to the clients is the ease at which they can access credit funds, without filling the tedious forms that they used to fill in the past. Also, the unnecessary scrutiny to which the customers were subjected has also been eradicated. No need to disclose minor details about their families and background to access the funds. To the lenders, GreenSky Credit acts as their surety for the availability of funds whenever the customers borrow.