When banks weren’t engaging the unsecured consumer loan market, FinTech saw an opportunity that others didn’t.

With the aim of lowering cost-basis, FinTech loan agencies successfully managed to reach more people and provide the kinds of affordable financial assistance banks refused to lend.

However, Jeff Keltner (VP of Business at Upstart), wants to leave those aims in the past.

Keltner believes that the industry of consumer lending needs to innovate beyond the sole goal of lowering cost basis and work toward a better end-to-end lending experience.

After nearly a decade in the industry, here are a few of the trends he’s noticed taking hold in the effort to improve consumer lending UX:

1. Simplifying processes

Automation is key in creating a more enjoyable experience for both the lender and the consumer. 

While quickening the application and verification processes serve as incentive for prospective clients, fraud still looms large in the digital banking world, so designing smart, automation-focused technology is a forefront industry goal.

2. Improving underwriting

Underwriting systems of the past have historically held back reliable consumers from acquiring financial help they need. 

Current consumer lending goals strive to improve these technologies so that a broader amount of people can access loans.

3. Digitizing new systems

Keltner suggests that unlocking the digital capabilities of traditionally in-branch banking products is the ultimate goal. 

Making the potentially high-risk investment to optimize chosen products with entirely new digital systems will enable businesses to reach new, unimagined heights.

These are a few of the trends Upstart’s Jeff Keltner has observed revolutionizing the industry into a safer, more accessible experience for everyone.