The Real Game Changer in the SDC Industry: Can You Guess?
Published: Tue, 08/19/14
Nope! It's not compliance, regulation or the CFPB. You've
seen this coming since the day you got into this game. Game
changing rules are a fact of life as a money lender.
Wrong! It's not John Oliver's Last Week Tonight Show laugh
your ass off satire on the payday loan industry. Even John had to
admit that nearly 50% of your customers are happy you're here.
, prefer to read online and access the links?
http://paydayloanindustryblog.com/?p=2878
(I recommend it for this one!)
Nah! It's not the 1200%+ APR's you charge your borrowers.
Even the CRL admits behind closed doors that money cannot be loaned
at 36% unless it's subsidized by tax payers.
Zilch again! It's not the ACH debacle that sent you scurrying
for Rolaids last October.
Uh-uh. It's not the loss of your bank account, stored value
cards, kiosks, "Operation Choke Point" or any of the
other arrows, bullets, grenades and drones you're having
nightmares about.
Give up? Ok, before I tip my hand, think about the problem
you're trying to solve. Think about the pain your customer is
experiencing daily. Your customer wants access to money fast and
easy. No hoops to jump through. No "financial education"
course. She wants minimal paperwork and hassle.
Your customer wants, needs and is literally begging for small
dollar credit NOW!
Smart lenders focus on reducing the "friction."
Borrower behavior has changed. The 1% can regulate a LOT of things
but they can't successfully regulate consumer behavior.
Eventually, regulators have to recognize and embrace reality or
risk revolution. Think marijuana, alcohol, drugs, prostitution,
money lending...
Google, Amazon, Uber, and iTunes changed the way consumers behave.
The phone is the HUB!
A generational shift is occurring now. The phone is the HUB! Smart
phones reduce the "friction" in financial services. The
Kindle changed the way people buy books. Smart phones are changing
the way consumers borrow money.
You need an example? Here's a simple one:
*) Whip out your phone.
*) Type automobilepawn.com/ in your web browser. Take a close look.
*) Now, visit AutomobilePawn.com on your iPad, desk top or laptop
computer.
Another example:
*) Whip out your phone. Open your web browser and type
in "AceCashExpress.com."
*) Take a CLOSE look at the
website.
*) Now, use your desktop, laptop or iPad and repeat this step;
AceCashExpress.com .
See the difference? It's MAJOR!
, to make this easier on yourself, use this link:http://paydayloanindustryblog.com/?p=2878
Both AutomobilePawn.com and AceCash.com recognize the device used
to visit their website. It's automatic.
The difference is immediate! Using their phone, a borrower can
simply click a button and apply for a loan, get directions, send a
text or email message, make an appointment or share the website
with friends and family members in need.
The SMART PHONE is the REAL game changer in the Small Dollar Credit
(SDC) space! The rest is all noise.
Your task is to reduce the "friction" in lending. Figure
this out and you can earn a higher ROI lending money than in any
other industry AND survive the slings and arrows headed your
direction.
How does your business "look" on YOUR customer's phone?
Here's an inexpensive solution: http://www.EZMobileToday.com
Jer@PaydayLoanIndustryBlog.com