GreenSky has been compared to an online version of the LendingTree. It is running a new technology-driven way of doing business. Its main role is to offer point-of-sale services to customers through the merchants. They link the borrower to the lender. In this case, they link the customer to a bank willing to offer them a loan. This model of doing business has gained momentum in recent years with a high number of people opting for it due to the convenience involved in getting a loan. You do not have to worry about the endless paperwork that is generally needed in traditional banking. Through GreenSky, your loan will be processed in minutes, and you will be in a position to pay for the needed services. It is the merchant who applies for the loan on behalf of the client.
The model run by this fintech is gaining momentum very fast because it recognizes the needs of all the people. All the players involved in the transaction benefit from the fintech. The customer will get timely funds, the merchant will increase the sales, and the bank will get new clients. On its part, GreenSky will also benefit from the fees it charges to offer the services.
For the regional banks that work closely with the fintech, this is one of the best models they are happy with. The cost involved in getting customers independently is huge, and the number of borrowers tends to be low. With this technology, there is nothing they do. They sit pretty and wait for the orders to come. The fact that they are not involved in the search for clients makes them earn profits comfortably.
GreenSky has attracted the attention of top investor in the financial sector. The fact that they offer a win-win-win solution to the people is an indicator that there is a high likelihood that they will be performing well for a long time. The pace of growth is already wide with the fintech recording a 30 percent increase in loan volumes in 2017. It is expected that the volume will keep on rising in coming years.