FinTech Pismo launches digital lending service

Brazil’s Pismo has launched a lending tool to respond to increased demand for digital banking.

“Financial institutions have become accustomed to choosing from a series of ‘Lending-in-a-Box’ solutions, which must be inserted into their existing infrastructure,” Faisal Khan, FinTech’s head of lending, said in a blog post on Tuesday (March 7).

– This can be time-consuming and labor-intensive. With Pismo, the process is as simple as connecting to our APIs.”

Khan said the platform focuses on providing “efficient digital-first loans to revolutionize how funds are disbursed.”

And because the company is cloud-based, it can scale quickly when needed and “offer a headless lending solution powered by a set of APIs capable of managing the entire lifecycle,” Khan added.

Pismo says its lending tool allows financial institutions to create lending solutions tailored to their customers using thousands of combinations to “create and create unique products.”

The launch of Pismo’s lending product comes at a time when digital banking has become the standard method of financial interaction for countless consumers worldwide.

It’s a shift that was years in the making, and one that was accelerated by the COVID pandemic. Now, PYMNTS research has found that nearly 75% of customers have used digital channels to open a new account, for example to unlock the gateway to a lifetime digital customer.

Mobile apps are the most common method of banking, used by 45% of consumers, although this number has shot up among younger generations.

Banking as a service (BaaS) is an important tool for providing the digital experiences these customers demand. This means that banks offer non-banking companies the opportunity to provide customers with banking services.

“The banking industry continues to change after the tidal wave of digital innovation during the pandemic,” PYMNTS wrote recently. “A recent survey found that 25% of bankers saw BaaS as an opportunity to create new revenue streams, and 32% are currently considering how BaaS can streamline their day-to-day operations.”

BaaS is one of many new technologies that banks are adopting to improve the customer experience, including digital account opening, data analytics and reporting, and digital lending. Of the bankers polled by PYMNTS, 61% said investing in new digital technologies would be a top priority in the coming year.