Presses the bank giants: New technology can save the Swedes two billion a year


Presses the bank giants: New technology can save the Swedes two billion a year

02 Feb 2019 Comments Closed 140 Views

“If the average interest rate on blank loans is reduced by one percentage point, the Swedes will save two billion a year,” says Nicholas Sundén-Cullberg, CEO and founder of Lendify – who aims to be the largest in the fintech market.

Thanks to new technology, both investors and borrowers can get better conditions – and also gain access to a modern, customer-friendly and completely digital service, with higher transparency between investors and borrowers.

“We take borrowers and investors closer together, we disconnect all unnecessary intermediaries. Instead of the banks making big profits, the borrowers get lower interest rates, and the investors higher returns, ”says Erika Eliasson, IR manager at Lendify.

Cheaper than the bank
The technology cuts costs and creates the conditions for providing a better service and user experience. Lendify is working on a completely digital platform, where no old structures or substandard IT systems are in trouble.

“The banks often have old IT systems. In many cases they have a number of third-party suppliers of IT systems, and I know that if we instead build from scratch, without third-party suppliers, then we will be able to be faster in the changes and keep costs down, ”says Nicholas Sundén-Cullberg.

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Better service
Because the platform is completely digital, unnecessary intermediaries and long processing times are cut – which means that you can invest more in personal service.

“We started the company with an ambition to be a positive force that contributes to improving the economy for Swedish households, precisely by challenging old structures and models. We will reduce the cost of borrowers and this has already begun. We have seen a price pressure on the entire market at the end of 2017, and we believe that we are the driving force, ”concludes Nicholas Sundén-Cullberg.