Financial Evolution: Borrowing, Collections, and Open Banking

In these insights Justin Hanna, envisions a future where lending and borrowing experiences transform into a more immediate and efficient process. Justin emphasizes the desire for a system that allows borrowers to access funds swiftly, akin to the instant gratification offered by services like Amazon Prime.

He emphasizes the importance of affordability checks and the need for borrowers to receive their requested amount quickly.

Furthermore, Justin discusses the significance of predictability in the collections process, where borrowers and lenders can confidently anticipate payment dates.

He introduces the concept of leveraging open banking to verify account balances before initiating payments, ensuring funds are available and reducing the reliance on older payment methods like direct debits and CPAs.

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