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Up Your Loan Automation Game, TransUnion Says in New Report

Credit agency says financial institutions have to make big improvements to keep up with consumer expectations.

people building a better mobile banking app Source: Shutterstock.

The onset of the pandemic forced consumers of all ages and backgrounds to use online tools with their banks and credit unions, but many financial institutions have not yet updated their systems to meet their consumers’ heightened expectations, according to a TransUnion report released Thursday.

The Chicago credit reporting agency also released a survey of 2,664 consumers conducted in mid-September that found 40% of the consumers said they use digital platforms more frequently since the onset of the pandemic. About 60% of consumers said they conduct most of their financial transactions on mobile applications.

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Jim DuPlessis

Jim DuPlessis

A journalist for decades.

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