Lenders Struggle to Keep Up - Brad Tompkins, CIO of Vergent explains why.

Brad Tompkins, the Chief Information Officer of Vergent LMS, Reveals How Technology is Revolutionizing the Lending Industry.In this captivating podcast episode, Tedd Huff interviews Brad Tompkins, the Chief Information Officer of Vergent LMS, a leading lending solutions company in the fintech industry. Brad takes us on his inspiring journey into fintech and shares the incredible story behind Vergent LMS.But that's not all! Brad dives deep into the challenges faced by traditional consumer lenders and banks while unveiling how Vergent LMS is using cutting-edge technology to overcome these obstacles and revolutionize the lending landscape.Prepare to be amazed as Brad Tompkins uncovers the power of data and technology in providing better offers to lenders and enhancing the borrower experience.Here are three game-changing insights you can't afford to miss:1️⃣ Unveiling the Secret: How Vergent LMS is Using Technology to Unlock Unprecedented Lending Opportunities2️⃣ The Shocking Truth: Traditional Lenders Beware! Vergent LMS is Disrupting the Industry with Revolutionary Data and Technology3️⃣ The Million-Dollar Question: How Can Lenders Leverage Technology to Stay Ahead in the Game? Don't miss out on this eye-opening episode that will leave you inspired and equipped with the knowledge to thrive in the ever-evolving world of lending. Tune in now!Also, watch the entire episode on YouTube. Links:VergentWebsite: https://www.vergentlms.com/Linkedin: https://www.linkedin.com/company/vergentlms/Twitter: https://twitter.com/VergentLMSBrad Linkedin Profile: https://www.linkedin.com/in/brad-tompkins/Blog: https://www.vergentlms.com/blog/Fintech Confidential YouTube: https://fintechconfidential.com/watch Podcast: https://fintechconfidential.com/listen Notifications: https://fintechconfidential.com/accessLinkedIn: https://www.linkedin.com/company/fintechconfidentialTwitter: https://twitter.com/FTconfidential Instagram: https://www.instagram.com/fintechconfidential Facebook: https://www.facebook.com/fintechconfidentialSupportersSupport is provided by Supporting PartnersSupport is provided by the Vital Credit Card.Make a statement in your wallet with a sleek Metal credit card that pays you cashback when you share and spend responsibly while it helps improve your credit health. Request an Invite at vital.fintechconfidential.com Support is provided by Solvpath, an A.I.-driven customer support system that uses a visual format and self-serve technology to quickly and effectively resolve issues, resulting in satisfying support experiences for customers. Get the best customer support system for your business. Get Solvpath. Get started by visiting www dot Get Solvpath dot com www.getsolvpath.com Time Stamps:[00:00:00] Uncovering Brad Tompkins' Inspiring Fintech Journey: How Vergent is Staying Ahead of the CurveIn this episode of Fintech Confidential, host Tedd Huff interviews Brad Tompkins, the Chief Information Officer of Vergent LMS. Brad shares his journey into the fintech space, the inspiration behind Vergent, and how they are staying ahead of the rapidly evolving lending industry. He emphasizes the importance of not being complacent and taking on new technology in order to bring positive change to organizations. [00:02:11] Vergent Founded to bridge tech gaps in lending.Detailed Summary: I graduated with an accounting degree and had a solid background in understanding how lending and financial institutions work. I partnered with Scott Putnamar, a lender with fifty non-depository lending institutions across the Southeast, to form Vergent. Our goal was to bridge the gaps in technology capabilities and servicing certain communities within the lending space. We saw this as an opportunity to help banks and traditional consumer lenders understand the capabilities of technology and how they can use it to expand their customer base.[00:04:24] How Vergent Capitalized on Disruptive Market Changes to Create Explosive GrowthScott launched a comprehensive loan management system that provided lender and borrower focused technology almost twenty years ago. Since then, Vergent has experienced explosive growth in their core industries and new markets. This growth was driven by the complacency in the market and the disruptive market changes of 2008 and 2020. These changes created thousands of opportunities for innovation as customers were scared to go to physical branches. Vergent has been able to capitalize on these opportunities and provide technology to their customers. [00:06:10] How Vergent is Driving Innovation in the Fintech MarketVergent is a fintech company that has been driving innovation in the rapidly evolving fintech landscape. In 2020, Vergent had thousands of branches that could not open due to the pandemic, so they had to provide technology that would bring customers to them. Vergent has had a large implementation just before 2020, which allowed their customer to respond to the market and keep their stores open. As the CIO, Vergent keeps ahead of the curve by focusing on the product. [00:07:56] Vergent's Portal: Unlocking Borrower Success!Vergent has recently released a customer portal that allows borrowers to self-service in a variety of ways. This includes submitting applications, making payments, and accessing current status of their products. The portal also offers features such as multi-language support, automatic payments, document review, and document storage. All of these capabilities are wrapped up in a user-friendly interface, making a big difference in a borrower's success trajectory. [00:09:36] Alternative Data: The Key to Unlocking the Future of LendingVergent's catchphrase is "any loan, anywhere, anytime" and they are preparing for the changes in the Lintech industry over the next five to ten years. Alternative data is a key factor in understanding a customer's ability to repay and is especially beneficial for thin file and no file customers. Alternative data sources include employment data, credential banking information, and other information that wouldn't be on someone's credit report. The vocabulary on the portal also changes to Spanish and persists through the loan documents, allowing lenders to service customers they may not have serviced before.[00:11:54] Unlocking the Power of Alternative Data: How Credential Banking Helps Lenders Understand BorrowersAlternative data, such as credential banking, can help lenders understand borrowers better and provide them with the money they need. This data can include insight into how borrowers spend their money, their balance cycle, and their financial capabilities. Vergent also helps lenders reach customers who don't have a traditional nine to five job or a consistent pay cycle by smoothing out their revenue cycle. Additionally, lenders can use data such as a borrower's social media footprint and Google reviews to gain a different perspective.[00:14:16] Vergent: Solving Customer Experience Challenges with Pre-Underwriting Capabilities.Vergent is a company that helps customers understand the importance of data and how it can be used to deliver better offers to them. They specialize in pre-underwriting capabilities such as fraud detection and device behavior, which helps to weed out fraud and provide better access to credit for underserved customers. Vergent also helps customers understand whether or not they are talking to a real person on the other side, based on the behavior and types of things they click on. This helps to solve customer experience challenges and provide a better customer experience. [00:18:15] Vergent: The Traffic Cop of the Lending Process, Simplifying the Process for Borrowers and Lenders.Vergent is a platform that simplifies the lending process for borrowers and lenders. It acts as a traffic cop, bringing together data from multiple providers and providing the necessary functionalities and capabilities to make the process easier. It also has a collections platform that allows borrowers to get back on track if they become delinquent, with options such as deferral, forbearance, and payment plans. Vergent puts the best decision for the customer and the borrower in front of the agent at all levels of the process.[00:20:11] Vergent: Revolutionizing the Way Lenders Communicate Digitally with CustomersVergent is a visionary in the Lintech market, helping lenders communicate digitally with their customers. Vergent provides the best of all instances, allowing customers to reach out to their lender in whatever way they feel comfortable. Vergent puts the data that any given agent needs at any given time right in front of them, allowing them to make the best decision for the customer and also the borrower. [00:22:09] Vergent LMS: Quality Assured with US Employees - The Future of Vergent LMSVergent LMS is revamping their platform, Omnia, to ensure quality and customer satisfaction. To ensure the quality of the software and...