How GreenSky is Embracing Technology

If you’re not already familiar with GreenSky , it is one of the ten biggest Fintech companies in the United States, according to Forbes.com. The company is also ranked number 17 on CNBC’s disruptor 50 lists in recognition of their contributions to the financial industry. As far as their financial standing, GreenSky , at last check, has a valuation in the neighborhood of $3.6 billion, and given their growth in recent years, this number is expected to continue to climb.

In addition to their impressive valuation figures, GreenSky  operates through a network of 17,000 merchant retailers and is also backed by Fifth Third Bank, the principal subsidiary of Fifth Third Bancorp, which is one of the largest banks in the U.S.

Co-founded by Larry Smith and David Zalik, GreenSky  has positioned themselves to be a mobile-first company. This commitment has enabled the consumer finance company to allow customers the option of initiating a loan through the convenience of a smartphone. To say this is groundbreaking would be an understatement; however, this progressive move to further embrace technology is what differentiates GreenSky from other consumer finance companies.

Cognizant of the conveniences that come with “smartphone lending,” Co-founder David Zalik admits that there was a time when initiating a loan without being in the presence of the lender would have been unfathomable; however, he also states that times are changing, and GreenSky is a company that is committed to keeping pace with new industry trends, provided they align with the company’s goals.

Now that we have some background information on GreenSky , let’s take a closer look at what it means to initiate a loan from a smartphone. According to company information, this process streamlines the loan process while placing the consumer in the proverbial driver’s seat.

To submit a loan application, a consumer would need to download the GreenSky app to their smartphone, and from there, they will scan their driver’s license and provide their date of birth and social security number. Once the necessary data has been submitted, GreenSky  will conduct a loan evaluation. Provided the loan is approved, customers will receive their loan details, which include an APR and the complete terms of their loan.

https://www.fool.com/investing/2018/06/12/greensky.aspx