Innovative Digital Banking Solutions

What is a Digital Banking Solution?

Digital banking is banking from anywhere, including laptops, tablets, or mobile phones. Effective digital banking solutions are characterized by real-time data, web-based services, and high-level process automation that can attract a broad and loyal consumer base for financial institutions. Looking to bring these benefits to your customers and expand your market share? Red Rock Financial is the perfect partner to bring your institution seamlessly into the digital era.

Red Rock Financial’s Key Digital Banking Solutions

Our Digital Installment Loan App

At Red Rock Financial, the financial institutions we partner with receive the benefit of our digital installment loan app, a feature that is growing in popularity exponentially. In fact, personal installment loans are the fastest growing segment, representing a $400 Billion opportunity for financial institutions. This trend stems from the dramatic shift banking has experienced in the way customers borrow and access money, consolidate debt and shop online.

As a result, Buy Now, Pay Later programs have been at the forefront of financial headlines. Millennials and Generation Z customers primarily use debit cards for most of their purchases, so they tend to lean on installment payments instead of high interest credit cards for larger purchases. Combined with the higher than ever number of online purchases, the market for installment loans is set to keep booming.

Red Rock sees no reason why our community financial institution partners should lose out on their share of this trend. Rather, we believe community lenders are uniquely positioned to take advantage of this new market, as consumers already trust and have high exposure to their favorite banks. That’s why our system offers an easy way for community financial institutions to provide instant installment loans. However, competing with FinTechs requires community lenders to move away from outdated products and programs.

How Red Rock can help: To offer a complete digital lending solution to our community lender clients, we’ve partnered with an innovative platform called Quilo. Quilo is a digital personal installment loan that can be used to help financial institutions implement an offering fully digital and turn-key. Now community lenders can provide instant funds by originating and servicing installment loans through a phone app, granting a streamlined digital banking solution.

How does it work? Consumers fill out a simple digital loan application on their smartphone and are instantly approved for a loan of $250 – $9,999 to be used for new purchases or to pay off recent debit/credit card purchases. As the lending financial institution, you determine your risk tolerance parameters and profitability objectives and remain in total control.

What are the benefits? The app is a turn-key platform that Includes: legal, financial, compliance, and regulatory reporting; marketing creative and campaign management; interactive staff training; loan origination; servicing with 24/7 operational support; and loans with instant access to funds. No core dependency means that Quilo doesn’t need to integrate with your current banking core.

Quilo also comes with minimal credit risk. Your institution can set its own minimum credit scores for loans and place daily lending limits. Quilo can monitor risks and suggestively adjust settings as needed to mitigate risk.

What's the result? Our community financial institution's clients net 6%+ on average with our digital installment loan app. If you're ready to stop losing wallet share to FinTechs like Square, Afterpay, PayPal Credit, and Affirm, our digital installment app provides a perfect solution.

Taking the Next Step

Interested in offering an installment loan program with instant approval and access to funds? Contact Red Rock Financial today to schedule a free demo. Do you think our programs might work for your institution? Let’s start a conversation. You can get in touch with our team at (847) 867-3311 or via our online contact form.