{"id":3478,"date":"2024-01-26T13:58:07","date_gmt":"2024-01-26T18:58:07","guid":{"rendered":"https:\/\/payliance.com\/?p=3478"},"modified":"2025-07-01T16:25:23","modified_gmt":"2025-07-01T20:25:23","slug":"payliance-is-elevating-the-loan-management-process-for-underbanked-consumers","status":"publish","type":"post","link":"https:\/\/payliance.com\/payliance-is-elevating-the-loan-management-process-for-underbanked-consumers\/","title":{"rendered":"Payliance Is Elevating the Loan Management Process for Underbanked Consumers"},"content":{"rendered":"\n
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Payliance Is Elevating the Loan Management Process for Underbanked Consumers<\/h2>\n\n\n
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Payliance News<\/a>, <\/span>Payments<\/a><\/div>\n\n
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This scenario is all too common among underbanked consumers who, perhaps due to a lower credit score, find it difficult to procure loans from traditional financial institutions. Instead, they turn to third-party lenders. But many of these third-party lenders are small- to medium-sized businesses (SMBs)<\/a> that don\u2019t have the resources to build a solution, such as a consumer-facing app that allows you to self-service your loan payments. Instead, they rely on phone-based or in-person services.<\/p>\n\n\n\n

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Technology challenges for SMB lenders<\/h2>\n\n\n\n

\u201cIf you\u2019re a large, corporate, publicly-traded company that deals in online lending, you\u2019re going to have a team of people that are building and maintaining apps,\u201d says James Robinson, Product Director of Payliance<\/a>, a B2B payment processing company. \u201cBut there is that mid to smaller tier where it just doesn\u2019t make sense for them to take that on.\u201d Luckily, the team behind Payliance saw these pain points and decided to build a solution<\/a>. If you can manage the rest of your life from your smartphone, they thought, consumers should be able to manage something as important as their loan payments from their phone, as well.<\/p>\n\n\n\n

Founded in 2007, Payliance offers a full suite of solutions for merchants, including payment processing, verification, and recovery. Now, their new mobile app<\/a> (built with Amazon Web Services technology) makes the payment process more seamless for consumers, as well. Users are able to log into an app and self-service their loan payments, managing the amount and timing of their payments 24\/7, 365 days a year\u2014as opposed to only during business hours.<\/p>\n\n\n\n

Focusing on the customer\u2019s needs<\/h2>\n\n\n\n

Payliance\u2019s ultimate goal is, and always has been, convenience. \u201cYou\u2019re probably not changing your payment date because you want to,\u201d says Robinson. \u201cYou\u2019re probably in a spot where something happened and you need accommodations.\u201d Payliance offers a consumer-facing tool that can help borrowers in their hour of need, streamlining the payment process so they can focus on managing the other, more important parts of the situation.<\/p>\n\n\n\n

Intrinsic to the creation of this app was one of Amazon\u2019s core methodologies: the Working Backwards<\/a> process, which the Payliance team was introduced to in 2021. This methodology involves:<\/p>\n\n\n\n