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How Technology is Streamlining the US Lending Sector

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Today, people are more connected than any other time in history. Since people are constantly using computers and smartphones, most industries have adopted technologies that help in easier and faster service delivery to customers.

In the finance industry, the development of technology has transformed the landscape in the lending sector. In this article, you’ll learn more about how this industry has been affected by technology.

Technology creates better borrower experience

Basically, the lending process requires an exchange of some data between the borrower and the lending institution. Depending on the lender and the amount in question, you may be required to submit tens of pages of information before the application is approved.

As such, the process can be daunting given that you are expected to fill multiple forms as well as provide several documents.  Without patience and some free time, getting through the loan application with traditional banks is close to impossible.

However, when the lending process is digitized the amount of paperwork is reduced dramatically. This is because account activity, credit history, income history as well as tax compliance can be fed into the system with the click of a button. This has made the collection and verification of information quite easy. Besides streamlining the application process, the amount of time it takes to get a loan has also reduced.

In addition, some lenders have developed some innovative mobile solutions that enable customers to submit an application from anywhere. The most outstanding feature about mobile loans is that there is a constant interaction between the lender and the borrowers. This goes a long way in improving service delivery.

Increased transparency

In the past, borrowers had no access to a lender’s system that hold the borrower’s personal details as well as loan application status. This implies that most borrowers were in the dark for the most part of the lending process. When the need to communicate comes, the loan teams were the most potent option. This has been the reason why loan officers were getting hundreds of phone calls from clients who were dying to get the updates about the loans.

Courtesy of technology advancements, now it’s possible to view the status of your loan application as well as your account status with a lender. This helps borrowers to stay updated during the entire online installment loans process. In addition, you can get instant communication about any requests that a lender may have that is critical to the borrowing process.

As a result, there is a high collaboration between borrowers and lenders which makes the involved parties satisfied.

A less painful borrowing process

Traditionally, it takes an average of 18 days to get a loan approval. To get through the borrowing process, you need an extra 50 days if you are applying for a mortgage. But when you consider that it’s possible to purchase something from miles away at the comfort of your home and get it in a few hours, the long lending process seems like a bad joke.

To match the level of service delivery in this digital era, the financial sector has incorporated technology for a better experience. The innovative technology makes it possible for borrowers to navigate through the process thanks to great design and real-time customer support.

This makes it easy to switch from traditional lenders who implement outdated technology and business models. The comfort of knowing that you can get help from the lender in a matter of seconds has made the process painless.

It helps you save money

On average, a lender spends about $8,000 to finish one mortgage. This is because they have to pay employees to look into tons of information and collate in various databases. In a manual process, the tasks are repetitive and consume a lot of time. The tragedy here is that the borrower will cover these costs in the form of loan fees and charges.

But when innovative technology is used, much of the redundant tasks during the application process is scraped off. This means borrowing becomes cheaper for both lenders and borrowers. Besides the huge savings on cost, the process takes less time.

Over-reliance on human capital is eliminated and this implies there are fewer errors when gathering information. While this doesn’t conclude that technology has taken the place of experienced manpower, it helps create time and resources that are focused on other tasks with higher value.

Risks associated with technology in the lending sector

While technology has a way of making life more bearable, it comes with several risks. Basically, most of the information is transmitted online and this makes it easy for criminals to intercept the information. With data security being one of the biggest concerns in this industry, most companies are investing heavily in precautionary measures to keep their customers safe.

Therefore, if you are working with a reputable loan company that has implemented the necessary safety measures, you don’t need to worry. However, this doesn’t mean that you should submit a loan application to every online lender out there.

All lenders are not created equal and there are a few predatory businesses out there that can take advantage of vulnerable borrowers and charge astronomical interests. As such, you should restrain yourself from getting into an agreement with any lender who doesn’t have a track record of outstanding customer service and a demonstrated commitment to helping customers.

Finally, identity theft is real and can cause a serious problem if a criminal gets your personal information. Therefore, you should be careful when requesting loans through online platforms. As a rule of thumb, choose to work with businesses that have strict privacy policies as well as having the necessary security measures to prevent data theft.

Final words

Innovative technology has taken the financial industry by a storm and it has created a serious revolution in the industry. Unlike in the past, loans are now easily accessible to more people and the lending process is less painful.

Considering the current trends, it’s clear that more resources are going to be invested in this industry and create better technologies. While there is still much that needs to be done with regards to improving certain loans like mortgages, technology has transformed the sector.

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“They Don’t Make Prayerful Offerings When They Harvest,” Story Of The Native American Church

“The extraordinary and the phenomenon are not necessarily unexpected, but they are definitely not precluded.”

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The sun sets over the gateway of peyotera Amada Cardenas's house in Mirando City, Texas. Ironwork reflects core Native American Church values of faith, hope, love and charity. VOA

Back in the day, when the “grandmas and grandpas” of the Native American Church (NAC) needed peyote, they would make a 2,000-kilometer pilgrimage from the reservations of South Dakota to the tiny town of Mirando City, Texas, close to the U.S. border with Mexico. That’s where they could find Amada Cardenas, a Mexican-American woman who at the time was the only peyote dealer in Texas.

Cardenas was not Native American, nor was she a member of the NAC. But she understood how sacred the medicine was to church members and defended its use as a religious sacrament to those who sought to ban it.

Amada Cardenas, holding a basket of peyote, outside of her home in Mirando City, Texas, 1994.
Amada Cardenas, holding a basket of peyote, outside of her home in Mirando City, Texas, 1994. VOA

“After Amada’s passing, the peyote distribution system lost heart and seemed to be about monetary compensation,” said Iron Rope, former chairman of the Native American Church of North America (NACNA) and today chairman of the NAC of South Dakota. He is concerned that the remaining three or four peyote dealers in Texas — all non-Native — don’t give “the medicine” the reverence they should.

“They don’t make prayerful offerings when they harvest,” Iron Rope said. “We’ve heard reports about intoxicated harvesters. Sometimes, the medicine that comes to us was mushy or small, and the harvesting technique was not one that would allow regrowth.”

Careless and sometimes illegal harvesting, along with increased land and resource development in Texas, has led to a decline in peyote’s quality and availability. Prices have gone up, and church members worry the cactus, now listed as a vulnerable species, could become endangered.

In 2013, NACNA began researching ways to conserve peyote and its natural habitat.

Lophophora williamsii, more commonly known as peyote, which grows in the wild in southern Texas and Mexico.
Lophophora williamsii, more commonly known as peyote, which grows in the wild in southern Texas and Mexico. VOA

Pan-Native religion

Peyote, or Lophophora williamsii, is a succulent that contains psychoactive alkaloids and only grows in southern Texas and a handful of states in northern Mexico.

Indigenous people have used it ceremonially and medicinally for centuries, as noted by 16th century Spanish missionaries, who condemned it as an evil. Peyote use persisted, however, and by the late 1800s, had spread to present-day Oklahoma, where tribes adapted it to suit their individual spiritual traditions.

In the face of government efforts to ban peyote, peyotists in the early 20th century sought to incorporate as a formal religion. In 1918, an intertribal group established the NAC, which has evolved to include tens of thousands of members across dozens of tribal nations. Members view the church as an important component of healing from historic trauma and reconnecting to tradition.

Peyote was banned in the United States in 1970, but the law was later amended to allow peyote to be used in “bona fide religious ceremonies of the Native American Church.”

Texas allows several peyoteros registered with the U.S. Drug Enforcement Agency to harvest and sell peyote, but only to card-carrying NAC members with proven Native American ancestry.

Peyote buttons are shown in the yard of a peyote dealer in Rio Grande, Texas, Oct. 12, 2007.
Peyote buttons are shown in the yard of a peyote dealer in Rio Grande, Texas, Oct. 12, 2007. VOA

‘A beautiful ceremony’

Unlike other religious denominations, said Iron Rope, the NAC is not a unified theology.

“Different variations of the ceremony have come into play,” he said. “There are Christian aspects to the NAC today and traditional aspects, as well.”

Wynema Morris, a member of the Omaha Tribe of Nebraska and an NAC member, grew up with an understanding of the sacredness of peyote and the religious etiquette surrounding its use.

“It was my own grandfather, Samuel Thomas Gilpin, who actually received peyote early on from the Winnebagos, a neighboring tribe, and passed it on to his sons, my uncles,” she said.

This 1924 photo by Edward S. Curtis is entitled "Cheyenne Peyote Leader." Courtesy: Library of Congress.
This 1924 photo by Edward S. Curtis is entitled “Cheyenne Peyote Leader.” Courtesy: Library of Congress. VOA

Peyote is much misunderstood and maligned, she said, viewed by many anthropologists through the lens of colonial prejudice.

“I don’t like their use of the word ‘hallucinations,’” she said. “You don’t use peyote to get high. You use it to pray and communicate with God — the same God everyone else talks to.”

She described all-night services of prayer, song and meditation.

“The ceremony is beautiful,” she said. “The extraordinary and the phenomenon are not necessarily unexpected, but they are definitely not precluded.”

Sacred gardens

In 2013, NACNA began looking at ways to conserve and sustain peyote for future generations of indigenous Americans, Mexicans and Canadians.

“It was our intent to eventually have our own land and be able to have our own peyote dealer who could understand our concerns as the Native American Church,” said Iron Rope.

The sun sets over "the 605," acreage in Thompsonville, Texas, which the Indigenous Peyote Conservation purchased in 2018 for the conservation of peyote, a sacrament of the Native American Church.
The sun sets over “the 605,” acreage in Thompsonville, Texas, which the Indigenous Peyote Conservation purchased in 2018 for the conservation of peyote, a sacrament of the Native American Church. VOA

In 2017, NACNA and partner organizations formally launched the Indigenous Peyote Conservation Initiative (IPCI). With funding from the Riverstyx Foundation, a nonprofit that supports research of medicinal uses of psychoactive plants, IPCI purchased 245 hectares (605 acres) of land in Thompsonville, Texas, to serve as “Sacred Peyote Gardens.”

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It is their hope that by 2021, “the 605” will house a nursery, residential and guest housing, and youth training, all supported by peyote sales.

“It’s about generations to come,” said Iron Rope. “To reconnect them to the land and to the medicine. And that’s the healing process that we’ve been missing.” (VOA)