shimself
Member of DD Central
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Post by shimself on Oct 8, 2017 11:11:33 GMT
Yes it would, but since we want to "catch borrowers behaving" we need a process that does that, then when a borrower drifts off the honest line we want to be aware quickly to get them back. After all we don't want a process that waits until the money is all gone and then we go after them for fraud, we want to keep the money first. The idea of "catch borrrowers behaving" is very critical and requires a change of mind set. At the moment I suspect many portals are in the "look for failures and then do nothing about it while we worry" mindset. This is very much the "lean manufacturers" mind set and works incredibly well. Have you offered your services to F*, F*, L***Y, M********G ? (despite the joke I actually mean you've obviously got something beneficial to offer). Have you got some feel for cost per?
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Post by bluechip on Oct 8, 2017 11:58:59 GMT
There are a multitude of ways that platforms could perform better for everyone very easily, however the key factor to be considered is that in the quest for market share (and the kill or be killed necessity in emerging sectors with low barriers to entry) the majority of platforms will do what they can to bend the rules to their advantage. There is of course incompetence and naivety involved, but I'll put my money on "crafty" being the key word here. These platforms are not run by fools for the most part, they know exactly how they can improve their service offering to the benefit of the lenders - they are just handicapped by their limited size in some cases and competition. They obviously have the problem that they are learning from mistakes as they go and the need to cover up those mistakes or lose a lot of ground and trust. We are also handicapped by greedy and lazy lenders that ignore these mistakes and cowboy approach that has been taken with lending our money.
I have lost count how many times I have assumed one thing and then discovered something completely different after digging a bit deeper - I don't like having to read the T's & C's with a clear head at the best of times, but this sector requires us to do that and even then they could change in a moments notice. DD not happening, misleading and ambiguous updates, loans named differently but for the same company/project, what provision funds are for and when/if they will ever kick in, LTV valuations to the extreme benefit of the borrower, ever increasing rope for bad debtors, etc etc. For the rates in question relative to BOE interest rates, there has to be a little bit of flexibility/understanding on our part of course, but I think the scales of risk/reward are tilting too far even in this current financial market.
So by suggesting logical and intelligent improvement ideas, (which would cost next to nothing to implement) are futile if it hampers the platforms ability to put lipstick on a pig - there are a lot of pigs and a never ending supply of lippy it seems. Targets need to be hit, bills need to be paid, investors need to have things to invest in and shareholders need to be incentivised. The most successful platforms will quickly forget the little guys that got them where they are and the struggling ones will attempt to string along the unwitting retail investor for as long as they can get away with it - it's all a gamble and this roulette wheel of P2P seems to have a growing amount of numbers being added and all the while the odds are reducing for the little guys. I'm taking a watching brief now whilst it sorts itself out. 'Buyer Beware' has never been more apt.
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Post by Deleted on Oct 8, 2017 14:48:38 GMT
Yes it would, but since we want to "catch borrowers behaving" we need a process that does that, then when a borrower drifts off the honest line we want to be aware quickly to get them back. After all we don't want a process that waits until the money is all gone and then we go after them for fraud, we want to keep the money first. The idea of "catch borrrowers behaving" is very critical and requires a change of mind set. At the moment I suspect many portals are in the "look for failures and then do nothing about it while we worry" mindset. This is very much the "lean manufacturers" mind set and works incredibly well. Have you offered your services to F*, F*, L***Y, M********G ? (despite the joke I actually mean you've obviously got something beneficial to offer). Have you got some feel for cost per? I proposed something similar to one and have highlighted this to another. I know a Quality Engineer who could put this in place for me and I can put anyone in touch but it will only work if and only if the Board of each agrees to be involved. Costs; I did this in an international planning business with some 120 staff members, it took 3 months to go from 0 ROS to 25% ROS and yes it was hard work but so much easier after it was done.
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jonah
Member of DD Central
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Post by jonah on Oct 9, 2017 7:29:27 GMT
ROS = return on sales?
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