Since the establishment of GreenSky , the organization has remained at the forefront in the quest for the improvement of customer service in the finance sector. The foundation of the company occurred in 2006 when David Zalik felt that he could watch no more as the credit consumers continued to suffer under the wrong hands of the financial lenders and other financial institutions. This was after he realized that the creditors were providing raw deals relating to credit finance and they would extort the customers to any extent with the aim of making super-normal profits from the exorbitant interest rates that they charged their clients.
As if that was not enough, the consumers also underwent a lot of disappointments and frustrations whenever they required credit funding from these institutions. The processes that were involved were lengthy and took a lot of time to access the funds after the application. For instance, a customer would be required to travel to the bank so that they could access the loan application forms. From there, they would be required to fill in the forms with detailed information about themselves, their guarantors, and in some cases, information about their families and their sources of income. This was very tedious, and some of the information was irrelevant to this great process.
After observing the kind of rough processes that the clients underwent, Zalik David founded GreenSky , with a primary objective of transforming this sector through technology. The first form of technology that GreenSky embraced in its processes was the online application of loans. Instead of walking to the creditors’ premises, the borrowers no need to in their houses with their smartphones, get onto the internet, and start the loan application process. After filling in the online application form, they submit them to GreenSky , who in return resubmits the forms to the financial lenders.
After receiving the details, the creditors approve the borrowed funds and then authorize GreenSky to remit the funds to the accounts of the eligible borrowers. This process has been tremendously reduced because it all takes less than 48 hours for the borrowers to receive the funds in their bank accounts after the loan application.