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Pamela Rice, senior vice president of OnDeck, has vast experience in the financial technology sector. She has witnessed the transformation that FinTech industry has gone through over the past few years, and has been able to incorporate ingenious solutions with scalable processes. The following are 8 of her observations  regarding the industry:   


1. Digital economy has largely transformed the lending market over the past year in many ways.

For example, the interaction between the borrower and lender has changed. Technology companies have developed digital systems that make lending easier and faster across all devices. Borrowers are now more in control because of the numerous options they have such as financing sources, payment methods, lending services, etc.

2. Rice has brought several techniques from her past experience at FinTech industry to OnDeck.

Focusing mainly on mobile, security and services, she has made it a point to turn  all customer interactions and services to become mobile-based. This ensures that services are centralized, accessible and understood  by all customers.


8 insights of Pamela Rice on Alternative Financing

Alternative Finance Market


3. As the alternative finance market continues to evolve, new players are entering the market thus creating more competition.

OnDeck has remained in the forefront by focusing on one thing: becoming the leading financing source. Since 2007, the company has delivered over $3 billion to 700 different industries. They have learnt the financing needs of their customers during the eight years they have been in the business, which has enabled them to develop products to meet those needs.


4. There are several ways, besides reducing rates, that alternative finance companies use to attract customers.

Business owners consider several factors including ease of lending process, total loan cost and payment structure. Hence, alternative finance companies that base their business structures on these factors are the ones that attract more customers, making it much more than just reduced interest rates.


8 insights of Pamela Rice on Alternative Financing

Reducing Rates


5. OnDeck is committed to ensure transparency in their pricing.

Customers can use the pricing structure to understand the total loan cost and determine their return on investment (ROI). Basically, the quotation  of shorter term loans is in fixed simple interest, while that of longer term loans is in annual interest.


6. The company has been able to win their clients’ trust by making certain that all existing and new partners are recertified.

This measure was taken following a partnership with a few suspicious loan dealers.


8 insights of Pamela Rice on Alternative Financing

Transparency in their pricing


7. Scalability is vital for alternative finance companies.

Using technology to offer the best financing services to their customers has become necessary.  The systems used should be flexible enough to accommodate new features and products, as well as provide an exceptional customer experience. By doing this , it becomes easier to attract customers, which leads to scaling up.


8. There are various technologies that have the capability to best serve alternative finance companies in the future.

The best of all are those created to provide great financing products, efficient customer service, guarantee security and allow expansion. All these should be developed in line with meeting the needs of customers.


In conclusion, business owners must be able to depend on a lender to help them make the right decisions, attend to their  financial obligations by delivering the right product at the right time through a process that complies with needs of their business.

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