The introduction of a mobile application that assists borrowers in the loan application process has been a great achievement by GreenSky  in the service delivery to the customers. David Zalik, who is the CEO and the founder of the company decided to introduce the online platform so that it could solve the myriad of challenges that faced the customers in the process of applying for credit services from the traditional lenders. The process was lengthy and tedious, and the customers would spend a lot of time in the application process without the certainty of receiving the funds for which they applied. This was due to the inadequate capital base of the institutions which resulted in the customers receiving either partial or none of the amount borrowed.

To mitigate these challenges, Zalik decided to form GreenSky , which would fund the small lenders and merchants so that they could afford to support their customers whenever they needed financial assistance. For the merchants, they could henceforth provide their goods to their credit customers with confidence since GreenSky  was on their back in case the customers defaulted. For the small-scale lenders, they were assigned the role of assessing the loans applications on behalf of GreenSky , and upon approval, GreenSky would remit the money into the borrowers’ bank accounts.

The other parties that have entered into financial agreements with GreenSky are the contractors. Some of their clients require their services, only to miss them due to lack of adequate funds to pay for the services. In this case, GreenSky  comes in as a sponsor to the clients. They are provided with the services, and I return, they pay the outstanding amount to the contractor in regular installments. This becomes very effective for the customers because they can access services that they could otherwise never access.

What the mobile application has done is the provision of a common platform where all these parties can interact and transact. For instance, the borrower logs into the platform and apply for the loan. The creditor then comes in and approves the loan so that the funds can be disbursed into the borrowers’ bank accounts by GreenSky .