Episode 50

Published on:

9th Sep 2023

Lenders Struggle to Keep Up - Brad Tompkins, CIO of Vergent explains why.

Brad Tompkins, the Chief Information Officer of Vergent LMS, Reveals How Technology is Revolutionizing the Lending Industry.

In this captivating podcast episode, Tedd Huff interviews Brad Tompkins, the Chief Information Officer of Vergent LMS, a leading lending solutions company in the fintech industry. Brad takes us on his inspiring journey into fintech and shares the incredible story behind Vergent LMS.

But that's not all! Brad dives deep into the challenges faced by traditional consumer lenders and banks while unveiling how Vergent LMS is using cutting-edge technology to overcome these obstacles and revolutionize the lending landscape.

Prepare to be amazed as Brad Tompkins uncovers the power of data and technology in providing better offers to lenders and enhancing the borrower experience.

Here are three game-changing insights you can't afford to miss:

1️⃣ Unveiling the Secret: How Vergent LMS is Using Technology to Unlock Unprecedented Lending Opportunities

2️⃣ The Shocking Truth: Traditional Lenders Beware! Vergent LMS is Disrupting the Industry with Revolutionary Data and Technology

3️⃣ The Million-Dollar Question: How Can Lenders Leverage Technology to Stay Ahead in the Game?

Don't miss out on this eye-opening episode that will leave you inspired and equipped with the knowledge to thrive in the ever-evolving world of lending. Tune in now!

Also, watch the entire episode on YouTube.



Website: https://www.vergentlms.com/

Linkedin: https://www.linkedin.com/company/vergentlms/

Twitter: https://twitter.com/VergentLMS

Brad Linkedin Profile: https://www.linkedin.com/in/brad-tompkins/

Blog: https://www.vergentlms.com/blog/

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Time Stamps:

[00:00:00] Uncovering Brad Tompkins' Inspiring Fintech Journey: How Vergent is Staying Ahead of the Curve

In this episode of Fintech Confidential, host Tedd Huff interviews Brad Tompkins, the Chief Information Officer of Vergent LMS. Brad shares his journey into the fintech space, the inspiration behind Vergent, and how they are staying ahead of the rapidly evolving lending industry. He emphasizes the importance of not being complacent and taking on new technology in order to bring positive change to organizations.

[00:02:11] Vergent Founded to bridge tech gaps in lending.

Detailed Summary: I graduated with an accounting degree and had a solid background in understanding how lending and financial institutions work. I partnered with Scott Putnamar, a lender with fifty non-depository lending institutions across the Southeast, to form Vergent. Our goal was to bridge the gaps in technology capabilities and servicing certain communities within the lending space. We saw this as an opportunity to help banks and traditional consumer lenders understand the capabilities of technology and how they can use it to expand their customer base.

[00:04:24] How Vergent Capitalized on Disruptive Market Changes to Create Explosive Growth

Scott launched a comprehensive loan management system that provided lender and borrower focused technology almost twenty years ago. Since then, Vergent has experienced explosive growth in their core industries and new markets. This growth was driven by the complacency in the market and the disruptive market changes of 2008 and 2020. These changes created thousands of opportunities for innovation as customers were scared to go to physical branches. Vergent has been able to capitalize on these opportunities and provide technology to their customers.

[00:06:10] How Vergent is Driving Innovation in the Fintech Market

Vergent is a fintech company that has been driving innovation in the rapidly evolving fintech landscape. In 2020, Vergent had thousands of branches that could not open due to the pandemic, so they had to provide technology that would bring customers to them. Vergent has had a large implementation just before 2020, which allowed their customer to respond to the market and keep their stores open. As the CIO, Vergent keeps ahead of the curve by focusing on the product.

[00:07:56] Vergent's Portal: Unlocking Borrower Success!

Vergent has recently released a customer portal that allows borrowers to self-service in a variety of ways. This includes submitting applications, making payments, and accessing current status of their products. The portal also offers features such as multi-language support, automatic payments, document review, and document storage. All of these capabilities are wrapped up in a user-friendly interface, making a big difference in a borrower's success trajectory.

[00:09:36] Alternative Data: The Key to Unlocking the Future of Lending

Vergent's catchphrase is "any loan, anywhere, anytime" and they are preparing for the changes in the Lintech industry over the next five to ten years. Alternative data is a key factor in understanding a customer's ability to repay and is especially beneficial for thin file and no file customers. Alternative data sources include employment data, credential banking information, and other information that wouldn't be on someone's credit report. The vocabulary on the portal also changes to Spanish and persists through the loan documents, allowing lenders to service customers they may not have serviced before.

[00:11:54] Unlocking the Power of Alternative Data: How Credential Banking Helps Lenders Understand Borrowers

Alternative data, such as credential banking, can help lenders understand borrowers better and provide them with the money they need. This data can include insight into how borrowers spend their money, their balance cycle, and their financial capabilities. Vergent also helps lenders reach customers who don't have a traditional nine to five job or a consistent pay cycle by smoothing out their revenue cycle. Additionally, lenders can use data such as a borrower's social media footprint and Google reviews to gain a different perspective.

[00:14:16] Vergent: Solving Customer Experience Challenges with Pre-Underwriting Capabilities.

Vergent is a company that helps customers understand the importance of data and how it can be used to deliver better offers to them. They specialize in pre-underwriting capabilities such as fraud detection and device behavior, which helps to weed out fraud and provide better access to credit for underserved customers. Vergent also helps customers understand whether or not they are talking to a real person on the other side, based on the behavior and types of things they click on. This helps to solve customer experience challenges and provide a better customer experience.

[00:18:15] Vergent: The Traffic Cop of the Lending Process, Simplifying the Process for Borrowers and Lenders.

Vergent is a platform that simplifies the lending process for borrowers and lenders. It acts as a traffic cop, bringing together data from multiple providers and providing the necessary functionalities and capabilities to make the process easier. It also has a collections platform that allows borrowers to get back on track if they become delinquent, with options such as deferral, forbearance, and payment plans. Vergent puts the best decision for the customer and the borrower in front of the agent at all levels of the process.

[00:20:11] Vergent: Revolutionizing the Way Lenders Communicate Digitally with Customers

Vergent is a visionary in the Lintech market, helping lenders communicate digitally with their customers. Vergent provides the best of all instances, allowing customers to reach out to their lender in whatever way they feel comfortable. Vergent puts the data that any given agent needs at any given time right in front of them, allowing them to make the best decision for the customer and also the borrower.

[00:22:09] Vergent LMS: Quality Assured with US Employees - The Future of Vergent LMS

Vergent LMS is revamping their platform, Omnia, to ensure quality and customer satisfaction. To ensure the quality of the software and services, Vergent LMS employs full-time US employees to manage the software life cycles and deliverables. The future of Vergent LMS is focused on providing the best platform out there.

[00:23:52] The Future of Lendtech: How Vergent LMS Plans to Innovate and Expand

In this text, the speaker discusses how Vergent LMS plans to continue to innovate in the Lendtech industry by expanding into new markets and opportunities. They are currently working with community banks in Mississippi on a product that will bring lending and capability to customers who may not have had the opportunity before. The speaker then shifts gears and offers advice to other entrepreneurs looking to innovate in the fintech space, emphasizing the importance of persistence.

[00:25:26] Persistence Pays Off: How One Financial Institution Learned the Hard Way"

The speaker emphasizes the importance of persistence in the financial industry, noting that it is always worth it to take on new technology or make changes in how one does business. They share an example of a customer implementation that was difficult but ultimately successful, and the lesson learned was that it was worth the effort to take multiple LMS platforms and combine them into one.

[00:27:40]Consolidate, Transform, Leverage, Succeed, Fintech, Vital.

In this episode of Fintech Confidential, Brad Tompkins of Vergent discussed how the company is transforming the lending industry by consolidating everything into one platform and creating a system of record that is almost ERP-level. This allows lenders to build huge growth, as Vergent's clients went from 600 to almost 900 branches. Brad also discussed how technology can be leveraged to bring borrowers and lenders together, and how both parties can be successful. Finally, Brad shared his appreciation for the Vital Credit Card, which pays cash back when users share and spend responsibly while helping improve credit health.

This is a Production of Diamond D3, Media


Brad Tompkins: Brad Tompkins serves as the Chief Information Officer at Vergent LMS, a leading fintech company offering a comprehensive loan management software solution. In his role, Brad oversees the company’s product and technology initiatives, ensuring that Vergent’s platform consistently performs at a high level for all users and partners.

Brad's journey with Vergent spans nearly a decade. Before ascending to the role of CIO, he held the position of VP of Strategic Planning and Development. In this capacity, he was instrumental in shaping product initiatives, fostering key customer relationships, streamlining service-delivery processes, and building strategic business alliances.

Prior to joining Vergent, Brad amassed significant experience in the financial industry through various audit and accounting roles. He collaborated with esteemed firms such as Horne LLP, Eubank Betts Hirn Wood, PLLC, and Weaver. A graduate of the University of Southern Mississippi, Brad's academic pursuits encompassed both Accounting and Business Management.

Under Brad's leadership, Vergent LMS has distinguished itself by offering a platform that covers the entire loan cycle, from origination to servicing. The company's mission is to address the technology needs of non-depository lenders, and under Brad's guidance, Vergent has consistently innovated to stay ahead in the rapidly evolving fintech landscape.

Vergent: Vergent Loan Management Software (Vergent LMS) provides an omnichannel lending solution for lending institutions and financial services organizations. Based out of Texas and Mississippi, Vergent offers an end-to-end solution for consumer, small-dollar, auto, and online lenders. Founded in 2006, the company serves lenders in the U.S., Canada, Mexico, and Central America. With over $690 billion serviced and 20,000 active users, Vergent offers lenders an intuitive software that seamlessly adapts to any business. 

Tedd Huff: Tedd Huff is the Co-Founder of Voalyre, and the President & Founder of Diamond D3, a professional services consulting firm focused on global payments and marketing. He is also a video podcast host and producer of Fintech Confidential.

Over the past 24 years, he has contributed to FinTech startups as an Advisory Board Member, Co-Founder, and Chief Experience Officer, providing strategic and tactical direction for Global Payments OpenEdge, Heartland Payments, Nuvei, and TSYS, among others, focusing on growth while delivering innovation, process improvements and user experience-driven value to simplify the complexity of payments.

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Fintech Confidential
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Tedd Huff

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