The lending landscape is changing fast. A simple Google search for “loans” brings up a slew of non-traditional lending options, all promising your customers quick and easy access to cash. In this new environment, how can banks and credit unions hope to stand out?
From your customer’s perspective, it’s clear that digitizing your loan origination process can improve their in-branch experience:
1) Speed Matters. Customers want a faster loan origination process. An online loan application process means staff can reach a funding decision faster, while still complying with your firm’s loan approval processes. Your customers are busy, and they are used to getting what they want quickly, so every minute during loan origination counts.
2) Errors Cost. Customers have little tolerance for errors. With a digital loan origination workflow nothing gets missed, which means you don’t have to call people back into the branch to fix paperwork.
3) Trust is Everything. Customers are already distrustful of financial services firms. Bringing loan origination online takes the paperwork out of the equation and makes it easy for your staff to explain EXACTLY why they are reaching the conclusions they are about the loan. They can explore payment options with the customer, take a holistic look at their finances and see how else to help.
Offering an optimal loan original experience in branch is a great opportunity for your organization to make meaningful connections, and capture information about customers’ financial states that can then be used in future marketing campaigns. Banks and credit unions have an important advantage over online lenders, because they offer a suite of financial solutions, not just loans. If you automate your loan origination workflow so your staff can focus on the customer, you are one step closer to presenting your organization as a trusted financial partner for the long term. That’s an advantage the lending disruptors simply can’t match.
Next time on the Doxim blog – learn how digital loan origination can help your bank or credit union secure and retain younger customers.