Loan applicants prefer a fast and intuitive user experience.
Posted: Mon Dec 23, 2024 5:42 am
n many cases, customers may encounter online applications that remind them of Geocities or Windows 3.1 - an immediate turn-off for digital natives. In fact, 75% of consumers say they judge a company's credibility based on the features of its website. Archaic, unintuitive loan applications are simply not a platform that customers feel comfortable sharing personal information with. An easy-to-use, streamlined application process that customers can navigate via smartphone not only looks sleek, it inspires greater trust in your customer base.
Automation eases the pressure of manual data collection
Manually collecting customer data is a process that 56% of bankers describe as their biggest challenge in loan origination. Automation helps reduce these challenges by:
Using a technology called machine learning, the software can “read” uploaded documents such as company financial statements, proof of address, and identity documents such as passports or driving licenses. The information is then automatically entered into the form fields, without the need to manually enter it into a spreadsheet.
Automation helps standardize loan applications, ensuring that every applicant fills out the exact same information. This makes data easier to collect and verify later.
Workflow automation also eliminates the need to manually transfer data between systems like credit, data warehousing, and KYC checks. By storing all of your customer information in a single hub, you’re able to create what’s known as a “single source of truth.” You’ll always be pulling data from this central repository, eliminating redundancies and errors.
Software can take care of much of the administrative work involved in loan underwriting. It’s no wonder that 72% of loan originators see this area as a priority area for improvement .
Move applications through your systems faster with loan management workflow automation.
Workflow automation helps you do more than just collect data. It turns it into something you can act on .
Customers can fill out a form from their smartphone, and digital assistants automatically pass the information between systems. How? By using business rules . Business rules codify your thought processes and turn them into digital steps that software can execute automatically.
For a simple example, a business rule could check what a candidate selected in the "State" field and automatically reject applications that live in locations not served by your team.
A business rule can automatically approve applicants above a certain credit score or send those in a range you've deemed questionable to a specific team member.
Business rules reduce your team's manual intervention optometrist accurate email list to make a decision, speeding up approval times, which is in high demand among today's loan applicants.
Speeding up loan decision-making
What’s the biggest complaint customers have during the loan process? According to 59% of applicants , it’s the time it takes from initiation to approval. At some point, it becomes impossible for manual methods to keep up with the speed of automation, which pushes hesitant automation executives away from popular and profitable opportunities like instant loan decision.
In a Gallup survey, 28% of mortgage borrowers said they were asked to provide the same document multiple times during the loan process. Issues and bottlenecks like these not only frustrate customers, they add extra days to an already laborious processing schedule.
Automation eases the pressure of manual data collection
Manually collecting customer data is a process that 56% of bankers describe as their biggest challenge in loan origination. Automation helps reduce these challenges by:
Using a technology called machine learning, the software can “read” uploaded documents such as company financial statements, proof of address, and identity documents such as passports or driving licenses. The information is then automatically entered into the form fields, without the need to manually enter it into a spreadsheet.
Automation helps standardize loan applications, ensuring that every applicant fills out the exact same information. This makes data easier to collect and verify later.
Workflow automation also eliminates the need to manually transfer data between systems like credit, data warehousing, and KYC checks. By storing all of your customer information in a single hub, you’re able to create what’s known as a “single source of truth.” You’ll always be pulling data from this central repository, eliminating redundancies and errors.
Software can take care of much of the administrative work involved in loan underwriting. It’s no wonder that 72% of loan originators see this area as a priority area for improvement .
Move applications through your systems faster with loan management workflow automation.
Workflow automation helps you do more than just collect data. It turns it into something you can act on .
Customers can fill out a form from their smartphone, and digital assistants automatically pass the information between systems. How? By using business rules . Business rules codify your thought processes and turn them into digital steps that software can execute automatically.
For a simple example, a business rule could check what a candidate selected in the "State" field and automatically reject applications that live in locations not served by your team.
A business rule can automatically approve applicants above a certain credit score or send those in a range you've deemed questionable to a specific team member.
Business rules reduce your team's manual intervention optometrist accurate email list to make a decision, speeding up approval times, which is in high demand among today's loan applicants.
Speeding up loan decision-making
What’s the biggest complaint customers have during the loan process? According to 59% of applicants , it’s the time it takes from initiation to approval. At some point, it becomes impossible for manual methods to keep up with the speed of automation, which pushes hesitant automation executives away from popular and profitable opportunities like instant loan decision.
In a Gallup survey, 28% of mortgage borrowers said they were asked to provide the same document multiple times during the loan process. Issues and bottlenecks like these not only frustrate customers, they add extra days to an already laborious processing schedule.