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It’s All About the Borrower: How to Compete for Today’s Ever-Connected Consumer

July 21, 2016

Online and always connected, today’s consumers expect an "anytime, anywhere" experience when doing their banking, and a seamless, intuitive interface is key to keeping them on your website and on board with your financial institution. Lenders can no longer consider Web-based technologies as an “add-on”; it’s now integral to staying competitive.

Financial consumers have raised their expectations, especially when it comes to lending. They’re no longer satisfied with a fill-in application form. They look for immediate answers on loan options, approvals and documentation, and lenders put themselves at risk if they find themselves unable to respond quickly.

Lenders must integrate technology to provide the best user experience for their customers, and must carefully select solutions that provide easy-to-use applications and constant communication and tracking.

With digital banking, delivering easy and satisfying online and in-person interactions to borrowers gives originators the opportunity gain new customers - and keep current ones - in this very competitive environment. Faster completion of what can be an intimidating end-to-end loan process, supplemented by helpful guidance from available loan officers, is what can really differentiate one lender over another – and make borrowers more willing to come back for more.

In addition, a sound lending solution not only builds customer and member loyalty, it also helps to ensure compliance by making all customer interactions consistent and transparent. Lenders are racing against time to stay competitive, reduce costs and manage risks – all at the same time. Most of them seem to agree that in order to balance these demands, it's increasingly important to have a fast, seamless loan processing system that is fully integrated from electronic loan application to compliant loan documentation to servicing after the loan in boarded.

Immediate awareness and analysis of borrower information, including application and closing transactions, is a daily activity for lenders who want to gain and retain borrowers. Therefore, it is now a best practice in lending technology to have a loan origination system (LOS) that is tightly integrated from application to servicing. Having an eye on the user experience is one of the drivers D+H continually keeps in mind as we incorporate new features and functionality into our technology solutions.

Because consumers can now use more than one channel to complete a loan application – whether online, in the branch, or a combination of the two - lenders must have a sense of urgency about making sure that every transaction counts. Thriving comes down to exploring every possible way to use available technology wisely.

To learn how D+H can help you provide a better borrower experience, click here for a closer look at our end-to-end lending solutions.

Author

Marianne Franks
Lending Solutions Marketing Manager, D+H

https://www.linkedin.com/in/mariannefranks

Marianne Franks is a lending solutions marketing manager for the consumer lending solutions at D+H. She has been part of the D+H marketing team since 2008 and has gained extensive insight into the consumer lending industry. Prior to joining D+H, Marianne worked for over 25 years in consumer and commercial lending at financial institutions in Oregon and California.

Marianne Franks