Today’s consumers care mostly about two things – speed and convenience. These two things usually go hand in hand, but carry separate meanings when it comes to lending. Loan applicants want to be able to handle their business on the fly and with little delay. On the flip side, lenders also covet these qualities when it comes to their operations. Gone are the days when lenders had to bend over backwards to provide these benefits.
That’s why lenders and consumers both win when the loan software being used has a robust mobile/online presence, high levels of automation and full deposit account integration for increased ease of cross-sell strategies.
Truly responsive mobile and online capabilities allow consumers to operate from any location (without the dreaded trip to the branch) and devices like laptops, smartphones, and tablets. Some lenders promise mobile access, but users aren’t fooled when they see a webpage that doesn’t fit their screen, or diminutive fonts. Next, automation pleases everyone. Consumers hate waiting for decisioning and notifications, and lenders realize that faster decisions free their time to secure more loans rather than processing them. Finally, cross-sell strategies again link to the previous two points. Complete integration of account opening and loan origination systems provide real-time opportunities for both sides – without the tedious wait for snail mail or manual decisioning. The more products a consumer can utilize, the more loyal that consumer will be to your institution.
CRIF ACTion provides a full suite of loan origination and deposit account opening solutions that deliver these essential capabilities. For more information on what you need to consider when evaluating loan origination systems, please click the button below for a copy of our indirect lending checklist.Like This Post