What Does Customization Mean in Lending?

Published on June 2, 2021

68 Percent of Prospective Borrowers Will Click Off Your Site if You Don’t Offer a Streamlined Experience.

Today’s consumers are more discerning than ever. They use the web to shop brands and deals and can be extremely fickle about brand loyalty. 

A whopping 93 percent of borrowers now do their research online, so the experience those prospects have with your financial institution can have a significant impact on your deal flow and profits. 

What’s more, 70 percent of consumers today are frustrated when their experience with brands is impersonal. 

Delivering a highly-customized experience in the lending process is easier than you might think — even for smaller institutions and non-traditional lenders.

People have borrowing needs throughout their lives:

  • Mortgages
  • Home equity loans
  • Small business loans

If you deliver a seamless and personalized experience, consumers will view your brand more favorably and seek you out for their future borrowing needs. 

Brand Graphics are Your Welcome Mat

When someone finds your institution’s website, the first things they see are your name, logo, and color palette. For your customers and prospects, how you present yourself professionally is critically important.

The Lendsmart platform, unlike many others, will enable your institution to brand your pages so that viewers can see immediately who they are dealing with. 

But that’s just the first step in the lending process. You will also want to craft messaging that gives borrowers a sense of security and clearly establishes why your institution is the best choice — beyond simply terms and rate.

Customize the Professional Company You Keep

Real estate brokers and agents, local home inspectors, and other professionals are an important part of your circle and sources of new business.

When you customize your lending platform, you can choose and add your network based on the professionals you know and trust.

That not only assists with more online leads, but it establishes you as a credible “connector” in your local market.

Using Lendsmart, home buyers can even get instant quotes for related services, like home insurance and moving. That increases the value of your customer relationship — well beyond the loan. 

Add your preferred vendors and partners and change them as your referral community evolves.

Create a Workflow that Works for You — and the Borrower

When you don’t have a streamlined system for loan application, consumers give up. In fact, 68 percent of prospective borrowers will click off your site if you don’t offer a streamlined experience.

Every institution has its own process and regulations. Whereas other lending platforms are cookie-cutter, we understand that your process is dependent on many factors and allow you to customize the types of information you require and when in the process you want to trigger specific regulations.

Lendsmart has a unique state-of-the-art Artificial Intelligence (AI) system that removes much of the labor-intensive process of completing a comprehensive loan application. When you customize your requirements to your own policies and regulations, borrowers are able to flow through the application process at a faster rate. You remove much of the back-and-forth and manual processes, which ultimately saves everyone time and money.

You decide what you want the customized workflow to be — taking into account your policies and the customer experience. You keep control and the borrower has a more streamlined and personalized experience with your lending institution. 

Speed Makes A Huge Difference

A recent study by consulting company PwC revealed that , “Other than economic factors or having an existing relationship, borrowers believe the most important factor in choosing a lender is the speed of the process.” 

The right platform enables you to cut closing time in half, without putting your institution at risk. Because Lendsmart was built by people who have direct experience in both the financial services and technology industries, we have created a customizable platform that works for both the consumer and your bank, credit union, or other business type — and accelerates the process without putting your institution at risk.

The Lendsmart team works with your organization to develop a customization that works for you, based on what you want your business’ process to be and the types of consumers you service. It’s a win-win for both lender and borrower.

Smaller Lenders Can Now Compete Smartly With Larger Institutions

Today, 64 percent of consumers want the brands they deal with to connect with them on a more personal level. 

Today’s smaller organizations can use technology to deliver a highly-customized and personal experience to the consumers they serve. They no longer need a multi-million-dollar IT department or millions of dollars in development costs to deliver that level of care and customization. 

You may already have a rate advantage and a close personal relationship with some of your borrowers. The combination of a customized online experience with a commitment to customer service is the winning formula.

For a demo of how our platform enables you to customize your lending process, please get in touch.

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