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Success for Lending in the Internet Age

Question: 
As technology shifts, more and more consumers are utilizing the Internet for financial services. That can be good news or bad news for your bank, depending on how you integrate technology into your overall loan process. What are the key factors for success for lending in the Internet age?
Answer: 

With the Internet becoming a preferred entry point for loan origination, it is important to consider these six key areas to create the best results for the bank and the best experience for the customer:

  1. Providing an interactive and concise experience.
  2. Automatically populating customer data.
  3. Giving automated approvals.
  4. Presenting web chat functionality on automated approvals.
  5. Underwriting non-automated approvals immediately 24/7.
  6. Calling all applicants that would like to be contacted.

When properly put into place the results are: additional revenue from existing customers that prefer to conduct their business online, new customers that are attracted to this type of functionality and sophistication, higher loan officer productivity as customers are responsible for data entry, better pull-through or closing rates, and vastly improved cross-sales.

First published on 07/06/2009

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