Digital maturity is something almost every business – regardless of industry – struggles to attain. According to an article late last year in Entrepreneur, a good number of them make the mistake of simply equating it with technology implemented. When in reality, technology is just a catalyst for much deeper business changes.
“Ultimately, it's about adapting an organization of any size to compete and win in an increasingly digital world,” the article explains. “As such, it's a process with no end date. However, for companies that are not as digital as they need to be to compete, there is a clear start date for moving up the maturity curve. And that date is today.”
With that sentiment in mind, how are lenders supposed to ensure their technology opens doors for their business plans and operations aimed at moving up the digital maturity curve? Here are three best practices that all financial institutions should embrace if they’re looking to maximize success within the digital lending landscape:
- Eliminate friction for consistency across all channels, including back-end mobile capabilities: While it may be true that your institution has different touch points that occur across different areas of a lending group throughout the life of an application, the consumer should be offered a seamless or frictionless experience. Examples of decreasing friction include having the decision returned while still in the browser session after submission, providing the opportunity to upload supporting documentation without leaving the decision page as well as the ability to accept cross-sell offers and generate loan documents.
- Consistent user interface from mobile to branch: Your digital loan origination solution must support the ability for the user to switch methods of engagement, whether on a mobile device such as a tablet or in a branch. Your solution also must have a consistent look and feel with familiar features at all levels. A lack of consistency for different applications can confuse the applicant and ultimately dissuade from following through on an application. Make sure that you cover your bases and ensure that all available methods of submission maintain consistent features and branding. To be clear, a truly frictionless digital process goes beyond application submissions and includes back-end processing for your staff.
- Save-and-resume application capability: Consumers are on the move. Their schedules sometimes leave little time for personal business, so it is important that your digital solution offers the ability to save applications at any point in the process. For example, an applicant may begin the process of applying for a loan on a smartphone while riding the subway on the way to work. That applicant may need to pick it back up on a desktop when getting to the office. This important feature helps mitigate abandoned applications.
Success in the digital era not only depends on these best practices, it also relies on utilizing a number of others – especially when it comes to maximizing ROI for loan origination systems and deposit account opening platforms.
MeridianLink offers the industry's most advanced digital lending functionality across our various platforms including LoansPQ, Xpress Accounts and Application Portal, which all integrate seamlessly with all major core systems for advanced cross-sell functionality.
For more information on LoansPQ and Xpress Accounts, please click the button below to download our free data sheet.