Insights Thought Leadership

How Financial Institutions Can Optimize Consumer Lending in a Digital Environment

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Omnichannel, Compliance

 As consumers turn to digital solutions for their lending needs, financial institutions must ensure they are equipped to support consumers throughout their digital lending journey.

ARGO Connects Consumer Lending optimizes the bank and credit union’s ability to prospect, originate, underwrite, process, and close secured and unsecured credit cards, lines of credit, and installment loans in an Omni‑channel delivery ecosystem. It meets compliance requirements by systematically enforcing regulations and internal business rules while providing flexibility and proof of process for manual overrides.

The solution provides seamless start, save, and resume cross-channel application processing throughout every customer journey stage. This enables a prospect to begin the research and application process on a mobile device, continue the application and upload documents on an alternate digital device, and engage live assistance from contact center or branch lending specialists without losing progress along the way. It provides full event transparency, creating a seamless customer experience across the institution.

Connects analytics derive outputs such as loan-to-value, debt-to-income, and disposable income. The solution evaluates areas such as credit quality, borrower stability, and collateral risk enabling it to decision or judgmentally decision, and provide alternative structures, payment options, and counter offers. The decision engine applies institution-specific rules and policies, credit attributes, and pricing strategies for automated support. One of ARGO’s longtime customers processed 4.1 million applications last year, 99 percent of which were auto-decisioned.

With ARGO Connects Consumer Lending, financial institutions increase efficiency, enhance revenue, improve customer experience, and strengthen governance, risk management, and compliance.  Automated functionality increases employee productivity, reduces risk, and improves the customer experience. The comprehensive 360-degree view of loan relationships and deal structures enables bankers to recognize lending opportunities with timely and targeted product recommendations driving additional revenue for the institution.

For more information on this topic, download the Optimizing Consumer Lending Opportunity interview with David Engebos, President and COO of ARGO.

Download ARGO's interview with David Engebos