Applying Automation Solutions to Enhance Omni-Channel Lending

A major challenge for financial institutions (FIs) is providing Omni-channel access for loan requests while enhancing customer experience, mitigating risk, and ensuring ease of use across all consumer segments. Consumers demand instant access to financial products and services across channels. They expect institutions to deliver a high level of personalization, meet their needs in real time, and allow them to seamlessly transition between digital and human interactions without losing progress in their journey.

Financial institutions have acknowledged this shift and are increasingly adopting third-party solutions that help expand revenue opportunities, increase efficiency, reduce costs, and deliver the frictionless experiences consumers expect through integrated digital and human solutions. However, many FIs still stumble in their efforts to achieve this goal.

Simply adding a bolt-on loan origination system with manual processes is no longer sufficient to meet the market’s growing Omni-channel expectations. The real change comes from solutions that integrate directly into existing FI channels and enable automation. By applying automation, FIs can simplify anytime consumer access, expand revenue opportunities, increase efficiency, reduce costs, and deliver the seamless experience consumers expect across digital and human touchpoints.

Consider the loan application lifecycle. Certain solutions, such as ARGO’s Connects, can collect data from both digital and staff-assisted channels through a step-by-step process based on attributes like loan type, product, jurisdiction, borrower, and loan structure. By using decisioning analytics to evaluate credit quality and borrower stability, Connects can recommend specific products and pricing. In addition, decision and rule engines allow FIs to apply industry-standard ratios, institution-specific rules and policies, and custom attributes, such as credit report analysis, to support automated decisioning during loan origination.

From a staff perspective, FIs can increase employee productivity by providing consolidated customer information and loan details that deliver a 360-degree view of the overall financial relationship and deal structure. Ultimately, this comprehensive view improves customer service by enabling staff to provide timely and accurate updates on loan applications. It also equips bankers to identify additional lending opportunities through timely and targeted product recommendations.

For more information download our interview: Automating Consumer Lending across Omni Delivery Channels