Expanded Loan Access Across Omni Delivery Channels

Consumers demand access to financial products and services anytime through any channel and expect their financial institution to know them and their needs. They also want to transition seamlessly between digital and human interactions without losing progress, even when it comes to lending functions. These expectations provide challenges for FIs to meet and navigate.

To help ease the burden and manage the market’s increasing Omni-channel expectations, FIs need to implement automated solutions designed to simplify anytime consumer access, streamline workflow and processing, decision applications, route high-value opportunities for staff review, and meet regulatory compliance requirements.

Streamlining the loan application process is part of this structure. An automated solution can help originate secured and unsecured installment loans, lines of credit, and credit cards, including home equity loans and HELOCs. Consumer loan collateral types can include aircraft, bonds, brokerage accounts, certificates of deposit, equipment, life insurance, manufactured housing, manufactured housing with land, motorcycles, mutual funds, real estate, stock, vehicles, and watercraft.

An Omni digital delivery strategy provides seamless start, save, and resume cross-channel functionality throughout the lending process. Solutions today offer the functionality to process applications from a customer’s preferred channel—financial center, contact center, or digital directly with the institution or through third-party origination. For example, a prospect may begin the research and application process on a mobile device, continue the application process and upload documents on a laptop, and then engage live assistance through a contact center or branch lending specialists without losing progress along the way. This provides complete transparency of events, creating a seamless customer experience across digital and human channels.

This seamless experience increases accuracy by eliminating data rekeying by bankers and customers, reducing errors and oversights. Digital functionality allows applicants to shop and compare loan options, submit loan applications, receive real-time automated decisioning and status updates, and choose fulfillment convenience options, including document upload, e-Signature, and branch appointment scheduling. Paperless processing comprehensively automates document handling, removing dependencies on paper. This improves customer experience and strengthens compliance.

For more information, download the Automating Consumer Lending across Omni Delivery Channels interview document.