Shifts in Consumer Engagement Preferences Requires Financial Institutions to Adapt to Meet Customer Needs and Expectations

In today’s banking landscape, financial institutions are facing pressure to provide Omni-channel access for loan requests, enhance customer experience, mitigate risk, and ensure ease of use across all consumer segments. Consumers expect easy access to financial products and services at any time through any channel. Additionally, consumers are seeking institutions to know them and their unique needs while providing a seamless transition between digital and physical interactions without the loss of progress.

In order to maintain a competitive edge, financial institutions must find new ways to expand revenue opportunities, increase efficiency, reduce cost, and provide the seamless experience consumers expect through integrated digital and human solutions. If financial institutions wish to meet the market’s increasing Omni-channel expectations, it is insufficient to only provide a traditional “bolt-on” loan origination system with manual processes. Automation provides simplified consumer access 24/7, streamlines workflow and processing, decisions applications, routes high-value opportunities for staff review, and meets regulatory compliance requirements.

Financial institutions should consider leveraging solutions that:

• Collect data via digital and staff-assisted channels through a step-by-step process based on attributes such as loan type, product, jurisdiction, borrower, and loan structure.
• Recommend products and pricing using decisioning analytics to evaluate credit quality, borrower stability, and collateral risk.
• Leverage a decision and rules engine that applies industry standard ratios, institution-specific rules and policies, and custom attributes such as credit report analysis for automated decision support during loan origination.
• Increase employee productivity by providing consolidated customer information and loan details for a 360-degree view of the overall financial relationship and deal structure.

Having a comprehensive data-driven view enhances customer service by allowing staff members to provide fast and precise updates on loan applications. It also equips bankers with the ability to recognize additional lending opportunities with timely and targeted product recommendations.

For more information, download the Automating Consumer Lending Across Omni Delivery Channels interview brief.