In a competitive market, customers have choice – and they are always going to choose to borrow from a lender that is fast, and responsive. Your customers don’t see much of what goes on behind the scenes, so you need to ensure they can feel the positive effects of the work you do in the background.
As the digital landscape continues to grow, customers’ needs are changing, with the expectation to manage their account on a smartphone, any time, from the comfort of their living room. With so many lenders now offering a digital experience, it’s critical that what you offer goes above and beyond.
Is a positive customer journey going to help grow my business?
The power of a good customer journey should not be underestimated. According to research by the Temkin Group, companies earning $1 billion annually can expect to earn an additional $700 million annually within 3 years of investment into their customer experience. With an increase of 70%, it’s clear that investment into your customer’s journey should be a key consideration in your long-term business strategy.
It’s not just about providing a good experience… but providing the best experience that sets you apart from the competition. Speed, convenience, response time – these are all things that your customers expect. If your processes are slow or you’re using outdated legacy software, meeting these expectations will become an impossible task.
Losing one customer may not seem like the end of the world, but when they share their impressions of your business within the industry, you may potentially lose a whole group of prospects. A good customer experience leaves a lasting impression, retaining more long-term, loyal customers and encouraging new customers to come to you.
How can automation enhance the customer journey?
Processing applications quickly and without error is the best way to ensure a smooth customer journey. With automation, a decision can be made in a matter of minutes. With SaaS technology, you can take low-value touchpoints, such as checking the status of collection activities, reviewing key documents, or submitting credit requests for funding, and migrate them online for your customers to access.
By automating manual tasks, customers no longer have to call to find answers to simple questions, and you don’t need to manually upload correspondence to your portal. Solifi’s 24/7 borrower portal can be used on a desktop or on a mobile application, so no matter where your customers are, they have full access at any time of day. Digital document verification means that the customer can complete their paperwork in their own time, without needing to visit your office, and you won’t need to sit through the paperwork process to verify their information.
Solifi Originations also features automatic credit scoring, debt calculation, and automated approvals and declines, which speed up the overall process. Faster processing times means your customers can access the products or service they are financing efficiently, without needing to wait around for a decision.