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A streamlined consumer lending experience is a path to originating more loans and increasing speed-to-close, but how do you ensure that your digital applications are truly optimized? Data-driven insights lead the way.

Developing streamlined digital processes is critical to providing positive consumer experiences in the lending industry, but without looking under the hood of your loan origination software, it can be hard to know what is – and isn’t – working.

 

As branch banking rapidly shifts, increasing remote-accessible online and mobile applications, banks, credit unions, and other lenders need to polish their loan and mortgage origination systems to create an easy, intuitive design and process. Data-driven insights can help to identify key drop-off points in your consumer’s digital journey, helping you to feasibility patch the holes in your funnel for a streamlined and potentially leak-free application experience.

Keep Application Abandonment at Bay

With a growing number of digital natives utilizing banking tools, consumers increasingly expect platform experiences to rival those of Amazon, Instacart, TeleHealth, and other hallmark platforms defining industry standards for experiential design. Clunky graphics, slow-loading pages and small glitches in a platform create friction and could possibly lead to application abandonment. Over time, these small issues compound, and can cause funnel leaks that negatively impact the borrower’s experience and potentially revenue.

 

“A credit union or bank is paying a lot of money for leads that aren’t making it to the bottom of the funnel,” said Carlo Cardilli, CEO of Alpharank, a best-in-class customer journey mapping and attribution solution for banks and credit unions, and a MeridianLink partner since 2018.

 

“Imagine that you have this pipe that goes from the street to your house, and this pipe has lots of leaks,” said Cardilli. By the time the water reaches your house, you could be left with only a trickle. On their own, each issue that customers have with the digital experience may seem insignificant but, when combined, add up to applicant abandonment. This also leads to an increasingly high cost per lead that will have your executive team wondering where the ROI of your lead generation programs is and what should be cut. This often reduces the number of loan applicant leads, sales and could start costing people their job.

 

To fix the pipe, you have to start digging.

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