3 Reasons Why Automated Loan Decisioning will Improve your Customer Experience

Picture a world where your staff can spend more time providing a superior customer experience and less time on paperwork.

Life in a financial institution with largely manual credit approval processes means that staff spend time bogged down by paperwork and customers experience a slower turnaround time on their application. 

From pre-qualification, to processing the application, to underwriting, to the credit decision and even dispersal of funds — these are all time-consuming, administrative tasks that are inefficient, costly and prone to human bias.

Ultimately, a long decisioning process eats up the profitability of the loan and can often push your customers away, to institutions that do offer digital loan services.  Yet, across North America, we’ve discovered that often when we use the word “automate,” people  think we are replacing the human element of their institution with a robot and taking out the personal touch of their customer experience. In reality it’s the opposite.

3 reasons why automated decisioning will improve your customer experience:

• A seamless, omni-channel application meets your customers where they are: online at night. Thanks to Amazon, consumers have come to expect to do all facets of business online. Why should applying for a loan be any different? An omni-channel, online application means that your customers can apply for a loan from any device, at any time of the day, essentially extending your business hours to 24/7, and you’re giving your customers the flexibility they need in their busy workday to apply for a loan on their terms.
• Real-time decisioning gives your customers what they really want: instant answers on their loan application. No one likes to wait weeks only to hear they’ve been rejected for a loan. With an automated decisioning platform, like the AI Adjudicator™, you will find a high level of satisfaction even among applicants who are not approved for the loan due to the timeliness of the decision and the ability to move forward with life decisions instead of waiting..waiting..waiting…
• An automated workflow means money in the hands of your borrower faster with an added bonus of processing more applications in a shorter amount of time.  Instead of being inundated with paperwork, your account managers can spend their days focused more on the customer, offering value-added services and delivering that personal touch every financial institution is proud to offer.

By digitizing your loan origination process you are giving your customers the quick, convenient, online experience they have come to expect elsewhere. Are you ready to embrace change and jump on the automation train? 

Learn how you can leverage automation to enhance your current credit approval processes.