It’s every loan company’s dream to have 100% conversation rate. You need your customers to finish their loan application so you can begin that important communication. But, did you know that you can help optimize this conversion rate by molding your loan application to better fit the customer’s needs? Here are three simple tips to implement to increase conversions.
Make Your Loan Application Mobile-Friendly
Having a mobile-friendly loan application is an absolute must, as more people grab their phone to search the web instead of using a desktop computer. You want to make their journey to your loan application as simple as possible. Give the loan applicant the opportunity to start and finish the application from the ease of their cellphone!
To make it even easier, enable auto-population for fields that request the same information (name, address, phone number, etc.). This optimizes a loan applicant’s time and decreases potential application abandonment.
Keep the Loan Application Short
Only ask for the absolute basics – what you need to process the loan. A loan applicant won’t start a loan if they scroll for what feels like minutes, and their scrolling doesn’t take them to the bottom of the loan application. This lengthy application may psyche out the loan applicant!
Fortunately, there is a way to get around this mental tension – break the application into sections or show them where they are in the application process (i.e. – page 1 of 3, page 2 of 3, page 3 of 3).
This can be looped back to respecting the loan applicant’s time. By letting them know where they are in the process and allowing them to save their work, you will see an increase in conversions and decrease in application abandonment.
Provide Customer Service
Your loan applicant may have a question or concern throughout the application process. Be there for them! Whether that’s via chat, phone, or email, make it as seamless as possible for your loan applicant to contact you. Dissect your website with a first-time visitor’s eyes – is the loan application easy to access? Are your communication methods visible? These are important aspects of the loan application that your potential customer will appreciate.