Providing your customers with an online loan application leads to a variety of benefits for everyone, including better customer service, more efficient service, more productivity, increased business, and an advantage over your competition. An online loan application allows borrowers to apply from the comfort and convenience of their home, office, or any other location with internet access. Plus, it helps put your lending company in a stronger position in your market.
Online Loan Application Benefit #1: Customer Satisfaction
One of the early benefits of an online loan application is the satisfaction it brings to the customer. Applying for a loan can be quite a chore if the customer must visit your office or one of your locations in person to fill out the form alongside a member of your team. Customers are required to reconfigure their daily schedule to carve out time for the in-person visit. Some may even need to arrange transportation to reach you.
However, with a convenient online loan application, customers can apply from anywhere, including their home, workplace, car, coffee shop, or wherever else internet is accessible. Customers are no longer required to figure out schedules or arrange transportation to visit your office—they can take care of the application process from anywhere, at a time that works for them, even if it’s outside of your office hours.
Online Loan Application Benefit #2: Faster Service
In addition to satisfying the customer with a convenient online loan application, you can increase service speed for the customer, expediting the decisioning and onboarding phases. When customers apply online, their data and documents are automatically sent to your loan origination software (LOS), where your team can review the application and reach the decisioning stage faster. Should the application be approved, your team can work faster to turn the applicant into an official borrower.
Online Loan Application Benefit #3: Improved Productivity
Without an online loan application, your loan officers or team members must meet with customers in person. Each application appointment requires your employee to walk through the application process with the applicant, entering all the data they provide into your LOS. This can be a time-consuming process that often takes 20-30 minutes per application, which takes 20-30 minutes away from other tasks your team member could be working on.
However, when applicants can apply online instead of visiting with a team member in the office, your employees are freed up to work on other business-boosting tasks, like tending to current loans, originating new ones, and more. Workflows are not as interrupted, leaving your team free and able to drive more business forward.
Online Loan Application Benefit #4: Increased Business
As mentioned in the Improved Productivity section, in-person applications take time away from your team, preventing them from completing more tasks. In-person applications also take time away from other applicants who are interested in applying for a loan from your company, which ultimately stifles your business’s ability to grow.
Let’s say your company can only handle serving one new loan applicant every hour in a regular 8-hour workday. That’s a total of eight applicants per day. However, with an online loan application, there’s no limit to how many people can apply and what time of day or night they can apply to your company. You could receive eight applications or more within a single hour if your applicants can access your application online.
With the ability to receive more applications, you can serve even more customers, issue more loans, and increase profits—growing your business more than you can with in-person applications only.
Online Loan Application Benefit #5: Better Performance Against Competing Lenders
Not everyone offers online loan applications, but those who do often serve more customers than those who do not. They also tend to attract more potential borrowers than the companies that require applicants to visit in person.
Even though we’ve stated it several times now, it’s worth mentioning again: an online loan application is extra convenient for the customer. It allows them to apply on their own time, at their own pace, and according to their own schedule. The convenience that an online loan application brings is attractive to anyone since no one is required to take time out of their day and travel to an office just to apply.
If your company offers online loan applications to borrowers, you’re likely to be seen as a more viable or preferred option over competitors that do not.
Allied Business Systems and M&R Web Development Agency are excited to bring absVision customers like you the online loan application you need to benefit your borrowers and team members!
Customers who use ABS’s absVision lending software can now further enhance their lending capabilities through a customized, absVision-integrated application website! Designed and developed by M&R Web Development Agency, a long-time partner of ABS, our application website offers customized, scalable solutions for lenders of all sizes, whether they have one location or multiple branches or locations across their service area.
Learn about how our lending solutions can benefit your team by speaking with an ABS expert! 800-727-7534
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