When it comes to mobile devices most of us are divided into two categories, Apple or Android. And those who have an iPhone are not going to go and purchase a Galaxy watch, and in most cases probably own at least one or two other Apple products. As consumers we prefer the easier route, a streamlined and consistent user experience and less login credentials to remember.The same concept can and should be applied to banks and credit unions, specifically to their loan and new account origination systems. The goal should be to create a consistent, sustainable, streamlined, and efficient member and customer experience. Providing a consistent user experience regardless of the product and channel, is vital to staying competitive in the industry.
But the consumer and member experience is only half of the battle, the user experience for staff is just as important. Today, we’ll examine a few benefits (there are many) of a unified loan and deposit account origination platform specifically for consumers, staff and vendor management.
A unified loan and account origination platform creates one user experience throughout all your channels and products for your members and customers. For your new members and costumers there are combo application features that will allow them to apply for a loan and open a new account all in one session. Your existing members and customers can take advantage of the data prefill feature minimizing application time. And both new and existing consumers can utilize the cross-sell features, giving them the opportunity to consolidate their loans and accounts into one institution.
Staff User Experience
Utilizing a unified platform for loan and new account origination creates ease of use for financial institution staff and decreases system training time. Additionally, there is one login and password to remember. A unified platform auto-prompts staff with cross-sell opportunities, ensuring that they can provide their customers and members with all applicable services. It also speeds up the processing time allowing staff to reuse credit and debit bureau reports.
Having a unified loan and account opening system is a huge benefit for vendor management, consolidating the systems into one account. This simplifies vendor due diligence, decreases action items and helps with controls. Additionally, the single platform will minimize the amount of system administrators that are required. And lastly, simplifying third-party integration management.
There are many more benefits to having a unified loan and account origination platform. To learn more, download our case study that outlines the improvements that Sandia Laboratory Federal Credit Union experienced in their application volumes, funded loans, and processing time by utilizing LoansPQ and XpressAccounts.
This week's blog content was contributed by, Jared Nace.