Increase Digital Loan Applications with QR Codes

Posted by Kristina Quinn

The materials available in this article are for informational purposes only and not for the purpose of providing legal advice. You should contact your own advisors with questions regarding the content herein. The opinions expressed in this article are the opinions of the individual author and may not reflect the opinions of MeridianLink, Inc.

Today’s financial institutions are increasingly open to the adoption of digital technologies to enhance the customer experience. A good example of this is QR Codes. A number of banks and credit unions have started using QR codes to provide consumers with a new way to make payments. This innovation should be applauded, but also qualified; there may be some additional ways in which financial institutions could be making use of QR codes, including for marketing. Right now, these additional applications are largely being neglected.

So exactly how can financial institutions implement QR codes to market their services, and ultimately to increase digital lending applications? Here’s a quick explanation.

What are QR Codes?

QR codes are two-dimensional, black-and-white images that you sometimes see on store kiosks or on consumer product packaging. These codes can be scanned with a smartphone, allowing consumers to access exclusive digital content, restricted websites and digital platforms, downloadable offers, etc.

You can think of QR codes almost like supermarket barcodes; they quickly and easily translate complex code into something that’s easily understandable for any human user.

QR codes have really exploded in their use, with countless companies employing these codes as a way to provide consumers with easy access to relevant offers or information. They provide a largely untapped resource for financial institutions looking to raise awareness for their digital lending services.

How Financial Institutions Can Use QR Codes

QR codes are incredibly easy to use: Anyone with a smartphone can point, click, and automatically be taken to the relevant content. Imagine if your financial institution made it this easy for consumers to start their digital lending application!

Indeed, there are a number of practical ways in which banks and credit unions can employ QR codes to boost digital lending applications. Consider:

  • Add a QR code near your posted branch hours for those who need assistance when the branch is closed.
  • Use QR codes on your signage at industry trade shows, making it easy for participants to learn more about your services.
  • Place QR codes on printed ads and mailers, allowing the recipient to immediately access a digital lending application.
  • Display QR codes on T-shirts and at community events and activities.

These are just a few examples of how QR codes can help you increase digital lending applications… but now the question is, how do you get started?

Getting Started with QR Codes

Actually getting a QR code is easier than you might think. Free codes are available at  https://www.qr-code-generator.com.

And, when you have Application Portal from MeridianLink,  you can use your QR code to easily convert prospects into loan applications.

Indeed, before you get going with QR codes, it’s critical to have a digital lending application in place. A good place to begin is by learning more about Application Portal from MeridianLink!

 

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Topics: digital application process, digital lending

Written by Kristina Quinn

Director of Product Marketing, MeridianLink

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