Increase Loan Origination and Account Opening with Digital Customer Service
The following post is part of a series of blogs written by MeridianLink Partners who will be attending the MeridianLink LIVE! User Forum in May 2022. To learn more about the event, click here.
There has been a significant shift in how consumers connect with financial institutions and how they want to pursue loans and open accounts. In fact, consumers are increasingly expecting digital loan options. Loan origination processes are becoming more digitized, but what happens when a customer hits a roadblock or needs assistance? How can you keep consumers satisfied while also collecting the information necessary for the loan process?
A recent J.D. Power 2021 U.S. Primary Mortgage Origination Satisfaction Study found that mortgage originators have “struggled to manage surging refinancing volume and efforts to streamline new issuance with one-size-fits-all digital workflows have eroded customer satisfaction at critical points along the way.” While financial institutions have undergone digital transformations, the increase in loan volumes has exposed issues with self-service systems. Jim Houston, managing director of consumer lending and automotive finance intelligence at J.D. Power said, "It’s not enough to provide consumers with electronic applications and digitized tools to streamline and expedite activities up to and including loan closing. Today’s mortgage customers expect personalized, highly customizable experiences that include the right mix of technology and personal interactions based on their unique needs and wants."
Personalized Digital Communications
More than ever, consumers want a personalized, in-branch experience through digital channels. Meeting these needs in a scalable fashion may seem like a daunting task. But it doesn’t have to be a monumental lift. From repetitive requests to in-depth and personalized interactions, providing Digital Customer Service (DCS) integrated with MeridianLink can help you streamline processes and deliver a seamless digital experience that can lower abandonment rates and accelerate loans, from application and underwriting through to close. This can be accomplished with a single line of code added to your digital properties, so you can offer a seamless customer experience.
Tools like CoBrowsing, Live Observation, and rules-based routing ensure that consumers are directed to the resources that they need and your representatives are equipped with contextual information to guide customers through friction points.
Offering a single platform for digital communications means that customers can engage where they are–OnScreen–using the channel of their choice. With an engagement-centric, ChannelLess approach, customers can seamlessly transition between voice, video, messaging, and more.
The ability to seamlessly transition between channels, including from secure messages to live chat, voice or video greatly improves customer experience and satisfaction. Customers can get immediate real-time support as they need it without breaking the digital connection. Authenticated users don’t need to call in, reverify identity and start all over, re-explaining the situation. Customer context follows as one engagement transitions to another.
Increase Online Conversions
A Glia credit union customer implemented Digital Customer Service and saw a 36% increase in monthly loan revenue within the first 30 days. The credit union was seeking a solution to help them manage and continue rapid growth with their current staff, increase member engagement, and fuel their direct lending business. With the Live Observation tool, they were able to identify applicants, offering immediate, proactive assistance and maximizing the members’ online experience. The staff were empowered with tools to efficiently assist members for both outbound and inbound engagements. Further, members appreciate the proactive engagement where they are: OnScreen.
By leveraging Digital Customer Service and adopting a digital-first mindset, financial institutions are boosting efficiencies, cutting costs and most importantly, significantly enhancing the customer experience, allowing them to grow with confidence.