Meeting the Expectations of the Digital Financial ConsumerDid you know that more than 200 million Americans use online banking? The number of people accessing financial services digitally has been steadily growing for years. However, those numbers accelerated in the wake of the coronavirus pandemic.
Financial institutions that wish to survive today need to meet this new and powerful demand to satisfy the needs of the financial consumer, ideally with just a few clicks of a button.
As the modern lending industry continues to evolve companies need to understand and meet the expectations of today's digital consumer. This will help them survive and thrive in the current market.
Fully Digital ConsumptionThe younger the consumer is, the less likely they are going to want to interact with a business representative. Today's young workers can simultaneously interact with many different digital channels at once. They prefer the immediate response of notifications to emails and phone call wait times.
Feel free to use as many digital channels as possible when connecting with your customers. The more you can digitize and automate, the better.
Today, consumers expect to be able to open a bank account or get a credit card from their phone without ever having to talk to a real person. The more you can streamline this process, the easier it will be to satisfy your customer's expectations.
Total TransparencyPeople today are used to sharing personal information. Think about easy registration and quick identity checks for banking and lending software. These are preferred to security forms that take a long time to complete and check.
Users today want excellent service and do not want to compromise because of security standards. Many people do not mind sharing private information with a company if it will make the service more personalized and accessible.
When you get a customer's personal data, you want to make sure that you are using it appropriately to improve their experience and make your loan servicing software more useful. Of course, you will also be expected to be honest and transparent with your customers.
Provide Options While Keeping It SimpleDigital consumers today are looking for a seamless and simple financial experience. That might mean offering something like an omnichannel experience, including mobile, online, and even brick-and-mortar options.
For example, your customers might expect to be able to access their account on their computers, phones, and tablets. The more options there are, the easier it will be for you to satisfy your customers.
While you do this, you want to keep things very simple. Automate as much as possible but also maintain a human element for trickier items and problems. You can utilize in-person, phone, and chat options.
People like working with machines up to a point and then it can become incredibly frustrating. So, throughout your customer experience, ensure your borrowers are one-click from reaching a customer representative on the medium of their choice. You also want to avoid surprise fees and keep your terms simple and clear.
Focus On the Human SideWhen you create a service and culture centered around treating your customers and employees as humans, you will be rewarded for it.
Positive personal interactions in the loan servicing software industry should be the norm, not the exception. Try to find ways to turn that into a reality. This can be done by training your employees to listen to customers more than telling them what they need or expanding the transparency and flexibility of your financial offerings. Having a customer service representative available via chat through the customers' online experience is also helpful.
Start Meeting the Expectations of the Digital Financial Consumer TodayNo matter what you do in the financial industry, it is crucial that you meet the digital financial consumer where they are at. This means providing an experience that is clean, simple, engaging, and transparent.
No matter what project your team is taking on, you want to have a seamless and smooth operation from start to finish. And at Shaw Systems, we can help with just that. Our modern loan servicing software is omni-channel enabled, and real-time.
If you are looking for modern web-based loan servicing software, contact us today at firstname.lastname@example.org or 713.782.7730, and see what we can do for you!