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Our vision is to revolutionize and automate the loan servicing workflow of the global financial community.
Supporting The Digital Borrower’s Experience
Why the digital borrower’s experience is importantThe digital borrower’s experience reflects positively or negatively on the lender’s brand and reputation. A poor customer experience can be very frustrating, time-consuming, and demanding for the borrower. A good customer experience can lead to cost savings for lenders.
Lenders should make the digital borrower’s experience as easy and user-friendly as possible. Doing so ensures that the borrower can do everything on their portal without needing to call the lender. Giving a borrower the power, information, and flexibility to handle all their own needs is the best way to outsource the administration of the loan to a borrower. Focusing on the digital borrower’s experience is especially important in banking where it can lead to either repeat or lost business.
What are the expectations for the borrower experience
Today's borrowers expect lenders to have a user-friendly, updated, and accessible experience on a lender's website. If they can’t find all the information they are looking for and must call their lender they can easily become agitated with the experience.
What does a negative experience look like?
When the customer-facing portal doesn’t adhere to the rules and workflows in your policy, the borrower experience suffers. For example, the borrower is given an option to change a due date only to have their request rejected because a due date can only be changed once during the life of the loan. A borrower would only encounter this problem if a lender's portal were not connected to their servicing system properly.
What does a positive experience look like?
A borrower's experience is positive when they have all the necessary information presented to them in a clear, concise way. Today’s digital borrower also expects to have the maintenance options displayed in a logical manner. For example, the borrower might want to set up auto-pay or request an extension. These options should be easy to find. Their experience should include information for tasks where the borrower is required to speak with an agent.
How to facilitate a great digital borrower experience
Facilitating a great digital borrower experience requires tremendous thought and planning. Are you considering what actions the borrower is most likely to request? How many clicks would a borrower have to make to initiate this action? If there’s an approval process, when can the borrower expect resolution and how long will that take? Putting yourself in the shoes of the borrower, trying to understand if they can change a due date, make a one-time ACH payment, or direct a payment to a late fee, helps lenders understand how to provide better service. It should be a prerequisite that your servicing system and borrower portal have the technology in place to facilitate a great experience.
Shaw recognizes that supporting the digital borrower’s experience is very important. We partner with lenders to provide the best possible experience with a state-of-the-art loan management system. Our solution manages every aspect of the servicing life cycle through customer service, delinquency management, recovery, and placement. Our fully integrated loan servicing system offers seamless support for the needs of the borrower, dealer, internal staff, and management.
If you’d like to learn more about our loan servicing software, or how we can help you, email us at solutions@shawsystems.com.