As a product manager at ARGO, I routinely work with consumer and business lenders and have come to understand many of the challenges they face doing business in today’s digital economy. Challenges such as meeting customers’ ever-rising expectations, growing revenue, managing risk, strengthening regulatory compliance, and improving operational efficiency are all tall orders. Customers expect convenient access and simplicity when attempting to complete a loan application online. Although your customers may not know the term, they expect an omni-channel experience using any combination of devices from home, work, and on-the-go, such as smartphones, tablets, desktops, and laptops. All in conjunction with human interaction to explore and compare products to open credit accounts while experiencing consistency across all devices and channels, avoiding the frustrating process of repeating their needs or providing the same information over and over.
Meeting these customer expectations poses both challenges and risks for financial institutions.
To provide an omni-channel experience, the traditional siloed operations have to be broken down of the system, enabling transparency and collaboration of customer data across the institution amid adhering to data security requirements, and complying with ever-changing regulations, and mitigating risk.
As our customers have indicated, providing digital loan applications introduces increased quantity and decreased quality of requests, which can overwhelm existing processes and increase costs. As a result, financial institutions require solid strategies for transparent end-to-end loan application and fulfillment processes while balancing the right amount of data collection without overwhelming the customer and risking abandonment.
Challenges accepted!
Connects Omni Lending supports the customer’s choice of channels, both human and digital, providing the ability to start, stop, and resume across channels, both digitally and physically, seamlessly.
We empower customers to complete the loan application process digitally, and when interrupted, they pick up where they left off once they return. Connects uses technology to get the customer experience right, eliminating friction by providing the customer with speed, dynamic data acceleration, engagement control, appropriate routing, and risk mitigation.
Delivering full transparency, both lender and the borrower, have visibility into the events across all channels. A modern user interface signals the customer as to where they are in the application process, and the banker has a 360-degree institutional view of their customer.
Throughout Connects personal and business fulfillment paths, information is combined from all channels, enabling collaborative support, identifying known customer information, and leveraging accelerators, such as electronic data collection, to validate and authenticate customers. Real-time workflow automates routing, risk management, regulatory compliance, and decisioning while seamlessly guiding the customer through the end-to-end process for loan origination.
Workflow with automated decisioning identifies and takes action on low-quality and fraudulent applications, avoiding the need for human review. It prioritizes and routes viable applications, systematically managing the increased volume brought by digital loan applications. When an application is abandoned, engagement plans are delivered at the right time to re-engage the customer, recovering up to 30% of abandoned applications, contributing to direct revenue gains.
Connects turns the traditional customer journey into an integrated omni-channel solution with enhanced customer experience, expanded revenue, increased control, risk management, regulatory compliance support, and improved productivity. A frictionless customer experience with an omni-channel delivery model that exceeds your customers’ expectations and resolves many of the challenges you face in the digital economy as a regulated lender is possible with ARGO Connects.
