The Simple Mobile Loan Application

Mobile searches for loans are growing 48% a year reports the American Banker, but bank online applications fail mobile customers.  Mobile use requires simple and quick applications and document execution leveraging information available on borrowers, but banks are too often just putting their paper application online.  Look at the difference below between a mobile-designed, simple application versus many bank’s online opening application.

Mobile Ready Simple Application vs Three Page "Online" Application

How can you accomplish the simple mobile application and approval process above?  The keys are first to target the application to very specific loan uses.  The application on the right is lengthy partly because it can handle home equity loans to auto loans for any number of borrowers, guarantors and all forms of collateral.  The simple mobile process at left uses the granular internet search to offer specifically an unsecured line of credit for those borrowers seeking that specific loan.  Secondly, existing information available is used to auto-population the application rather than requiring the consumer to fill out all information.  Lastly, loan offers are simplified.  The result is a simple, speedy application each configured for internet search.  For more information, click her to join us for our next webinar.