The
American Banker today announces that US
Bank is teaming up with AutoGravity to apply and get a decision on an auto
loan in minutes. It is another example
of a tailored digital application to a specific loan purpose rather than the historical LOS platform for all loans. Tailored digital processes allow the customer
experience to be very specific for the type of loan desired. For example, AutoGravity integrates dealers
and cars with the digital loan process.
U.S. Bank teams up with fintech on digital auto
lending
….users can pick the desired car and select a
dealership online, apply for a U.S. Bank loan online and, if approved, close
the loan at the dealership and drive off in their new car.
Legacy loan origination
systems were a single system for all loan types. Having a single system leveraged limited
systems to install on a FIs servers, training of team members and common data
storage. Digital removes the need for
all these. Cloud-based servers require
nothing to be installed at an FI.
Self-service on a smart device turn all FI team members into loan
providers as they only need to know that “it looks like you click here next.” And all data resides on the FI core for analysis
and cross selling.
But the huge benefit is
tailoring the experience for the customer by integrating all the components for
the specific loan desired. Consumers don’t
search for “loans” anymore just as they don’t search for “music.” They search and download a specific song in
minutes, and digital lending allows searching and completing a specific loan
type in minutes. As US Bank demonstrates
with auto loans and others with examples of personal loans, home improvement
loans, small business loans, FIs will provide specific digital loan experiences
by loan type. That is what MinuteLender®
provides.
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