Digital Lending More Than LOS But Expansion of Value-Added Customer Experience

Digital lending technology is misconstrued if focused on simply automating the steps in a loan origination system (LOS). More importantly, digital technology enables specific types of value-added services targeted by targeted market segment, loan product and purpose to be incorporated to enhance the customer journey and FI efficiency.  For example, digital lender AutoGravity not only provides car loan financing, but also car model search, dealer inventory choice, price negotiation comparison and car pick up or delivery.

MinuteLender® targets the key opportunity for FIs to serve the consumer and small business marketplace with an integrated deposit and loan strategy.  By focusing on value-added services integrating checking account deposits and lending services for these market segments, the customer experience and FI efficiency are greatly enhanced.  A loan application and offer can be automated in 1 minute using checking data at your bank or through account aggregation.  Loan completion is accomplished in five minutes with integrated deposit cash flow analysis or income verification and e-sign. Credit monitoring and renewal services are integrated monitoring deposit accounts cash flow and owner/guarantor credit.  Finally, as a full business strategy, comprehensive digital lending technologies can provide their line-of-business target marketing management, conversion and ROI reporting.

LOS vs Digital Business Strategy

Check out MinuteLender®’s full digital business strategy at www.rcgiltner.com.