Filling out reams of complicated paperwork is not the way your loan department should operate. Instead, find a simple solution.
“The consumer wants simplicity and convenience when they’re getting a loan,” says Sundeep Kapur, an educator who works with organizations, including credit unions, on consumer engagement.
Kapur and two credit union executives spoke about how to succeed in digital lending during a breakout session at CU Direct’s Drive 17 Conference Wednesday in Las Vegas.
With small- to mid-sized financial institutions losing 14% to 53% of their loans to fintech, insurance companies, investment firms, credit card companies, larger financial institutions, and payday lenders, Kapur says it’s crucial to examine lending practices. Make sure you’re making it simple, using all available delivery channels, and nurturing relationships with members to continue securing loans, Kapur says.
“Members have many more opportunities to take their business elsewhere now,” says Kelli Blair, senior vice president and chief development officer at Truity Credit Union in Bartlesville, Okla.
When examining your digital lending practices, consider these tips on making it simple and convenient for members: