Loan origination isn’t just about account numbers and closing balances. Ultimately, the lending process is about providing borrowers with a great customer experience. Lending professionals have four main objectives:
- Identify potential borrowers.
- Obtain and analyze borrower financial data.
- Advise borrowers about lending options and decisions.
- Move borrowers through the loan origination process until they have the funds they need.
Finicity’s new AssetReady report was designed to help lenders achieve each of these objectives with maximum efficiency. This digital asset verification solution uses high value data to deliver accurate, real-time verification in seconds. And this means better decision-making for lenders and borrowers alike. In the end, access to this data saves time, improves overall workflows, and makes for a better borrower experience.
Critically, the more information a lending professional has at the beginning of the loan origination process, the more they’ll be able to provide their clients with meaningful insights into their financial situation and possible lending options. And once your borrower is ready to move forward with their lending application, you can easily shift from the AssetReady report into Finicity’s Verification of Assets and Verification of Income and Employment solutions. All from one source. All with the best data.
The Return on Investment: Digitizing the Loan Origination Process
What does this return on investment look like? A larger volume of prospective clients, reduced closing times, increased closing volumes, and improved customer retention and referrals. By using AssetReady, lenders are able to better qualify customers up front. With the efficiencies created by an entirely digital process, lenders can expect savings in both time and costs. The process is faster and requires less manpower and that drives profitability.
This digital process also boosts borrower satisfaction. Today’s consumers expect total convenience. They want their loan application to be simple and intuitive. They require proactive service, personalized interactions, and connected experiences across multiple channels. 76% of customers say it’s easier than ever to change service providers. There is no shortage of options, so, like Goldilocks, they will just keep searching until they find the perfect fit. 84% of customers report that they crave personalized interaction. They don’t want to feel like just another invoice number.
If service providers fail to meet these demands, they will be left behind. The streamlined AssetReady process makes it easy for borrowers to submit their financial information. They can permission use of financial account data anytime, anywhere. Not to mention, it also enables lenders to engage with borrowers in meaningful and relevant ways. This all adds up to happy customers and happy customers become repeat customers who are willing to refer others down the road.
Why the Right Data Platform Provider Matters
Paul Parisi, President of PayPal Canada, explains that “Big breakthroughs and progress can’t happen in silos. Working collaboratively with partners – within an organization as well as within your ecosystem to solve business problems – generates the kind of energy that fuels growth, innovation and creativity.”
But this growth and innovation only happens when partners foster trust, communicate openly, and deliver their best. Because partnership is so important in business, we wanted to share our approach to partner relationships here at Finicity.
- The Best Data: Our data is exceptionally accurate. We use it to supply our partners with an innovation platform to compete in and disrupt markets, envision new business models, and deliver exceptional experiences using consumer-permissioned financial data. Our direct data agreements with leading financial institutions mean reliable connections, enhanced informed consent for consumers, and access to the very best data.
- Commitment to Consumer Control: Finicity is the only registered CRA currently in the data access and insights/digital verification space. We take the consumer data privacy and security very seriously. Our standing as a registered CRA ensures transparency and borrower control of the lending process.
- Smart Onboarding: Our training resources, step-by-step guides, and personalized support make it simple for new partners to integrate our solutions with existing platforms. They have everything they need to successfully use and implement Finicity products. Beyond that, our customer-facing products have been carefully designed to guarantee a simple, streamlined borrower experience.