Independent Banker - July 2018 - 59

ADVERTORIAL SPOTLIGHT
POWER LENDING PARTNER$
ESSENTIAL DIGITAL LENDING BEST PRACTICES FOR BANKS OF ANY SIZE
The digital banking experience for
customers must be fast and easy. Your
bank may only have minutes to close a
deal, so utilizing the right platform and
procedures makes all of the difference.
Here are some of the most important
best practices for digital banking
success:
1. Minimize friction, fields, keystrokes:
Simpler is often better. Examples of
decreasing friction include returning
the decision within the same browser
session, providing the opportunity
to upload supporting documentation
without leaving the decision page, as
well as accepting cross-sell offers and
general documents.
2. Collect easy information first:
When trying to limit or even explain
levels of abandonment, it's often best
to see where a step can be eliminated
or compress certain disclosures.
Collecting the right information at the
very beginning of the process helps
accomplish this goal.
3. Offer save-and-resume functionality:
An applicant may begin the process of
applying for a loan on a smartphone
while riding the subway on the way to
work. That applicant may need to pick
it back up on a desktop when getting to
mitigate abandoned applications.
4. Onboard the requested product
first:
Ǧ
that one key product is a must. Being
level of convenience to the customer.
5. Retarget abandoned applications:
Too many banks lack the functionality
and preparedness to target those who
abandon an application. Reasons for
leaving a session can often be very
simple, so even the smallest efforts can
produce big returns.
6. Use mobile-first design:
Smartphones and tablets are often the
prospective customers. Operations that
experience higher abandonment rates.
7. Smarter, actionable cross-sell:
This is where your decision matrices
make all of the difference. Don't make
the customer start at square one this far
into the buyer's journey. If you've already
grabbed all of the information to make
a decision, then why wait for another
session to offer a related product?
8. Digital referrals:
Once the decision is reached, your
technology should immediately
leverage that customer experience
by incentivizing referrals before the
customer moves on to something else.
Old-school efforts days or weeks down
the line won't get it done anymore.
The 2018 Digital Banking Report is
published by The Financial Brand
and provides a clear and detailed
breakdown of how banks of all sizes are
implementing these best practices and
more to thrive in the digital marketplace.
Richard Whiddon
VP of Sales, CRIF ACTion
280 Interstate North Circle, Ste. 400,
Atlanta, GA 30339
901-692-4860
ǦǦ
For a free copy of this report, please
CRIF Lending Solutions partners with
community banks to transform the
lending and deposit account opening
process with technology and consulting
to provide a leading digital experience.
RICHARD WHIDDON - VP of Sales, CRIF ACTion,
CRIF Lending Solutions
Independent Banker - July 2018

Table of Contents for the Digital Edition of Independent Banker - July 2018
