Continuous Engagement

A practical lending framework for a post-digital world
The loan origination system needs to be the hub of your lending ecosystem

Today, we live in an "I want it NOW" world where the baseline for any business is anywhere, anytime, any device access to products and services. But that's not enough! To succeed in the lending business today, you need to be continuously engaged with customers. Just as technology is woven into our lives, it must be woven into the loan origination life cycle.

Continuous Engagement means placing the customer at the center of your business. It’s both Omni-channel (any channel, network or device) and multidimensional, encompassing marketing, sales, customer service, and back-office workflow.

Pulling customers through the loan cycle requires responding to loan inquiries immediately. This demands on-line and mobile marketing systems that are integrated with sales and back-office systems. It means using all of the tools at your disposal including your website, targeted microsites, email, text messaging, chat services, social media, etc.. to stay connected with customers.

Continuous engagement also requires access to data across both internal and external systems. You need the ability to gather contextual information about customers so you can pre-fill loan application forms, integrate and pull data from third party services (i.e. credit information, tax data, payroll verification), and securely share information across your lending back-office. Your loan origination system needs to be the hub of your lending life cycle, integrating with both customer facing marketing services to target and acquire new business, connecting your back-office, and securely sharing information with partners to make the lending process as seamless as possible.

Digital is Dead - We have gone beyond it
Connectedness, fueled by our devices, information flows and seamless transactions are woven into the fabric of our lives.

Pulling loan customers through your loan application funnel depends on how effectively you use all of the tools at your disposal to build a relationship with them and get them over-the-line to closing. Technology plays a large role. So, building a relationship with a customer means using technology to market across all customer interaction points in the lending life cycle. It means being responsive to customer inquiries, collecting documents, disseminating information, and overcoming all loan closing objections. To ensure a seamless lending experience, loan service representatives across your organization need full visibility to customer data. This makes communications continuous and conversational versus intermittent and transactional. In a study that evaluated 1.25 million sales leads, it was found that companies that communicated with people and resolved problems immediately were sixty times more likely to generate business than companies that took 24 hours or more. Sixty times more likely! Source: InsideSales.com

Responsiveness doesn’t just mean fast. Responsiveness is composed of two inseparable elements: speed and value. If you're not fast with the content or information the customer needs when they need it, then you're not being responsive.

Make your company easy to do business with. Put in place a loan origination hub that delivers value at every interaction. Entech can help. We have modern lending platforms and solutions so you can book more loans and build more dreams.