Crafting Success for Lenders: Building a Winning Online Lending Website Design
Date published: 14 May 2018The Importance of Website Engagement
It is often assumed that existing customers will never visit the website – why would they? They already know us. But, this is not a safe assumption. Simple instances like visiting the website to get the phone number or to, check on offers, or log in to their account are widespread. When they see the website in such instances, if it looks the same as when they visited it a few years ago, they could be mistaken for thinking that the lender in Loan Processing has nothing new to offer. Customer loyalty is at stake.
A successful website's influence on a lending portfolio with Commercial Lending Software is worth looking at. For a lender, successful marketing websites and landing pages are bound to build a vast customer base with organic leads generated on their own. An active lending website design would encourage existing customers to keep visiting it to check for updates, information, and offers.
Factors Affecting Lending Website Design & Performance
The performance of a lending website is determined by findability, look and feel, ease of use, product offerings, clarity of content, transparency, reviews, branding, response, turn-around time, device friendliness, and personalization, compared to other competitor websites. While consumers come to a lending website to apply for a loan, its usability can make or break their experience. The overall aesthetic of a lending website design should be comforting yet confident -- simple yet personal. An ideal lending website should speak to the consumers rather than just "selling" loan products.
Evaluating Success Metrics
One of the critical metrics that can be used to gauge the success of a lending website is conversions — quite simply, how many people fill out the loan application form. Lenders should constantly seek opportunities to optimize their loan application steps for a superior consumer experience.
When it comes to optimizing a lending website, it is not just a one-time task. It is crucial to continuously monitor, assess, and implement the lessons you gain from the numerous data sets gathered for it to be successful. It is vital to constantly update the design and content with a clear understanding of customers. All the steps are necessary to drive traffic to generate more leads and convert them into loans.
Strategies for Website Optimization
Here are some recommendations to optimize and manage a lending website design based on our experience working with lenders:
1.Record every customer's presence on the website
Understand the critical parameters like visitor source, navigation behavior across the website, length of visit, demographics, device and communication, and usage. Ensure that individual visitor data is mapped to the outcome. Identify opportunities to utilize this data, optimize the website, and offer personalized experiences to potential customers.
2.Track all relevant data points within the loan application process
Collecting all the data through each step of the loan application process is vital. Identify each step uniquely; each step's entry and exit paths should be captured and reviewed regularly. This data will help lenders optimize the Loan Application form and connect to consumers who have partially completed the forms.
3.Optimize for mobile
Optimize each point in the loan application process with an eye toward device type. A multi-step loan application form built for the website may be suitable for a visitor on a computer but too long, complex, or challenging to complete on mobile. Ensure that the loan application is designed keeping the mobile context in mind.
4.Ensure high-quality traffic to the application funnel is directed by pertinent content
Ensure the loan website's content is appropriate for the target audience and track the entrance points that produce the most significant outcomes. Gaining a more profound knowledge of the loan application form and content performance also requires mapping and analyzing visitor event data.
5.Simple Loan Application Steps in Automated Loan Processing
Examine the procedure to determine whether it may be simplified if the loan application form requires more than a few steps, such as when regulations call for a lengthy process. When doing these assessments, make sure the form represents the client's demands rather than the organizational procedure by eliminating or combining unnecessary processes that were added to meet internal requirements. Combine processes into a single page with more pre-populated information (such as entering a zip code instead of a city).
6.Build Trust
Be transparent about the lending company, APRs, terms, fees, privacy and security policy, and other crucial information the lending portfolio adheres to. Provide information on what user information is being collected and display privacy policy when requesting personal data.
7.Attend visitors who intend to abandon or exit loan applications
Retarget visitors who abandon the loan application process using inline prompts to connect with an agent in person or prompting personalized offers. If someone returns to make a second attempt, make it easier by pre-populating the loan application data they previously completed.
8.Facilitate communication between the visitors and agents for a human touch
Many borrowers do not want to complete the loan application for various reasons. It always helps to provide options for the visitors to connect with the Agents or some human touch point. For example, include a Quick Application option on the website that collects fundamental information passed on to the Agents to call the visitor and complete the loan application on behalf of the customer. Ensure you offer an optional step where visitors may quickly provide feedback about their loan application experience and satisfaction levels after completing their applications.
9.Blog and Knowledge base
Having a blog section on a lending website design is a very effective form of driving traffic to the website. It costs nothing if the content is created in-house and the website is built on top of a content management system. Write informational content that would appeal to the borrowers. Lenders will have unique knowledge of the lending industry that customers may need help with. Every time the information on the website helps someone, it strengthens the brand of the lending portfolio and establishes trust.
A well-thought-out website can quickly help lenders leverage aspects like Social Media integration, Customer Portal, Live Chat, ChatBots, Customer Reviews.
Partnering with SparkLMS for Web Development Services
The key for all these aspects is to keep the lending website design fresh from a content perspective. As part of Web Development Services for lenders, SparkLMS offers Automated Loan Processing systems,marketing websites and landing pages. Be it a static website or a website with an integrated CMS (Content Management System), SparkLMS Web Development Services is the right choice. For additional information about our Web Development Services, click here. If you are interested in a demo of SparkLMS, write to us at [email protected].