Self-service portals are a progressively vital element of the borrower experience, enabling borrowers to complete transactions themselves from the comfort of their device instead of calling or traveling in person to a brick-and-mortar location.
In other words, companies that seek to give the best possible user experience are falling short by not optimizing this heavily trafficked area of their website. Eliciting massive borrower engagement and catering to their rising need to complete transactions quickly and on their own, customer self-service portals should be a major part of your customer retention plan.
With consumer expectations increasing, the use of artificial intelligence, machine learning and chatbots in Lending Industry has become a necessity. In a very competitive consumer lending space, overall digital customer experience gives an edge for any lender.
An important trait of any successful lending software is its ability to integrate with third parties and platforms to leverage the best-breed of services and solutions available in the Lending Ecosystem. The core operations of the lending portfolio can be managed by the loan management system while external data, information and services can be obtained from a range of offerings available in the marketplace of third-party providers through a seamless integration with the Loan Management System. The point is that lenders don’t need to spend their precious resources reinventing the wheel within services such as Lead acquisition, Lead Scoring and Decisioning, Payment Processing, E-Sign, Dialer for CRM, Secure Document Storage, E-mail, Messaging, Collections, Reporting etc.