Empowering Borrowers and Optimizing customer support: The Ultimate Guide to Simplify and Enhance Customer Experience with Spark’s Self-service portal

Date published: 29 Nov 2023

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 or calling the back-offices.

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. Generating 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.

If you succeed in making your portal fast, efficient, and personalized, you have a distinct competitive advantage over your competitors who fail to do this.

How can you start improving your self-service portal?

It starts, as it always does in customer experience, by examining what users are trying to do when they access your site. After this, think about how the current design or features of your site might actually be getting in users’ way.

For example: Borrowers who visit your website often want to check their next due date or next due amount or outstanding balance or review their loan account. How are you making some of the most desirable default tasks for these borrowers easier? Understand the most likely things your customers want to achieve and remove barriers to the finish line.

What is the right feature set for a self-service customer portal?

The answer: a set of tasks that allows users to be self-sufficient, which is a boon to both you and to the customers. The right features not only increase convenience for users by saving them a trip to your local branch or making a phone call, but it also saves you money by lowering the call volume at your call center or servicing effort of your staff.

Imagine, for instance, that your customer portal does not provide a way for users to check their outstanding balance or the next due date: a simple but critical piece of data. Instead, all customers must personally call your stores or call centers whenever such information is needed. So many customers would call in that the wait time would increase, which would negatively impact the customer experience—not to mention delay for the customers who are calling to some of the complex queries.

There is a clear advantage in enabling users to take straightforward actions or resolve simple requests on their own, without your agent’s personal intervention which will reduce your cost and effort while improving your operation efficiency and customers’ experience.

Spark’s self-service portal can transform your customers’ experience.

SparkLMS offers an integrated Self-Service Portal that is intuitively designed and can be customized to ensure convenience, transparency, security & control of information for lenders and borrowers alike.

Spark’s Self-Service Portal is a secure, mobile friendly and is designed to automate, streamline and expedite Customer Outreach process. It significantly reduces the effort and time lag involved in collecting data and processing client requests thereby enhancing the overall borrower experience throughout the lending life cycle.

Spark’s ensure operational efficiency for lenders and can be extended to their customers to delight them with efficiency and pure simplicity.

Borrowers will be able perform various operations like

  • View summary of the Loan Account
  • View loan and payment history
  • View Loan Agreement and Payment Authorization
  • Schedule or make a payment
  • Pay the loan in full
  • Integrated multi-payment modes like ACH, Credit Card, Debit Card, PayPal etc
  • Renew or TopUp their Loan
  • Apply for a new loan
  • Make a request to defer a payment
  • Make a request to revoke authorization
  • Make a request to change the terms of the loan
  • Upload/view documents
  • View all notifications
  • Use Pay-off calculator
  • Update profile information

The above are some key features available. However, Spark’s Self-service portal can be customized to the specific needs.

As a lender you need a Self-service portal that can

  • Deliver a faster, more efficient onboarding and compliance process
  • Improve data quality and achieve greater operational efficiency
  • Generate significant time and cost savings
  • Digitalize and enhance the client experience
  • Ensure client lifecycle compliance

Spark’s self-service portal can serve as a central hub for your borrowers to access their loan information and perform all the essential tasks conveniently. It can simplify and enhance their experience through its user-friendly interfaces, streamlined processes, and personalized features. Spark’s self-service portal can reduce the burden on customer support services by empowering borrowers to self-manage common requests and retrieve information without the need for extensive assistance, freeing up customer support resources for more complex inquiries. Spark’s self-service portal is more than just a Member Area – it’s a key to empowering your borrowers and to optimizing your customer support efforts.

Ready to transform your borrower experience? Contact us today and embark on the journey of financial empowerment. Our team is here to guide you through the process of building a cutting-edge self-service portal that puts your borrowers in control. From user-friendly interfaces to personalized features, we're committed to crafting a solution tailored to your needs. Reach out now and take the first step toward revolutionizing your lending experience.

Thanks for taking time to read through this article. Contact us today if you want to engage with us for your Lending Portfolio.