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.
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 bettering your self-service portal? It starts, as it always does in CXO, 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.
Free up your Staff
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 customers. The right feature set not only increases convenience for users by saving them a trip to your local branch or making a phone call, but it also saves your 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 users must personally call to your back-office whenever such information is needed. So many customers would call in that wait time would increase, which would negatively impact the customer experience—not to mention tie up the lines for people who are calling to address issues that can’t be updated with a simple form fill online.
Hopefully, you can see the huge advantage, both monetary and word of mouth, in enabling users to take straightforward actions or make simple changes on their own, without your agent’s personal intervention.
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, cloud-based, multi-lingual portal designed to automate, streamline and expedite Client Outreach process, thereby significantly reducing 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 to 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 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 generate greater operational efficiencies
• Generate significant time and cost savings
• Digitalize and enhance the client experience
• Ensure client lifecycle compliance.
The right solution both increases convenience for users and saves you money by lowering requests to your call centers and stores.
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