Financial CRM: 3 Keys to Unlocking Lending Insights

Financial CRM: 3 Keys to Unlocking Lending Insights

Betting on sports may be lucrative, but not on lending operations.

Every lending contract carries an inherent risk, but the probability of default can be drastically reduced with information and in turn, insights.

However, for an industry that is looking to get on board with digital, it can be tricky to find an accurate source for the same.   

The three keys to unlocking lending insights:

1. A holistic application 360-degree view
Empowering customers through a unified LOS platform means providing them detailed information about their loan contract. Once their credit application is approved, a bank or a financial services firm should clearly communicate  the contract details, including rates, terms, EMIs or repayment schedule etc. Customizable messaging templates through a banking CRM can help. 

2. Configurable product level fields
A single application journey template may not cover all your offerings. Progress requires change readiness. 

Ensure that your LOS system is adaptable to collect different data requirements. Unsecured products may need a separate layout and flow compared to complex processes like home loan products. Ignore flexibility and you will be hit by a veritable hurricane of higher abandonment rates.

Traditional LOS systems shackle users with hardcoded and expensive to change layouts. Users of such systems expect customers to rush to them and forget that they place a premium on convenience and speed. 

Instead, end users must have control over the creation and editing of fields, that allows them to create adaptable journeys relevant to individual customer needs through CRM for banking. 

3. Simplified digital journeys
It becomes important to scale your operations as new customer requests rises across products and services. Especially, if you are looking for capturing the entire customer life-cycle on a unified platform. 

Regardless of the customer's desired financial product, navigating the journeys should be hassle-free, intuitive, streamlined, quick and simple. Things that you won't get, if you rely on time consuming and expensive improvements on rigid platforms for your new workflow needs. 

This calls for a flexible platform that is agile for making any changes on the go. A lending solution that easily and quickly accommodates your new workflow needs through visual designers. It can create smart & dynamic journey maps without requiring complex API development. Journeys that can be created once, but deployed anywhere. 

The lending industry has encountered rough seas over the past decade for opaque processes, lengthy turnaround times and questionable practices. Delivering credit to the needy had become cripplingly expensive thanks to legacy, hard coded and siloed software. It is time to simplify and make lending accessible to all.

Uncover insights with these three steps and dramatically improve lending journeys and experience for borrowers.