You’ve probably applied for a loan at some point in your life - a car, college, your first home. Thinking back, what stands out to you about the application process?
Did you apply with multiple lenders? Was the lender quick to respond to help you move the process forward? Did you complete the application in one session, or did you have to stop to gather necessary information before submitting?
As you think about your own experiences, what could the lender have done better to ensure you not only started an application, but completed it and ultimately secured a loan?
In many cases, loan applicants begin an application but never submit it. For lenders, this is an incredibly frustrating reality of a market where consumers have high expectations for a seamless experience and are empowered with countless options.
By engaging with applicants throughout the lending process and beyond with timely, personalized messaging, financial services organizations significantly increase the chance of not only closing a loan but setting the foundation for a lifelong relationship.
Improving Loan Pull-Through Rate
Although there are numerous reasons a loan may fail to close (poor credit, selecting a different lender, etc.), a significant, yet avoidable obstacle to closing for lenders is ensuring that once someone starts an application, they actually finish it.
As two organizations committed to helping financial services companies better connect with their customers through personalized and optimized experiences, our teams at Total Expert and Blend partnered to create a two-way integration that facilitates faster, more responsive engagements with prospective loan applicants to increase loan pull-through rate.
Connecting with Applicants at the Right Time
The bi-directional data exchange between Total Expert’s Marketing Operating System® (MOS) and Blend’s digital lending platform empowers lenders and their marketing teams to humanize complex financial decisions by delivering personalized messaging to applicants throughout the application process and beyond.
For example, if a loan applicant begins his or her application, but has to pause mid-way through to gather additional information or because they simply had to stop and save due to a lack of time, there’s a strong likelihood that unprompted, that application may never be completed.
How Does the Two-Way Integration Work?
With Total Expert and Blend’s data integration, lenders benefit from a comprehensive view of the prospective borrower so they can see the exact spot the applicant left off on their loan application. With triggers set up between Total Expert and Blend, automated reminders are deployed with relevant messaging to re-engage and carry applications toward closing. Rather than losing prospective business due to a lack of engagement, the integration makes it possible to automatically extend a personalized touch that turns that applicant into a customer.
Not only do these automated prompts help nudge applicants to re-engage, they also provide busy relationship managers the reminders they need to prioritize their day and focus on the right prospects.
Going forward, the data and information acquired throughout the lending process can inform future opportunities for banks, credit unions and lenders to pursue with their customers – further enabling a customer-for-life strategy by providing additional product recommendations, financial education and guidance.
Learn More About the Total Expert and Blend Two-Way Integration
People want to spend their money with companies that value their customers or members. The best way for financial brands to create a true people-focused core is by demonstrating they understand and can cater to each customer’s or member’s unique needs.
At Total Expert and Blend, our partnership is built around the shared goal of ensuring financial brands deliver an optimal, personalized customer experience at every touchpoint.
With our two-way data integration, users of both Blend and Total Expert benefit from a complete view of loan applicants to better deliver the right message at the right time across the appropriate channel.