Building an exceptional borrower UX as a digital lending business

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Borrowers don’t want to meet you in person, and they don’t care about your office, your decor, or the quiet competence of your originators and underwriters. 

They just want loans, on good terms, and they want them fast. And to get loans fast, they know you have to apply. And the most efficient way to apply is virtually, from the comfort of their home, coffee shop or office. 

In short, the success of your lending unit is a function of the “digital borrower” experience you provide. This has two main aspects.

  1. User experience (UX) and user interface (UI) design of the digital lending process. The best digital lending software providers offer a personalized experience within an intuitive interface that accounts for the target clientele (retail, medical, commercial, etc.) and all relevant local laws and regulations
  2. The guts of the operation — that is, the quality of the software, business logic, cyber security, integrations, authentications, etc., the software maker provides

Borrower portals must provide easy-to-follow access to:

  • The online application processes
  • Know-your-customer and anti-money laundering safeguards
  • Instant credit scoring
  • Information on fees
  • Document generation
  • E-signature capabilities
  • Means of ongoing communication with lender
  • Payments processing
  • Rollovers
  • Grace periods

In this short video, you can see how easy it is to get results in TurnKey Lender’s borrower portal. 

Despite the availability of cutting-edge lending technology, most lenders still bug loan applicants for hard-copy paperwork and then make them endure signature approvals that can take weeks to complete. These lenders, meanwhile, are up to their eyeballs in risk assessment that they’re constrained to undertake without help from intelligent automation. 

Intelligent and responsive UI and UX is a must 

At root, borrowers are happiest with digital lending systems, like TurnKey Lender’s, that have been designed by developers who know all the answers to all the most important questions before the user even thinks to ask them.

“In a TurnKey Lender customer portal, applicants quickly understand they’re being asked for only the most essential information, data that will help them get quick and complete responses based on fair and unwavering terms — and that this fair treatment is likely to continue through the lifecycle of any loans that may be made,” says Dmitry Voronenko, CEO and co-founder of TurnKey Lender. “The fact is, it’s now easier than ever for would-be borrowers to find lenders that accept applications, reach decisions, disperse funds, and collect payments, all online.”  

The “arms” race these days isn’t about functionality so much as providing superior UX. This characteristic is demonstrated by:

  • Affordable and accessible credit precisely when and where it’s needed
  • Ease of communication with the lender through the borrower portal
  • Above industry-standard privacy and data security
  • Robust compliance 

On the privacy and security front, TurnKey Lender’s information security policy exceeds regulatory requirements for data security by going above industry standards and best practices. TurnKey Lender has SOC2 Type I and SOC 2 Type II compliance reports and the globally-recognized ISO 27001 Certification.

Similar to its all-in stance on cyber security, TurnKey Lender takes preventing fraud, terrorism, and money laundering very seriously. Its regulatory compliance is bolstered by automation, rigorous internal and external staff training, and enhanced due diligence that includes behavioral analysis.

TurnKey Lender is also committed to humanizing every aspect of the digital lending experience. This doesn’t mean that we encourage our clients to seize on the marketing potential of communications within borrower portals to bombard customers with offers and incentives for the simple reason that they fall into specific profiles and demographics. Instead, we take account of the customer’s life stage, behavioral profile, and preferences to make communications meaningful, impactful, and welcomed.

Getting it right matters

Recent McKinsey findings suggest that customers — especially new customers — expect nothing less from their digital interactions, especially interactions as protracted as the lifecycle of a consumer loan tends to be. The same study finds that personalization makes customers more likely to follow up with repeat purchases and positive referrals to friends and relatives. 

Consumers don’t just want personalization, they demand it,” McKinsey writes. “With store and product loyalty more elusive” — and about 75% of consumers having tried “new shopping behavior” in the previous 18 months — “getting it right matters.” The need for personalization in digital settings is further heightened by the finding that 80% of these consumers intend to continue with their new behavior in retail settings.

The study also found that companies that “excel at personalization” — tailoring offerings and outreach to the right individual at the right moment with the right experiences — take in 40% more revenue from digital commerce than most businesses.

Besides providing seamless UX, organizations that use TurnKey Lender get a complete, bank-grade lending platform humming away 24/7 behind the curtain.

“When you sum it all up,” says TurnKey Lender’s Voronenko, “lenders who provide loan applicants with a positive and paper-free user experience backed by robust data capabilities are going to do better when it comes generating customer loyalty and making the most of up- and cross-selling opportunities.” 

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Borrowers don’t want to meet you in person, and they don’t care about your office, your decor, or the quiet competence of your originators and underwriters. 

They just want loans, on good terms, and they want them fast. And to get loans fast, they know you have to apply. And the most efficient way to apply is virtually, from the comfort of their home, coffee shop or office. 

In short, the success of your lending unit is a function of the “digital borrower” experience you provide. This has two main aspects.

  1. User experience (UX) and user interface (UI) design of the digital lending process. The best digital lending software providers offer a personalized experience within an intuitive interface that accounts for the target clientele (retail, medical, commercial, etc.) and all relevant local laws and regulations
  2. The guts of the operation — that is, the quality of the software, business logic, cyber security, integrations, authentications, etc., the software maker provides

Borrower portals must provide easy-to-follow access to:

  • The online application processes
  • Know-your-customer and anti-money laundering safeguards
  • Instant credit scoring
  • Information on fees
  • Document generation
  • E-signature capabilities
  • Means of ongoing communication with lender
  • Payments processing
  • Rollovers
  • Grace periods

In this short video, you can see how easy it is to get results in TurnKey Lender’s borrower portal. 

Despite the availability of cutting-edge lending technology, most lenders still bug loan applicants for hard-copy paperwork and then make them endure signature approvals that can take weeks to complete. These lenders, meanwhile, are up to their eyeballs in risk assessment that they’re constrained to undertake without help from intelligent automation. 

Intelligent and responsive UI and UX is a must 

At root, borrowers are happiest with digital lending systems, like TurnKey Lender’s, that have been designed by developers who know all the answers to all the most important questions before the user even thinks to ask them.

“In a TurnKey Lender customer portal, applicants quickly understand they’re being asked for only the most essential information, data that will help them get quick and complete responses based on fair and unwavering terms — and that this fair treatment is likely to continue through the lifecycle of any loans that may be made,” says Dmitry Voronenko, CEO and co-founder of TurnKey Lender. “The fact is, it’s now easier than ever for would-be borrowers to find lenders that accept applications, reach decisions, disperse funds, and collect payments, all online.”  

The “arms” race these days isn’t about functionality so much as providing superior UX. This characteristic is demonstrated by:

  • Affordable and accessible credit precisely when and where it’s needed
  • Ease of communication with the lender through the borrower portal
  • Above industry-standard privacy and data security
  • Robust compliance 

On the privacy and security front, TurnKey Lender’s information security policy exceeds regulatory requirements for data security by going above industry standards and best practices. TurnKey Lender has SOC2 Type I and SOC 2 Type II compliance reports and the globally-recognized ISO 27001 Certification.

Similar to its all-in stance on cyber security, TurnKey Lender takes preventing fraud, terrorism, and money laundering very seriously. Its regulatory compliance is bolstered by automation, rigorous internal and external staff training, and enhanced due diligence that includes behavioral analysis.

TurnKey Lender is also committed to humanizing every aspect of the digital lending experience. This doesn’t mean that we encourage our clients to seize on the marketing potential of communications within borrower portals to bombard customers with offers and incentives for the simple reason that they fall into specific profiles and demographics. Instead, we take account of the customer’s life stage, behavioral profile, and preferences to make communications meaningful, impactful, and welcomed.

Getting it right matters

Recent McKinsey findings suggest that customers — especially new customers — expect nothing less from their digital interactions, especially interactions as protracted as the lifecycle of a consumer loan tends to be. The same study finds that personalization makes customers more likely to follow up with repeat purchases and positive referrals to friends and relatives. 

Consumers don’t just want personalization, they demand it,” McKinsey writes. “With store and product loyalty more elusive” — and about 75% of consumers having tried “new shopping behavior” in the previous 18 months — “getting it right matters.” The need for personalization in digital settings is further heightened by the finding that 80% of these consumers intend to continue with their new behavior in retail settings.

The study also found that companies that “excel at personalization” — tailoring offerings and outreach to the right individual at the right moment with the right experiences — take in 40% more revenue from digital commerce than most businesses.

Besides providing seamless UX, organizations that use TurnKey Lender get a complete, bank-grade lending platform humming away 24/7 behind the curtain.

“When you sum it all up,” says TurnKey Lender’s Voronenko, “lenders who provide loan applicants with a positive and paper-free user experience backed by robust data capabilities are going to do better when it comes generating customer loyalty and making the most of up- and cross-selling opportunities.” 

Share:

RELATED SOLUTIONS

img_Turnkey-Lender_Benefits-of-Buy-Now-Pay-Later-services-for-consumers-and-businesses-1920-scaled

Benefits of Buy Now Pay Later services for consumers and businesses

img_Turnkey-Lender_Just Some of the Things TurnKey Lender Standard Platform is Capable of -1920

TurnKey Lender Standard Platform Capabilities (With a Bonus White Paper) 

Platform   

Flexible loan application flow

Automated payments and loan servicing

Efficient strategies for all collection phases

AI-based consumer and commercial credit scoring

Use third-party data and tools you love.

Consumer lending automation done right

Build a B2B lending process that works for you

Offer payment options to clients in-house

Lending automation software banks can rely on