Given today’s fast-paced and highly competitive market for consumer lending, community banks are paying heed to the incredible benefits of additional application traffic that come with a formidable online presence. The current consumer climate demands immediate access to lending products such as credit cards without having to travel to a branch or stand in line to meet with someone.
If your bank is considering offering an online credit card application solution, here are three factors to consider:
- Website formatting and branding: The look and feel of the online channel must match the bank’s current online presence. Consumers are very protective about passing sensitive personally identifiable information, so anything not matching your bank’s official branding will likely not be very effective.
- Automatic email notifications: Consumer preferences for online channels are predicated on speed and convenience. That’s why follow-up communication and notifications are just as critical for your lending portfolio’s profitability. Once an online credit card application is received, your solution should have the functionality to send instant notifications to applicants and bank staff.
- Product-specific collateral screens and disclosures: Speed and maximizing efficiency go hand-in-hand. Product-specific collateral screens and disclosures boosts the productivity of your operations on the manual end. With this functionality, your underwriters and staff will not have to spend as much time on data entry and tracking down additional information.
ICBA Bancard has partnered with CRIF Lending Solutions to help community banks get their feet in the door. CRIF Lending Solutions’ Mark IV WebApp offers industry-leading functionality as well as customization capabilities. Besides the three factors mentioned above, this solution also includes:
- Minimal or no maintenance;
- Data-entry screens for loan and application information;
- Online applications that are easy to use (with help features onscreen);
- Streamlined processing; and
- Much more!
For more information on how the Mark IV WebApp can transform your consumer lending operations, contact firstname.lastname@example.org or call (800) 242-4770.