From groceries straight to your doorstep to next-day shipping and online streaming services, instant gratification is at an all time high. According to USA Today, Generation Z (Gen Z) will make up 40% of all shoppers by 2020. This technology-driven generation is growing rapidly, and companies across various industries are adapting to their needs for quick, convenient, and secure day-to-day transactions—banking is no different. Improving the efficiency for your credit card and loan origination processes is a goal all financial institutions (FI) should and can strive towards.
As a Gen Zer myself, I know how important an immediate response is. When I was an undergraduate, I received an unexpected bill from my university that had the words “Payment Due” written on it in bold, red letters. I had one week to pay the full amount; otherwise, I was going to be removed from all the classes I was enrolled in. With the deadline looming over me, I grabbed my computer and typed in the name of the FI where I banked. My eyes scanned their homepage, and I soon discovered they could guarantee me my loan within 1 business day.
After submitting the application for my loan, I received an automated email that informed me of its status and what to expect moving forward. I was relieved that I didn’t have to wait weeks for the funds to be available in my account. Like me, your customers are seeking to make important decisions, such as establishing their first line of credit, funding their education with a student loan, or making significant home improvements. All of these instances require your assistance; however, manual underwriting and disjointed loan origination systems (LOS) drive a wedge between you and your customers’ final outcome. With Dashboard, you’ll be able to help your customers achieve their financial goals faster.
Quick Turnaround Times
Dashboard consolidates important credit and identity data from third-parties in one centralized place, eliminating the need for unnecessary and tedious data entry. Now, you can receive insights from credit bureaus, core processors, and credit applications to build unique customer profiles. Keep your current customers satisfied while attracting a new demographic with your rapid service.
Customers can inquire about the status of their loan at any moment of the day, but if those important documents are locked away at someone else’s desk, you won’t be able to give them a proper answer. It’s crucial that you, and everyone at your FI, are equipped with a powerful lending platform to answer your customers’ most pressing questions. Dashboard helps underwriters stay on the same page by allowing them to collaborate and leave notes for each other, guaranteeing your customers get an informed response every time.
An LOS Built for Today and Beyond
“When you give underwriters the resources necessary to help their customers efficiently, it translates to better service.” - Jerome Sheppard, Product Manager at MK Decision.
With the youngest Gen Zers classified at 7 years old, it won’t be long until they open their first deposit account or obtain a credit card. We can anticipate their expectations for fast decisions and digital experiences in the financial industry to keep increasing. Dashboard will help unify your LOS and team to focus on creating a high-tech, high-touch environment that will stand the test of time. Envision your FI assisting your customers’ children, their grandchildren, and so forth because of the outstanding services offered. Want to learn how MK’s lending platform can further support you and your customers? Explore our Dashboard tag, check out our Dashboard page, or contact us.