Ever wonder how many times a member has started your online loan application process, and then stopped filling it out for one reason or another? Maybe it took too long to complete. Or perhaps when he or she eventually got to the right form, got distracted during the process, it timed out, and then it was too much trouble to start over. Don’t let this digital lending opportunity slip from your grasp.
Experts predict the digital lending market will reach $587.27 billion by 2026!
So, how can your credit union capture these opportunities to make more lending and uncover this ‘digital pot of gold’? If the hassle, frustration, and hurdles can be removed, it becomes considerably easier than finding a four-leaf clover. Try taking the following steps:
First, eliminate extraneous clicks to reach your online loan applications. Members seek convenience, which correlates directly to the overall user experience. One solid improvement in this area is to keep the number of swipes or clicks to a minimum by making loan applications and new membership forms accessible on your main menu or navigation bar. Second, always provide clear calls to action. It is the single most effective way to ensure a member or potential member finds what they’re looking for quickly and easily. A great example of this is Atlantic City Electric Company Employees Federal Credit Union. The Credit Union recently overhauled its website, making it easier to navigate with a modern, fresh look that is more aligned with its brand. A loan application is only a hover and click away! The new, responsive website also looks great on all devices.
Lastly, using technology that saves their application information, so they don’t have to start over is ideal. This will help eliminate the frustration beginning again at the very start. Providing a ‘save and resume’ option helps the member, who may have gotten distracted, pick up where they left off on any device they choose. What could be more convenient than that?
Let your members and potential new members know that they can easily find what they want and need at their convenience on the device of their choice. Simplifying the lending process by transitioning into a convenient, user-friendly digital experience can only help your credit union continue to provide a culture of service.
