Almost everything we see and use today has become personalized. It’s about an individual experience. Lending is no exception, but getting there may seem like a challenge if you’re not already leveraging available borrower information to present a “bespoke” borrowing, or better a larger banking experience. It was easy when you were cross selling a savings account with a checking account. What’s possible in loan cross selling today puts that to shame. Today, you should be able to “on the fly” deliver a one-to-one automated, and personalized insightful conversation. We’re talking about using data intelligence and decisioning to present messaging and loan products, specifically to a borrower, right when it makes the most sense—when they are reaching out to you.
Push and Pull for Borrower Attention, but Make it Easy with Loan Cross Selling
To start, let’s define the borrower market into two simple categories: new customers and existing customers. New customers are actively seeking information and product details, while existing customers are, well, existing. These are customers who already hold accounts, whether it be simple banking, investment, or loan. Sometimes they pop back by to add an account, purchase a vehicle, or simply to seek information on their current financial situation.
Both borrowers are prime for cross-selling, as long as you have access to the right information, and are able to use it effectively. Using in-session data, combined with KYC (know your customer) & other sources “in-session,” can dramatically impact the customer experience and their likelihood to progress to next steps.
Loan Decisioning is Marketing is Artificial Intelligence
Hopefully we have cleanly organized profiles and information on our existing customers, but where does the profile for a new customer come from? Whether in pre-qualification or decisioning phases, we have some or all of the information we need for loan cross selling, and this is where an intelligent decisioning platform such as FNI DecisionCore comes up strong. On the fly, DecisionCore sits on the other side of the conversation with your online prospect and walks them through their customer journey providing insightful insights and guidance.
All of this paired with customized products and cross-product decisioning, and empowering our borrowers to self-serve. Your lending platform, if it’s the FNI lending platform, includes every pillar for success according to a recent study conducted by Forrester, in which 74% of respondents clearly stated that receiving a product message adjusted to their life and their milestones is one of the most wanted shifts in the industry.
Borrower Intelligence in Loan Cross Selling and Using Yesterday’s Information Today
When product profiles are created for existing customers, we can use information from—quite literally—right now to create custom messages and cross-selling strategies based on real-time borrower behavior both within and outside of a lending platform. For example, your customer maintains purchase patterns, or deviates from them, and a profile can be built using online activity from a multitude of sources; not just banking. Your customer is researching their purchase or information about a life stage before they ever begin to look into financing and before they become a borrower.
Having the ability to create these messages and present the right products at the right time is that absolute pinnacle of data intelligence and technology available right now.
Ready to create a smart and personal lending experience? Start with the suite of lending products and trusted team at Financial Network, Inc. Take a no-commitment product tour today to get started.
While we keep an eye on what’s coming next, and continue to stay educated and prepared to push the fintech industry forward, the loan origination software experts at FNI will keep providing insights and, of course, providing hands-on and high-level service to our loan origination platform partners. If you’re ready for direct access to decision strategy management and more, talk to a loan origination expert.