Customer experience in credit origination

Name: Finvero - Superapp
Author: Finvero

August 1, 2024 - Company Woman with phone and Finvero credit app screens

Customer experience in credit origination

“Los clientes con una buena experiencia tienen un 80% más de probabilidades de realizar otra compra” (Bain & Company) La experiencia del cliente se ha convertido en el principal diferenciador para todo negocio. El sector financiero no es la excepción. En el pasado, solicitar un crédito era un proceso largo, lleno de documentación y esperas que generaban frustración. Hoy en día, los clientes exigen un proceso simple, rápido y transparente con respuestas inmediatas, algo que la digitalización ha facilitado. Una experiencia de usuario optimizada, además de aumentar la satisfacción y fidelidad del cliente, reduce la tasa de abandono, mejora la reputación de la marca, motiva a los clientes a comprar más y recomendar la marca a otros. Deloitte destaca que un proceso de originación de crédito simplificado y eficiente puede aumentar la tasa de conversión en un 30%, de esta forma los clientes valoran la rapidez y facilidad en el proceso, lo que mejora significativamente las tasas de aceptación de crédito.

Finvero credit flow shown on four phone screens

Each stage, from credit application to approval, directly impacts customer satisfaction. Improving the experience in each phase of the credit process provides the difference between a satisfied customer and one looking for alternatives. Below, we explore how to simplify the credit origination process

1. Credit application, simplification and accessibility

Simplifying this stage is essential for a positive experience:

Friendly interfaces and mobile compatibility: Offers intuitive application forms optimized for mobile devices. Use clear language and request only essential information so as not to overwhelm the customer.
Real-time assistance: Implement tools such as chatbots to resolve questions instantly, reducing friction and increasing customer confidence.
Personalization: Offers personalized credit products that adapt to the individual needs and profiles of each client, improving their satisfaction in moving forward with the application.

2. Evaluation, automation and speed

Once the application is submitted, the evaluation stage is crucial. Here, transparency and speed are key:

Decision automation: Take advantage of Generative Artificial Intelligence algorithms integrated with Data Alternativa to evaluate credit applications quickly and accurately.

3. Credit Approval

Credit approval is the highlight of the process, and ensuring a positive experience here is crucial to solidifying the relationship with the customer:

Multi-channel customer service: Use channels such as push notifications, SMS and WhatsApp to inform customers about the next steps of their credit, always keeping them informed and engaged.
Personalized Guidance: Provides resources and personalized assistance to help customers understand how to use their credit and manage their account effectively, encouraging responsible and loyal use of the product.

Benefits for financial institutions of providing a customer experience when applying for credit

Increased loan conversion: A streamlined application and approval process significantly increases the likelihood that customers will complete the application and accept the credit offer. Minimize costs: Automating and digitizing the credit origination process allows financial institutions to reduce operating costs. Greater loyalty: Customers who have a simple, satisfying process are more likely to come back and recommend the institution. Reduced abandonment: An efficient, clear process lowers the abandonment rate during the application, improving operational efficiency and return on investment.

The customer experience in the credit application directly impacts satisfaction, loyalty and efficiency. Improving each phase of the process not only benefits customers but also strengthens your market positioning.

Boost your loan conversion and increase your sales by up to 30% with Finvero, the platform that offers solutions for credit management, covering the credit life cycle from application to collection. Transform your credit origination today.

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