Is Your Application Platform Helping or Hurting?
As a lender, you pride yourself in the ability to provide an excellent product and conduct your business smoothly and honestly. With a working knowledge of all the moving parts and ins and outs of being a small business lender, you know what it takes to walk your customers through the lending process. Everything about the way you run your business communicates that you know what you’re doing and you’ve done this before. That is, however, until you direct them to a less-than-perfect customer portal.
We’ve all had bad software experiences. Unclear instructions, ugly design, and a non-intuitive interface are just a variety of ways in which software applications can detract from a user's experience. If you run a business that utilizes some sort of external interface or online portal, the odds of it being inefficient or hurting your ability to grow, are high.
According to one survey, 70% of online businesses fail due to bad usability.
57% of users say they won’t recommend a business with a poorly designed mobile site.
Intentional and strategic user experience has the potential to raise conversion rates by as much as 400%.
What does a poorly designed, unprofessional platform look like?
Basic drag and drop application portals with unclear instructions and no real call to action are a limited solution with no little added value to the person or organization you’re collecting information from. Not only that, portals that are designed for file exchange alone where follow-up is hard and messages are not stored leave a wealth of data on the table that can be used to improve on one of the lengthier phases of any application process. Thus, limiting the ability to identify process improvements that will lead to portfolio growth and greater customer satisfaction. These problems create unnecessary confusion, slow things down, and give off a lack of professionalism that will ultimately drive potential customers away. Thus, what was meant to make your job easier, is actually less effective than you originally thought.
How can you identify an effective, professional application portal?
For starters, it’s not just about file sharing. What truly helps you to work with more customers and create a better borrower experience is a portal that pulls applicants through the process. Excellent application portals are designed with BOTH users mind. Both the Organization that’s collecting the information, including how it will be utilized internally, and the person or business providing the information. A clean user interface and intuitive user experience inspire confidence in both lender and applicant. Likewise, a mobile-friendly design has become table stakes for all new software platforms. The ability for both users to easily information on the go as well as receive SMS updates and reminders on the status of their application are must-have features.
The ripple effects of an ineffective client portal can have serious consequences. If it’s easier to simply email information back and forth, or you find that clients aren’t using the portal often enough, then it’s not helping to drive portfolio growth. It’s certainly not a proactive solution that pulls an applicant through the process while you tend to customers who are nearing a final decision.
The ripple effects of an ineffective client portal can have serious consequences.
Based on the evidence above, if you suspect that your application portal is causing more harm than good, we’d love to connect. Learn more about how Lenderfit can help you professionalize your application process by visiting www.lenderfit.io to book a call today.