If someone asked you “how many times do you look at your phone in a day?” would you be able to say? I’m assuming you couldn’t. (I know I couldn’t.)
If you feel you might be addicted to your phone, don’t fret—it’s not just you!
Consumers are increasingly dependent on their mobile devices, spending over 4 hours a day on phones and tablets (bankmycell). The New York Post reports that the average American checks their phone every 12 minutes, and 1 in 10 people check it every 4 minutes.
And, it’s not just millennials that are glued to their screens. In almost every demographic, smartphone usage is on the rise. Take a look at these stats from the Pew Research Center:
With so many people using their mobile devices it’s no wonder that in 2019, it seems we use our phones for EVERYTHING. From getting directions, to hailing a ride, making purchases, or simply browsing the web—the possibilities are endless for what our phones can and can’t do. I’m even using my phone to edit this blog right now.
If all these activities have been made simple through mobile-friendly technology, so has applying for a small-business loan...right? Unfortunately, the financial sector is historically slow to adopt new technology. There are plenty of software solutions for general inquiries, but when it comes to the nitty-gritty of gathering documentation AND all of the clarifying conversations required for final approval, you’ve likely been stuck with a rudimentary file share system.
Many lenders still depend on email to get the information they need or even physical copies that must be mailed or hand-delivered. Might as well send a handwritten letter via carrier pigeon if you ask me. But the way it’s “always been done” is not the way it has to be, and your clients, more than ever, are not just willing but eager to embrace new technology. As evidenced by the statistics above, potential clients of all demographics are already using their mobile devices constantly.
With this in mind, the old thinking of “our clients aren’t comfortable with technology” doesn’t cut it anymore. They’re not just comfortable, they’re dependent. That’s why major banks are furiously integrating mobile technology into their systems. Lenders who haven’t modernized their processes aren’t just in danger of being left behind in the future, they’re missing out on huge market share right now. To stay relevant, we need to meet customers where they’re at: on their phones.
To stay relevant, we need to meet customers where they’re at: on their phones.
At Lenderfit, we understand that the transition toward technology can be intimidating. That’s why we obsessed over making it easy to use, secure, and convenient without ever having to download an app. Connect with us at www.lenderfit.io to learn more about our mobile solution.