This article explains customers’ expectations from lenders today as there are more technological advancements.
Lenders can be public or private organizations, people, or financial institutions that give money to people or businesses with the expectation that they will pay it back. The repayment plan will include a fee or interest on any costs (Adam, 2021). Lenders make these funds available for different purposes, including business loans, automobile loans, and mortgages.
As lenders start transitioning back to their normal activities, they mustn’t forget that there is a change in consumer expectancies, and the choice of returning to the former ways of doing things is not viable and accepted. Borrowers have now welcomed the digital upgrade made during the pandemic and can now count on it. Some examples of digital lending platforms in Nigeria include; fair money, carbon, Ren Money, Kuda, etc.
Some of the customers’ expectations from lenders include the following;
This is one of the first customer expectations from lenders today. Customers can contact or communicate with their bank or lender through any of their preferred channels, including online, in-person, or through calls. Customers’ expectations include that they can begin a task in one channel and complete it in another. This omnichannel support provided to customers by lenders or banks has become very important even after the lockdown. Omnichannel support entails a lender or bank that offers customers numerous ways to interact or communicate.
This implies that the banker or lender they are communicating with will be able to solve their problems and answer their questions irrespective of whether they have ever communicated with the support before. Although some customers may opt for an entirely digital experience, providing customers or borrowers with different options will help create a more competitive advantage that alternative lenders cannot copy or imitate using a completely online business model.
To have an efficient lending platform that customers expect, the platform must always allow for an easy and fast application. Time consciousness should be considered as it is important to both the lender and the customer. Providing an experience that moves at the customer’s pace should be the major goal of the lender, and this requires very few customers information input as possible.
Without needing to fill in loan documents, monetary institutions should focus more on providing concierge services and fast decisions. By saving time, lenders can provide customers with the best overall experience. By doing so, lenders can use the remaining time to add value to other areas of their customers’ experiences.
Best Customer Experience
Finally, the major quality that every customer seeks in any service is convenient, and they are willing to pay more for it. Customers are looking for a medium by which they can quickly and easily apply and receive funds in one place through frictionless closing, fast decisions, and easy applications.
Therefore, one of the ways by which lenders can provide an excellent experience is by implementing easy navigation and end-to-end lending experience. With the introduction of an all-in-one platform and seamless service by alternative lenders, it is also important that financial institutions provide the same service.
In this article, we were able to explain in detail some of the customers’ expectations from lenders and also how borrowing and lending services take place. In addition, we listed the top changes lenders need to implement as soon as possible to ease the lending and borrowing service.
Adam, B. (2021) ‘What Is a Lender?’, Investopedia, 04 April. Available at: https://www.investopedia.com/terms/l/lender.asp (Accessed: 07 March 2021)