3 benefits of credit card software for lenders seeking deeper loyalty | Blend

Three benefits of credit card software for lenders looking to deepen customer loyalty

Seamless application experiences, nimble lending teams, and personalized offers are key to supporting financial institutions’ climb to the top of their customers’ e-wallet.

Financial institutions around the country have a variety of methods for handling their credit card products. Many lenders prefer a relationship with a third-party credit card provider, where the underwriting and servicing is handled externally, while others use their LOS to carry it within their own portfolio. Either option presents challenges that can be solved by the right credit card software.

Financial institutions’ main market for credit card products tends to be in branches and call centers. Since the application process for a credit card comes with a series of verification components, it can be cumbersome for lenders to offer digital solutions that consumers can easily complete online. And when bankers help customers open a new card, they’re often using older LOS legacy systems that aren’t built at the product line level — which can mean an excessive number of irrelevant fields to scroll and click through.

A digital lending platform that includes consumer banking software can deliver a consistent, high-conversion application experience with streamlined data collection across product lines. For example, Blend’s credit card solution is part of a unified platform that requires less manual data entry and removes friction in the process for everyone.

How credit card software helps lenders deepen customer loyalty

The name of the game for lenders today? Having their card be on top of their customers’ e-wallet. Choosing the right credit card software helps lenders deepen loyalty through best-in-class application experiences, more efficient processes, and customizable offerings. Providing a superior customer experience and compelling loyalty programs are key to earning that default payment slot.

1) Start off on the right foot: Credit card technology with a seamless application experience

First impressions go a long way in showing consumers that a financial institution is aligned with their digital experience expectations. Blend’s credit card solution features an unparalleled user experience designed to effortlessly guide customers through the application. It also offers a personalized customer experience with single sign-on (SSO) from any digital device to authenticate then pre-fill existing customer information. To ensure their customers have a pain-free application process, lenders can use Co-pilot to provide real-time assistance at any time.

2) Enable lending teams to be more efficient

With less manual data entry and friction in the application process, lenders are set up for success with Blend’s credit card technology. Verification of borrowers’ income and employment automatically initiates at the time of application completion, which lightens the manual workload required from bankers so they have more time in their day for other tasks. Our Digital Lending Platform also features real-time decisioning, so lenders can deliver approvals and rates for a customer’s selected credit card in a single session.

3) Remove barriers to deepen customer relationships

Not only is it easier for consumers to apply for a new credit card, but Blend also makes it easier for banks and credit unions to compete in a crowded market and create more compelling offers for their prospective borrowers. Credit card product leads can customize their offerings, creating variations or offering different rates to deliver the solutions that provide the most value for their customers.

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Our approach to milestone-based lending focuses on supporting customers’ needs when, where, and in the context they need as they move through life’s achievements and adversities. In our survey, 72% of consumers said they would prefer to work with a financial institution that understands and speaks to what’s currently happening in their lives. Providing the right credit card offer at the right time communicates to consumers that their lender is paying attention.

The advantages of Blend’s Digital Lending Platform

In addition to a credit card solution, our unified platform allows financial institutions to deliver best-in-class lending experiences for a range of products including:

  • Deposit accounts
  • Personal loans
  • Vehicle loans
  • Home equity
  • Mortgage

We are continuously improving our white label lending platform to ensure a consistent experience across channels and products. By reducing data entry and using responsive design within our guided application flow, Blend drives higher digital conversions — up to 94% of borrowers that start a Blend application submit it.  In addition to increasing application conversions, our entire product suite features single sign-on, a consistent user interface, responsive design, and shared data and services to provide a better process for everyone.