Over the last few years, the digital lending landscape has changed dramatically. It’s no longer a matter of if an organization will adopt fintech lending practices — it’s a question of how far that adoption has progressed.
While financial institutions around the world are in various stages of digital advancement, fintech disruptors are setting a brisk pace. But the success of fintech lending isn’t just about Silicon Valley tech startups and apps. Many traditional lenders have recognized the opportunity to evolve and are working continuously to meet the growing need for more digital experiences.
There are countless lessons for lenders looking to replicate the nimble strategies leading to success. These practices enable lenders to deliver the convenience, ease of use, and personalized experiences that today’s consumers are seeking.
How traditional financial institutions can take advantage of fintech lending opportunities
By equipping your organization with the right tools, you can nurture the customer-centric identity you’ve built for decades and adapt it for modern audiences with modern needs.
Digital lending solutions expedite and simplify the traditionally time-intensive process of applying for a mortgage, consumer loan, or deposit account. As a result, they enable your organization to deliver the level of customized, digital experiences that today’s increasingly online customers expect, thanks to their experiences with same-day delivery and recommended watchlist.
Armed with these capabilities, your organization can achieve strengthened digital agility while delivering a customer service offering designed to offer the qualities that have made fintech lending newcomers so successful. Add to this the many strengths that you, as a traditional lender can offer — trust, longevity in the market, a more varied product offering, and the support of physical contact channels — and the end result is a compelling proposition that is tough to beat.
How Blend helps accelerate digital agility initiatives
Across the homebuying journey and consumer banking portfolios, Blend’s unified Digital Lending Platform helps financial institutions to:
Quickly and effectively level up their digital offering
With a unified, cloud-based platform, you can rapidly deliver best-in-class lending experiences for all of your loan products. Blend provides out-of-the-box solutions for every line of business and a modular approach to configuration.
Achieve a best-in-class UI/UX
Blend offers a consistent application experience for consumers across channels and products. Our guided application flows, responsive design, and data pre-fill functionality are designed to drive higher digital conversions.
Deliver seamless consumer experiences across multiple channels and multiple product lines, from application to close
Offer and manage multiple products, conveniently bundled on the same platform. Whether your customers are taking out a loan or looking to finance a new home, you can serve them across their banking journey with Blend.
Speed up the loan application process
Replace documents with data from verified sources where possible, deliver instant pre-approvals, automate processing tasks with data-driven workflows, and provide consumers access to service providers within the application experience.
Create deeper relationships that foster higher retention and improve customer lifetime value
Blend helps you support customers’ needs when, where, and in the context they need as they move through life’s achievements and adversities. Not only does our platform make it easy for previous borrowers to apply for new loans, but it also reduces data entry and manual work for your lending team — enabling loan officers to focus more on fostering relationships.
Bring products to market faster and more cost-effectively
Launch unique product offerings faster with an extensive component library, ready-to-use product templates, drag-and-drop workflow building, integrated data services, and flexible control over design elements.
Putting fintech lending practices to work with Blend
Rockland Trust Bank is a fast-growing community bank in the heart of Massachusetts. Bank leadership chose Blend to help them compete more effectively and to help deliver a vastly improved customer experience.
Lamberti (center) chats with his team at headquarters in Norwood, Massachusetts.
Before Blend, getting a complete application could take members a few days. Now it’s about two hours, according to Rockland Trust Bank’s VP and sales manager, Joe Lamberti.
“At the end of the day, Blend has developed technology that is aimed at allowing us to compete well above the levels we would be able to in its absence. People ask how we can price like that,” continued EVP of Home Lending, Bob Driscoll. “The answer is technology.”