How to find the right digital lending software

How to find the right digital lending software

No matter the industry, a decision to purchase new technology is ultimately a decision to enter a new relationship. When it comes to digital lending software, the technology required to offer a modern lending experience is complicated to build in-house and challenging to find in-market.

Instead of limiting your focus to point solutions, consider the benefits of a unified platform approach.  This superior digital lending software allows lenders to focus on a seamless customer experience across products and channels for mortgage and consumer banking.

Thinking about finding the right lending platform is too narrow; think instead about finding the right lending partner. Doing so can improve internal operations, enable improved customer experiences, and position your business for long-term success. The process of finding a new partner, however, can be daunting.

For all those in-house teams who are still looking, evaluating, and testing, we’ve compiled a guide of our partners’ collective advice and our own industry insights, in order to shine some light on what we know can be an incredibly intimidating process. With the right advice, you too can make an informed decision.

For all those in-house teams who are still looking, evaluating, and testing, we’ve compiled a guide of their collective advice and our own industry insights. Our hope is that it helps shine some light on what we know can be an incredibly intimidating process.

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Why adopt digital lending software?

Since the current mortgage process was designed before the age of computers, it is largely based on highly manual workflows which were designed to catch errors that could put lenders or consumers at risk. Today’s technology offers the opportunity to improve to improve the customer experience while mitigating the inefficiencies inherent to outdated legacy processes.

Digital lending software has opened the door for exponential advancement in efficiency and cost reduction. What does a best-in-class home lending suite deliver?

  • Unparalleled experiences on every channel, so lenders can increase conversion rates and customer satisfaction across digital, phone, and in-person branch channels.
  • More time for loan officers to focus on new customers, serve as trusted advisors, and meet their full potential.
  • Higher loan volume with streamlined operations for organizations, driven by automating manual steps, eliminating delayed approvals, and ensuring timely closings.

The benefits of a unified lending platform extend beyond digital mortgage into consumer banking. When your organization truly prioritizes the customer experience with digital lending software, it creates a streamlined process that’s familiar and friendly. When a customer is pleased by the ease and efficiency of the lending application, they’re more likely to return to the same financial institution for future loans or banking services.  These long-term effects from digital lending software effectively support your organization’s goals to be there for every milestone in your customers’ lives.

Consumers have grown accustomed to seamless experiences in every industry they interact with, and expectations are rising quickly. To win borrowers in an ever-tightening market, lenders need to keep up with the pace of innovation and evolve their offerings.

What to look for in digital lending software partner

One-tap loan experiences have concretely moved from the realm of future fantasy to near-term reality. In fact, one-tap pre-approvals are available at this very moment. With the arrival of this new technology, lenders are faced with a tough decision: which technology should I back now to ensure I stay competitive for years to come? Choosing the right partner to trust with an institution’s future can be overwhelming, but the process doesn’t need to be. Here are six things to keep in mind when looking for a digital lending software and technology partner:

  • A full suite of services under one contract, so lenders can work more efficiently without having to deal with multiple contracts
  • Access to third-party integrations that save lenders time and money
  • Clean design and interfaces that meet consumer expectations
  • Plug-and-play capabilities, with versatile platforms and broader solutions instead of point ones
  • Aligned success goals and less front-end risk
  • The ability and intention to augment — not rip and replace — core services

Explore how our approach to partnership manifests in our Digital Lending Platform.

Partner with Blend for better results

Positioning your business for long-term success starts with making the move to digital lending software.  Blend’s team, technology, and vision combine to create the industry-leading Digital Lending Platform. Blend powers more than $2B in loans per day across today’s top lenders, including Wells Fargo and US Bank. Our lender partnerships are built on three core pillars:

Accessibility: Our platform provides an equal seat at the lending table

Transparency: Insight into the lending process spurs financial empowerment

Simplicity: Focus on celebrating achievements, not on tedious processes

We believe that a technology partner should be a transformative company, focused on the big picture and dreaming of brand new ways to originate loans. At Blend, we strive to be thinking three steps ahead, but maintain focus on supporting the lender’s in-house operations teams through a smooth change management process.

Don’t take our word for it; take a look at our customer success stories to see how partnering with Blend helps your organization reimagine the lending process.

The fact that Blend tracks member satisfaction was huge. We want to partner with people who care about our members just as much as we do.
Amy Moser Vice President of Mortgage Services at Mountain America Credit Union

Discover the power of the Blend platform. While you’re at it, download our free resource “Demystifying home lending” below to learn more about vetting the best digital lending software for your business needs.

Download the white paper