The value of a Digital Lending Platform, explained | Blend

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The value of a Digital Lending Platform, explained

When we talk about Blend’s technology, we describe it as a platform — more specifically, a Digital Lending Platform.

We’ve compiled relevant pieces of content to break down what lending platforms are, how they came to be, and the positive impact they can have on financial institutions and their customers. You’ll learn that when you invest in a platform, you’re choosing a solution that will serve your organization and customers now and well into the future.

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Explore our summary below

We’ve pulled out key highlights to help you navigate Digital Lending Platforms on the go. Use the section headers below to dive deeper into the specific areas that interest you.

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Differentiating between a point solution and a lending platform

Point solutions help solve particular issues along the mortgage process, most commonly the borrower application. These solutions can be helpful. But they can also result in lenders needing to manage a number of disjointed technologies to successfully address the entire customer journey.

Platforms holistically support the entire mortgage journey from lead capture to close and beyond.

Why a Digital Lending Platform?

Replacing siloed point solutions can enable maximal workforce productivity and shorter loan cycle times. But perhaps most importantly, it supports as you provide a best-in-class customer experience that sets you apart from the competition.

Illustration of blocks being stacked to make a house
Click to see why a point solution can’t compete with the platform experience

Build your legacy with a lending platform

Making the transition to a lending platform isn’t just a decision to prioritize the benefits you need today. It is also an investment in a long-term relationship, one that will continue to support your needs as your organization grows, matures, and continues to push the boundaries of what it means to serve consumers. We’re in it for the long haul.

Illustration of the mortgage application process
Click to see how platforms support long-term partnerships

The evolution of the platform

Our definition of platforms emerged as point solutions expanded their impact to support across the customer journey. The unified consumer experience offered by a platform marks its maturity.

Underscoring the value of a platform using everyday technology

In order to communicate the value of a platform, we often compare our core functionality to a commonly used type of mobile technology — ridesharing apps. By discussing the expanding capabilities these apps have grown to provide their customers with, we’re able to better help others understand how a platform really works and why it goes well beyond the single function offered by a point solution.

We identified strong similarities in four main areas:

  • The purposeful use of relevant data trends to scale impactful operations
  • The thoughtful use of seamless integrations to expand capabilities and provide a simpler customer experience
  • Both parties involved in a transaction operate in the same interface for optimal communication
  • The expansion to complementary products to deepen the customer relationship
Illustration of building blocks making increasingly large buildings
Click to dive into these commonalities

From infancy to maturity: The birth of the platform

You may be wondering how exactly this evolution unfolded. We continue the ridesharing metaphor, uncovering how both Blend and ridesharing apps began as solutions that targeted one problem and evolved to provide comprehensive customer experiences.

Preview image of an infographic
Click to explore the platform comparison cheat sheet

How a platform shapes experiences

We’ve established that platforms can enable lenders to increase productivity and improve the customer experience. But what does this look like, on an individual level, to those who use the platform?

Getting a mortgage doesn’t have to be a headache

What is typically seen as a painful, drawn-out process marked by paper-based operations and a series of disjointed steps is simplified with a platform. By keeping borrowers in a single, intuitive portal and making it easier for them to provide necessary documents and personal information, a platform reduces friction and makes for a more pleasant borrower experience.

Click to understand how a platform approach to mortgage software improves the customer experience

A helping hand from lead capture to closing

A platform can help loan officers move borrowers through the mortgage process seamlessly while offering borrowers the support they need. With features that enable automation and increased borrower commitment, loan officers are able to ditch the busy work and close more loans faster.

Click to read about a loan officer’s day to day