In many ways, the pandemic forged a trend that had been building for years: Borrowers now see the digital experience at the mortgage point of sale as a necessary convenience. It is easier than ever for lenders to work with borrowers through the entire origination process on digital channels.
However, with increasing online loan applications comes the potential for increased abandonment rates. The Digital Banking Report—published in September 2021—states many financial institutions have a digital loan abandonment rate between 40% and 60% depending on the complexity of the process. Better conversion rates rely upon an optimized customer experience from start to finish. Not only do borrowers expect a simple, easy process, but they don't want to experience any complications either. Improving the borrower user experience and reducing or eliminating the possibility of human (or other) error can significantly improve conversion rates
The upside to having the right technology in place is improved speed, better borrower experiences, and more automation to simplify processes.
In this free eBook, learn more about choosing the right solution to enhance both your borrower’s experience and improve employee workflows.