Customer Management - the onboarding process - (1)
Challenge
The first step in any loan decision or new relationship is collecting the financial and other necessary information from the prospect or customer. Today, this task can be labor-intensive and difficult to complete. Often it is dominated by form filling, electronic or printed documents, and a physical customer file. The more often the information contained in these electronic and paper documents is entered and rekeyed into the lender’s systems, the greater the possibility of inaccurate data being recorded.
In a recent poll conducted by Moody’s Analytics, the question was asked “What is your biggest challenge in initiating the loan process?,” to which 56% of bankers surveyed answered the manual collection of data and subsequent back and forth with the client.
Alt Approach
Automation - Automation can mitigate the inconsistency and delays of manually collecting financial data and other mandatory customer information. Customer-facing web-based portals and application program interfaces (APIs) can facilitate digital onboarding of new prospect and existing customer data straight to the lender’s loan origination platform.