LendConnect 2019 offered many valuable insights for online lenders, including exploring new opportunities for accelerating growth. From IDology’s perspective, a dominant theme from this year’s event centered on lead to loan conversion.
How Can You Increase Borrower Conversions?
Online lenders now have an abundance of analytical models and technology to optimize lead acquisition, but converting an online loan applicant into a borrower is still a challenge. Digital applicants typically prefer to do everything at their own pace. Converting them requires a mastery of both consumer engagement and the right technology to fulfill your initial investment in that lead.
Use Automation to Improve Conversion Rates
Utilizing identity and document verification technology to minimize friction, improve speed, and bolster the quality of your customer’s manual review experience can exponentially increase the number of lead to loan conversions. (As an added benefit, underwriters and customer service representatives report a higher level of job satisfaction in the loan service environment when manual review queues are improved.)
IDology offers market-leading technologies for lenders looking to improve lead to loan conversions. Our ExpectID Scan solutions can programmatically capture, review, and authenticate consumer identification documents such as driver’s licenses and passports on mobile devices for quick, seamless lead conversions. Or, use Secure One-Time Verify to generate a unique, secure link (rather than a passcode) that is delivered to the loan applicant’s mobile device, confirming their phone number and performing multi-factor authentication.