This article explains customers’ expectations from lenders in today’s world as there are more advancements in technologies.
Lenders are public or non-public organizations, individuals, or monetary establishments that make funds readily available to a person or an enterprise with a repayment expectation. The repayment plan will consist of a fee or interest on any costs (Adam, 2021). These funds are made available by lenders for different purposes which include business loans, automobile loans, or mortgages.
As lenders start transitioning back to their normal activities, they mustn’t forget that there is a change in consumer expectancies, and the choice of going back to the former ways of doing things is not viable and accepted. Borrowers have now welcomed the digital upgrade that was made during the pandemic, and now it is what they can count on. Some examples of the digital lending platforms in Nigeria include; fair money, carbon, Ren Money, Kuda, etc.
Some of the customers’ expectations from lenders include;
This is one of the first customers’ expectations from lenders in today’s world. This entails that customers can contact or communicate with their bank or lender through any of their preferred channels which include; online, in-person, or through calls. Customers’ expectations include that they can begin a task in one channel and complete it in another. This omnichannel support given to customers by lenders or banks has become very important even after the lockdown. Omnichannel support entails a lender or bank that offers customers numerous ways to interact or communicate.
This implies that the banker or lender they are communicating with will be able to solve their problems and answer their questions irrespective of the fact whether they have ever communicated with the support before or not. Although some customers may opt for an entirely digital experience, being able to provide customers or borrowers with different options will help to create a more competitive advantage that alternative lenders cannot copy or imitate using a completely online business model.
To have an efficient lending platform that is expected by customers, the platform must allow for an easy and fast application at all times. Time consciousness should be put into consideration as it is both important to the lender and the customer. Providing an experience that moves at the customer’s pace should be the major goal of the lender, and this requires very few customers information input as possible.
Without needing to fill in loan documents, monetary institutions should focus more on providing concierge services, and fast decisions. By saving time, lenders can provide customers with the best overall experience. By doing so, lenders can use the remaining time to add value to other areas of their customers’ experiences.
Best Customer Experience
Finally, the major quality that every customer seeks in any service is convenience and they are willing to pay more for it. Customers are looking for a medium by which they can quickly and easily apply and receive funds in one place through frictionless closing, fast decisions, and easy applications.
Therefore, one of the ways by which lenders can provide an excellent experience is by implementing easy navigation and end-to-end lending experience. With the introduction of an all-in-one platform and seamless service by alternative lenders, it is also important that financial institutions provide the same service.
In this article, we were able to explain in detail some of the customers’ expectations from lenders and also how borrowing and lending services take place. In addition, we listed the top changes that lenders need to put in place as soon as possible to ease the lending and borrowing service.
Adam, B. (2021) ‘What Is a Lender?’, Investopedia, 04 April. Available at: https://www.investopedia.com/terms/l/lender.asp (Accessed: 07 March 2021)