Making lending human

With dedicated partner portals, automated emails and algorithms checking financial documents, the lending process can (sometimes) appear like a well-oiled machine.

However, things rarely go completely to plan – many brokers know this all too well. Despite all the technology available to us, it’s often the personal approach that can lead to a solution. How? Let me explain...

The application

When applying for an unsecured loan with Spotcap, there may be an automated email to acknowledge a new application. But in addition to that – and as part of my sales support role – I contact a broker or client either via phone or email directly to follow up. For some clients, my work takes me further. For example, calling their bank to ask for instructions to provide documents for our portal can really help. Assisting in this way is often the difference between a completed application and one that fails to reach our underwriters.

The decision

The documents are in place, underwriters have cast their critical eye over the client’s information, a decision has been made. Communicating this decision could be left to an email or – if you are like me and value the sound of a familiar voice – it’s time to pick up the phone. Approval or not, hearing the reasons behind a decision is something that brokers and clients really value. Before making the call, I talk to various Spotcap team members to give clients and brokers an informed reason for their loan decision. This contact may even result in us advising a client – whose application had been declined – that they could be approved in a few months’ time and so a business opportunity isn’t missed.

Maintaining relationships

After deals have crossed the line and the dust settles, we’re keen to keep our quality brokers nearby. Meeting our partners in person is one of the most enjoyable aspects of my role. Not only does it present an opportunity to talk about what went well, but also a chance to discuss potential future cases. Most of all, it helps me to get to know the people behind the deals and for them to get to know me. Quirks and preferred practices of our partners can ensure a smoother process is in place for the next deal.

As we all look to meet targets and complete deals, it’s important not to rely solely on the increasing amount of tech available to us. Beyond fixing our problems, making a conscious effort to humanise the loan experience ensures a pleasant process for clients, brokers and lenders too.

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