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Lenders Design Experiences for Growth or Decline

TransUnion
Blog Post11/24/2021
Business
Lenders Design Experiences for Growth or Decline

Lenders Design Experiences for Growth or Decline

Lenders striving to build trust and loyalty in a post-pandemic landscape need to implement streamlined processes that meet consumers’ heightened expectations of friction-right engagements in the digitized economy. But doing so can place businesses at risk if they don't enhance fraud-fighting capabilities and meet compliance requirements. Fortunately, the latest innovations in digital onboarding can satisfy the needs of all parties while promoting long-term customer loyalty.

Competing in the digital arena

Competition for share of wallet is increasingly fierce in economies emerging from the worst of the coronavirus pandemic — especially within credit lending and financial services. Amid the newly level playing field of the digital era, businesses strive to differentiate, understanding that gaining an advantage is essential to winning more customers.

Key digital trends:

  • Of US consumers, 94% are likely to purchase more based on a good customer experience
  • In 2020, there was a 27% growth in global retail ecommerce
  • Since March 2020, 38% of consumers stated they’d been targeted by COVID-19-related digital fraud schemes



With the global development and distribution of world-leading technologies available to all enterprises in the Philippines, designing the best customer engagement and fulfillment experience can be a deciding factor in sustainable success or potential failure.

At the same time, businesses racing to meet customers online face a dramatic increase in the number, frequency and sophistication of attacks by fraudsters, cybercriminals and identity thieves.

Competitive compliance

The increase in criminality and negative financial impact of the pandemic led to a raft of regulations designed to protect vulnerable consumers. With accountability firmly with business, positively identifying and processing good customers while countering fraud threats is imperative in the new normal.

The pressure to design compliant acquisition strategies, coupled with the need to deliver exceptional customer experiences, can make superior digital onboarding a distinct competitive edge. Configurable identify proofing solutions — such as email verification, facial recognition and document verification — can help automate confident conversions of more good customers through friction-right onboarding experiences.

Enhanced customer experiences can mean better business

Future-focussed business leaders understand the need to optimize for digital. A 2020 Economist Intelligence global report found 85% of executives surveyed believe smooth transactions are now “essential to survival” rather than merely a competitive edge.

Streamlining digital onboarding — application completion, identity verification and decisioning — can reduce drop-off and improve conversion rates.

Streamlining digital onboarding — application completion, identity verification and decisioning — can reduce drop-off and improve conversion rates. *Source: Account Opening: Run It Like You Own It, June 2019. © 2019 Aite Group
**Source: The Battle to On-Board II 2018, Signicat

This perspective presents lenders an opportunity to provide differentiated, personalized engagement experiences that help retain customers long after the pandemic. The key is to balance these seamless journeys against the risk of engaging online criminals.

More profitable onboarding

An integrated customer experience is key to driving profitable growth, capturing new customers and building loyalty. Lenders can maintain compliance, improve risk assessments and increase conversion rates using digital onboarding solutions.

TransUnion Digital Onboarding is a first-in-the-market, end-to-end solution for onboarding, lending decision-making and fraud defense. It helps businesses meet evolving consumer demands by integrating and customizing streamlined, omnichannel onboarding processes.

Turn trends into opportunities

To learn more about how TransUnion Digital Onboarding can deliver a more comprehensive picture of consumers, quickly assess risks, present relevant offers and automate your application process, contact your account representative or visit transunion.ph

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