When 40% of the nation’s assets are controlled by the top 5 banks in America, it’s no surprise that for the remaining ten thousand banks and credit unions, the space is extremely competitive—not only with the megabanks that have limitless money and scale but also with each other. On top of that, midsized lenders are getting squeezed by fintechs that are able to take advantage of their low cost structure and have a head start with amazing development teams. 

So how can banks and credit unions compete with megabanks and fintech? In this blog post, we’ll share what savvy midsize financial institutions are doing to forge deeper connections with their customers that keep them loyal to their brand.

smartmockups_kn4vwxwm

Smart automation for a frictionless borrower experience

For many borrowers, their only interaction with their lenders is when they log into a portal to make their monthly payment, which probably feels like a chore more than anything. Furthermore, if borrowers need to do anything other than make a payment, they will likely have to call your customer service line, be put on hold until a representative becomes available, and then be able to take care of their needs. 

Hardly exciting, right?

Fortunately, the borrower experience doesn’t have to be frustrating, clunky, and impersonal anymore. Lenders can leverage digital borrower loan portals with smart automation that give customers a place where they can do so much more than just make a payment, such as pre-qualifying for new products or refinancing existing loans at more competitive rates. Better yet, Constant’s loan portal will integrate with any core platform that exists today, so you don’t have to change it out. 

Instead of calling into your customer service line and tying up your employees with tedious and annoying tasks, borrowers can then self-serve themselves so they can get what they want, when they want it. A hardship relief request that typically takes hours or days to manually fulfill can now be done online, by the borrower, in only 3 minutes. Automation like this ultimately frees up your employees and allows them to accomplish more without adding more people to your payroll while also avoiding manual mistakes that can lead to scrutiny from the regulators. 

 

More personalization and more loyalty with Constant

Powerful borrower loan portals don’t stop at providing automated self-servicing—they can do so much more to help middle market FIs retain their customers and wield a competitive edge over megabanks and fintechs. You can upsell, cross-sell, provide planning tools to better manage debt, and even deliver financial literacy and wellness information. 

With 75% of mortgage borrowers leaving their original lender for a different one when refinancing, borrower retention and loyalty is crucial now more than ever. Financial institutions need to differentiate between individual customers and deliver personalized value. 

With Constant, you can craft a personal touch through language and how you connect while also personalizing offers and messages. Instead of general offers that your borrowers ignore, you can tailor a message to say, for example, “Hey John, it looks like your 2012 Prius is over 200k miles. Do you want to upgrade?” and then offer a personal rate just for them. Your borrowers will see and appreciate the value you’re providing for them so that when it comes time to refinance their house or buy a new car, they won’t even think about shopping around.

 

Give Your Borrowers What They Crave with Constant.

Constant helps midsize financial institutions compete with megabanks and fintech with digital borrower loan portals that go beyond basic loan payments—without replacing your current core platform. Our smart automation gets rid of manual, time-consuming approaches that frustrate your customers and hamper employee productivity. 

Schedule a quick demo today to see how financial institutions across the country are delighting their customers with Constant AI.

 

Schedule a Demo