How automation can be a competitive advantage for auto and mortgage lenders

How automation can be a competitive advantage for auto and mortgage lenders

The lending industry is as competitive as it gets. Offering the best rates, the fastest closing or financing times, and providing a five-star customer experience amongst competitors is a challenge. With internal and external factors undermining the customer experience, leveraging technology and other tools to streamline their processes can help any lender outrank their competitors and advance their market share of consumers.

The challenges facing the lending industry

Lenders live in and must react to the market environment while also working to improve their internal capabilities and processes.  While battling market factors, including rising interest rates, can be a daunting campaign, it’s not the most important place to stay competitive. 

Antiquated workflows, human error, juggling multiple contacts, and more can harm the efficiency in which lenders work. They drive slower processing and closing times and ultimately worsen the customer experience.  Especially in the mortgage and auto loan industries, relying on manual processes to get in contact with third parties and their borrowers causes excess time, money, and effort spent per customer. And it’s not uncommon. Connecting with multiple contacts, including the borrower and their employer’s HR department, or working with high-cost and limited third parties like The Work Number to validate income or going back and forth with homeowners or car insurance companies to verify coverage are two prime examples of the inefficiencies of standard lender processes.

But having the right technology can solve these problems.

 

How data gathering tools & technology give lenders a competitive edge

Data no longer has to be input manually from consumer to lender. Especially for employment, income, and insurance verification, products, like APIs or customer portals, built to pull and configure consumer data streamline the entire lender and customer experience, leading to lower operational costs, faster processing times, and a reliable data-gathering partner.

 

What lenders are looking for

1. Lower operational costs: Data collection technology creates stability in a world of market instability, leaning on an API rather than manpower to verify documentation and connect to third parties.

2. Faster processing times: With less documentation collection, phone calls (or even faxes), and the risk for human error and correction, data collection technology streamlines processes and ultimately decreases closing timelines, saving time and money, and providing a positive customer experience.

3. A trusted partner: With strengthened data-security and endless integration for all  types of data-collection needs, businesses can rely on technology-based solutions time and time again.

In order to stay competitive in a saturated lending environment, it’s clear that data technology is essential. Automated employment and insurance verification is the answer to leading the charge in the mortgage and auto loan industries. MeasureOne can help.

Employment, income, and insurance verification under one roof

MeasureOne uses consumer-permissioned data to verify employment, income, and homeowners and auto insurance for any lending business’s needs. By working with consumer data directly, MeasureOne’s technology bypasses the time-consuming process of collecting paperwork and following up with borrowers, their employers, or insurance companies to confirm adequate information. 

 

MeasureOne’s product offers:

 

  • Instant information: Immediately receive up-to-date secure borrower home and auto insurance policy data using an integrated borrower workflow 
  • Expedited approvals and increased conversions: Speed up the loan approval process for borrowers and reduce denials through improved eligibility processes
  • Streamlined operations: Reduce manual load and human error during the income and insurance verification process

 

From income to employment to insurance verification, MeasureOne brings secure, transparent data to the table for the benefit of lenders and their consumers. 

 

Ready to learn more about how MeasureOne can help streamline your business’s operations?

 

Get a demo

 

income verification, employment verification, Consumer data, homeowners insurance, auto insurance, digital mortgage