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How can the right technology help me grow my market reach?

By Cloud Lending, a Q2 Company

Original blog can be found here!

Nikoleta Karagiorgos, UK Regional Sales Director

Having the right technology to support your lending business, whether you are a bank or alternative finance company, can be the make or break factor when it comes to growing your market share. It’s not a secret that the right front-end solution is a critical component of your future growth and success.

In this short blog I point out how Cloud Lending’s front-end onboarding workflows can directly help a lender grow market share.

Creating smarter customer journeys at the onset

Make the buying journey frictionless—this will result in an exponential increase in applications

Two things are critical here:

  • Having the freedom, flexibility, and agility to quickly change and update the information required of customers during the loan application process.
  • The ability to create different workflows for different products. An example of successfully doing this is the inclusion of an eligibility tracker at the beginning of the consumer or small business application process. Doing so, you should see application drop-off rates reduce significantly. Providing a customer with a pre-approved status increases the likelihood that they complete the application.

Cloud Lending’s portal technology allows lenders to review and adjust their customers onboarding experience through point-and-click agility for quick testing and go live of new strategies and products.

Establishing strong Broker/Dealer portals

Bringing in new streams of revenue via brokers

Cloud Lending’s configurable, omni-channel platform provides lenders with the ability to create multiple avenues for acquiring new customers. It’s not a secret that brokers play a large part in the UK SME market—in particular, in the asset finance / equipment leasing space. Our flexible platform allows you to vet and onboard new brokers efficiently and provide them with the ability to easily bring new business to you. In addition, Cloud Lending offers a true omni-channel experience which means borrowers can start their application journey online and have the option to speak to broker or go into a branch to complete it. It’s all about options when it comes to growing your business and we recognise that one model does not fit all.

POS / Merchant Sales

Offer easy lending at a merchant’s point of sale to win new customers

Lenders are always looking at different ways to grow their footprint. Cloud Lending is helping customers achieve this by providing lenders the ability to offer their loans and finance options via Point of Sales or Merchant Terminal Transactions. Using our end-to-end solution, a Tier 1 bank customer in the Netherlands does just this across several electronic goods shops. The merchant offers the consumer the ability to apply for a quick loan and line of credit at the point of sale. Using the merchants POS to enter the customer details and a downloadable link for ID verification, Cloud Lending can provide multiple offers for the customers to choose from (i.e., different terms, payments, etc.) and facilitate a real-time decision on the application via our origination workflow.

These are just some of the ways Cloud Lending can help you reach new customers. If you’d like to discuss extending your market reach in more detail and further understand how we may be able to help you grow your business, I’d be delighted to have a chat. To set a day and time, please get in touch with me at Nikoleta.karagiorgos@q2ebanking.com.