December 20198In My OpinionTECHNOLOGY LENDS A HAND, STREAMLINING THE LENDING PROCESSBy Kevin Kesecker, SVP, Chief Lending and Retail Officer, SECUThere's no doubt technology has changed the way consumers interact with brands. Today's consumers have come to expect a simple, streamlined experience where they can complete a purchase without leaving their home. Financial institutions and lenders are not immune to this change in demand, and it's necessitated a shift in our focus. In the past, lenders relied on good interest rates or low fees to attract customers. Now, consumers opt for lenders offering the speediest, most convenient experience, while still expecting comparable prices and rates.As Chief Lending and Retail Officer at SECU, the largest credit union in Maryland, I've seen financial institutions adapt to give consumers the simple application process they want. Technology allows financial institutions to provide convenience, new forms of communication, and greater consumer control. ConvenienceConsumers are accustomed to browsing products online, check out with one click, and having deliveries on their doorstep before they come home from work. When the product you're selling is a loan, it's no different. Today's consumers want a loan that offers the most painless process, and technology has helped to fill that need. At SECU, for example, our consumer loan decision process is automated so that it feels more streamlined for the consumer. Before, loan applications required applicants to dig through old paperwork and submit pay stubs and W-2s to validate financial information. Now, data services can fill in a lot of information, reducing the number of initial documents that the consumer needs to provide. By gathering information on the back end, so the consumer doesn't have to, we save them time and energy, making the process feel faster and more seamless than before.Communication Technology has also changed the way we communicate with our members. Communication isn't necessarily face-to-face anymore, so financial institutions need to find new opportunities to create a connection with the Kevin Kesecker
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