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LenderHub

SWBC's LenderHub blog is a one-stop resource for lenders.

 

Recent Posts

The Benefits of Implementing Debit Card Payment Options

Companies in every industry have had to adapt to growing consumer expectations for financial interactions that are fast, easy, and secure. Experiences with online retail firms like Amazon have conditioned consumers to expect a seamless payment process where debit or credit cards can be used with the click of a button from any device—or even activated through voice commands. That retail experience has evolved into strong bill payment preferences that have influenced how consumers want to manage their loan payments.

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Increase Borrower Satisfaction Through Payment Convenience

Imagine a world where ‘It got lost in the mail’ is no longer a viable excuse for late or missed payments. Not only is payment processing an essential operation for any business, it is also a point of contact that directly correlates with customer satisfaction. If there was a way to increase borrower satisfaction by tweaking your payments process to a more convenient model, would you buy in?

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How Payment Preference Should Dictate Payment Acceptance

Think back to a moment when you’ve left a restaurant, a hotel, maybe a store, and you witness a high-quality customer experience. It could’ve been a small detail or several small details, that when added up provided you, a very different experience. It’s these little experiences more and more retail shops are embracing to stand out from the crowd. The demand for high-quality experiences has spilled over into the financial services market in recent years, thanks to increased competition from traditional and non-traditional financial institutions. Now, more than ever, consumers have a wide range of banking options including loan payment options.

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How to Deploy an Omnichannel Payment Strategy

Being in the payment industry for well over two decades, now, more than ever, we are seeing consumer experience and the demand for self-service solutions causing significant growth in online and mobile payments. Particularly, in the last year, we’ve seen self-service channels are growing at about three times the rate of “agent-led” calls.

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How EMV Technology Affects Financial Institutions

We hear a lot about EMV technology these days. In the U.S. alone, 13,000 U.S. financial institutions issue EMV-enabled cards and 450 million EMV cards were in use as of last year. EMV technology—which stands for Europay, Mastercard, Visa, the developers of the chip technology—was created to help reduce card fraud, which was a growing threat every year.

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What Financial Institutions Need to Know About Artificial Intelligence (AI)

Artificial intelligence (AI) is quickly becoming a commonly used term for financial services firms around the globe. The phrase—AI—tends to make some people tremble in their shoes as they feel we’ll have an apocalyptic situation on our hands where robots take over the world. Aside from the Steven Hawking and Elon Musk doomsday predictions, AI’s place within the financial services world is meant to pull together multiple technologies to analyze data, foresee solutions, and make decisions.

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Develop an Omnichannel Experience that Delights Your Customers

It's really quite something when you realize that 77% of Americans now own a smartphone, and 88% of U.S. adults use the internet, according to a late 2016 Pew Research survey. Continuing to round out media devices—more than half of all Americans own a tablet computer, which is an increase of 48% in just six years. Why are these stats important to you as a financial institution leader? It means that your customers can, and do, interact with your institution in a multitude of ways. Many of those channels are technology-driven and customers relish in the availability of multi-channels–providing them the flexibility to utilize the best option based on their needs at any given time.

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Essential Tips for Accepting Loan and Credit Payments Online


As consumers continue to move toward a completely digital life, they are embracing different forms of online billing and ways to accept payments, including EMV or chip card use, and an increase in mobile connectedness. Customers use an average of 3.6 different payment methods each month for their bills, according to the 2016 Annual Billing Household Survey. Mobile payment use increased dramatically, with 33% of online households reporting to have paid a monthly bill through their mobile phone, a 22% increase compared to last year’s survey. 

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Integrating Payment Reconciliation with Your Core

Payment processing options and consumer convenience are all the rage these days. You can barely peruse a lender trade publication or website without reading about the growth of Fintech and financial management applications and how they will ultimately affect the relationship account holders have with their financial institutions.

And, these are things we should be talking about. Technology and changing consumer expectations will have an impact on traditional financial transactions, and lenders have to be prepared to meet this consumer demand or risk losing engagement with a future generation of borrowers.

However, financial institutions should not lose sight of the implications that deploying new payment technology can have on their back-end operations, processing, and bottom line.

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4 Things Consumers Expect from a Payments System

Consumers are empowered to do almost everything themselves online or via mobile—from comparing prices to checking in at the airport. Where there’s a will, consumers want a way, and that includes procuring their own customer service in the fastest, most convenient way possible. Here are a few things your financial institution can do to ensure you are meeting today’s consumer preferences and needs.

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