5 reasons to integrate your consumer & mortgage lending

To thrive in today’s economy, financial institutions (FIs) must prioritize delivering personalized offers on the products and services that consumers need precisely when those services are needed.

Unfortunately, many banks and credit unions house data about products, such as consumer and mortgage loans, in departmental silos, resulting in lost cross-sell opportunities.

Operations such as these may also cause FIs to lose money and accountholders. When loan officers within each department are only interested in increasing the sales of their individual products rather than enabling the sale of multiple lending products across their institution, money gets left on the table. What’s more, this approach can even lead to vastly different consumer experiences within different loan types, creating the potential for confusion and frustration.

Meeting today’s borrower expectations and needs requires an innovative approach

Although banks and credit unions are positioned to offer efficient loan products and services to consumers, they need an effective strategy to break down silos and reach borrowers where they are on their financial journey to truly compete in the current economic landscape.

 

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