loan servicing software community bank small business


The defi Team 3rd party integrations, Automation, defi CONNECT, defi INSIGHT, Digital Loan Documents, Simplifying Processes

loan servicing software community bank small business

What if you could respond to well-qualified applicants within seconds? Bring in new borrowers any day of the week, day or night? Put financing in the consumer’s hand, even if they applied only minutes before? Mobile auto financing software is making these scenarios a reality. 

Lenders of all types and sizes can benefit by bringing their services to the mobile devices of millions, greatly increasing the opportunities to book loans. These millions of consumers will also benefit from being able to initiate loan originations at any time without the delay of paper-bound processes. With this software, both lenders and consumers experience greater loan origination efficiency. If your loan origination software doesn’t yet support mobile auto financing, the information below explains how you and your aspiring borrowers can benefit from these capabilities. 

Mobile Auto Financing Software: Look for These Capabilities 

Mobile auto financing software designed to meet the needs of today’s consumers provides convenience, speeds decisions, and enables motivated consumers to submit loan applications anytime, anywhere

Consumers may have started their car buying journey with online research weeks before they’re ready to purchase; or they may have been monitoring local sources for a particular make, model, and year. They may have even been driving by a dealership and a “must-have” deal caught their attention. 

Regardless of their timing or motivation, mobile auto financing software boosts your chances of capturing these lending opportunities through:

  • A mobile-responsive design for the most popular mobile devices and platforms (iOS and Android) to ensure that the loan submission runs smoothly, regardless of screen dimensions.
  • Streamlined mobile process that uses display logic to present information and prompts in an intuitive, easy-to-understand manner.
  • Allowing an applicant to jump in and out of the online process without the solution losing their data.
  • Menu-driven configuration and customization to reflect the lender’s unique loan submission process and brand identity.

As convenient and straightforward as a mobile auto financing application might be, some applicants are sure to have questions about the submission process. Mobile applications should include lender-developed FAQs and integration with the lender’s chat provider to answer these questions in real-time. 

ID card, wallet, and check

If documentation such as driver’s license, proof of residence, pay stub, or other stipulations are required as part of the submission, a mobile auto finance application supports the quick capturing and uploading of these documents using the mobile device’s camera. 

Automation Facilitates Rapid Decisioning

Behind the scenes, cloud-based loan origination software takes the mobile loan submission information and applies decision rules, workflows, and integration with cloud-based lending information services to review the application. In the case of a well-qualified applicant, a decision is reached in seconds—without the need for underwriter review—and the applicant is sent an electronic contract with terms and conditions. E-signature capabilities facilitate quick review and confirmation of the loan. 

If the application requires review by an underwriter, a workflow automatically moves the application into the proper queue. Automation employed at every step of the loan origination process accelerates decisioning to help boost your chances of booking the loan. 

Consumers Expect a Mobile Auto Financing Experience

The astounding growth of mobile commerce—where nearly any transaction can be initiated via mobile devices—is largely attributed to the benefits realized by both parties in any given transaction. Likewise, both consumers and lenders benefit from a mobile loan origination process: 

Benefits for ConsumersBenefits for Lenders
Anywhere, anytime ability to submit an auto loan application without the delays typically associated with a paper-dependent process.Increased lending opportunities as a result of greater convenience in auto loan submissions.
Rapid response gives motivated consumers the confidence to move forward in the car buying journey. Accelerated decisioning provides quick responses to motivated consumers and boosts the chances of capturing loans. 
Real-time support helps ensure a smooth loan submission process.Reduced loan origination costs as a result of an entirely digital origination process and cutting-edge automation capabilities.

Consumers have come to expect a mobile auto financing experience. If you’re not already providing these capabilities, the key benefits summarized above may help make the case for the investment.

Mobile auto financing begins with loan originations. Learn how you can continue the experience with mobile loan servicing by watching this 5-minute overview: Connecting to your Customers, Anytime, Anywhere

Getting Started

defi SOLUTIONS’ mobile auto financing products—defi CONNECT ORIGINATIONS and defi CONNECT SERVICING—seamlessly bring together borrowers and lenders. defi CONNECT integrates with defi’s scalable, end-to-end platform for loan and lease originations and servicing. If you’re missing the lending opportunities made available by mobile auto financing, take the first step to address that gap. Contact our team today or register for a demo.

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