Per Automotive News, 2018 vehicle sales, with few exceptions, continue to disappoint. There are many reasons for the sales plateau. The takeaway for lenders is that to effectively compete and grow your portfolio, you’ll need to capture a greater number of loan applications. That means capturing auto loan applications via mobile devices. There are compelling reasons to pursue this strategy, including widespread mobile device adoption and borrower demographics. Let’s look at how configurable mobile auto loan applications can help you increase capture rates.
Growing Use of Mobile Devices for Business Transactions
With the widespread availability of mobile connectivity and the proliferation of mobile devices, nearly every company realizes the necessity of offering products and services via mobile. If you don’t have a mobile strategy, your future will likely be similar to brick-and-mortar retailers who failed to recognize Amazon as a threat.
Millennials Are A Prime Market Segment
Despite the lackluster 2018 vehicles sales, millennials actually contributed significantly to sales of new vehicles. Millennials have enthusiastically embraced mobile. Pew Research indicates 92% of millennials own a smartphone, and older market segments are increasing their use of mobile devices. If you want to reach these important market segments, you need to have a mobile strategy. However, to be successful, your mobile auto loan application needs to be tailored to the needs and expectations of mobile users.
Configurable Mobile Auto Loan Applications
Your website’s auto loan application process brings thousands of submissions that generate a lot of business and build your portfolio. However, you can’t assume the submission process will work equally well on a mobile device.
With legacy loan origination systems, custom development or modification of system functionality typically required time-consuming, costly coding. In today’s market that’s no longer agile enough to meet market needs.
You need to use technologies and methods to create a user experience that intuitively takes a prospective borrower through the application process. Configurable mobile auto loan applications—not coding—offer the quickest means to capture loan submissions via mobile devices.
Technology and Functionality You Need
The best user experience for mobile auto loan applications incorporates REACT technology, developed specifically for building user interfaces. Menus allow you to configure the functionality of the mobile auto loan application, tailor the interface to reflect your brand, and create the ideal mobile auto loan application to increase capture rates.
Configure Forms And Fields To Capture Information
A modern loan origination solution provides a WYSIWYG development environment for configuring mobile auto loan applications. Wizards step you through the process of determining the layout of the essential forms and the fields you want to capture. For example:
Borrower: Name, address, date of birth, social security number, etc.
Employment: Employer, occupation, employment status, years employed, income, etc.
Vehicle: Make, model, year, VIN, etc.
There’s no need to code. Just select options from the configuration menu and determine the layout of the mobile interface.
Optimize The User Experience
Configuration menus make it as easy as possible for applicants to provide required information.
- Display logic determines which fields are displayed, base on the loan application type or values of previously entered data.
- Customized (to your lending process) drop-down lists enable applicants to quickly provide accurate information.
- Information is verified and validated using masking, minimum values, maximum values, rules, and integration with external data sources to ensure accuracy and ensure an efficient origination process.
Configurable mobile auto loan applications eliminate the cost and delays of coding and enable rapid creation of an intuitive mobile user interface for effortless submission of loan applications.
Preview And Fine-tune The Process Before Going Live
To ensure it all works as you envisioned, preview the entire process using simulated mobile devices. If you need to make any modifications, configuration menus enable you to quickly make changes and verify the interface, process flow, and overall usability.
Configurable Mobile Auto Loan Applications
Trends clearly indicate the necessity of providing a mobile means to capture auto loans. Lenders could take the path of least resistance, letting applicants access their website via mobile devices and submit applications. However, savvy lenders will invest the time and effort to provide a user experience optimized for mobile devices.
Lenders who have yet to adopt a mobile strategy can accelerate delivery of these capabilities with a loan origination solution that uses configuration to rapidly develop, test, and continually improve their ability to capture auto loan applications via mobile devices.
defi SOLUTIONS loan origination software experts would welcome the opportunity to show you how you can increase your capture rates using configurable mobile auto loan applications. Take advantage of the opportunity to address the needs of mobile borrowers by contacting our team today or registering for a demo of defi LOS.
Get in touch with us today and get a demo!