Why Borrower Satisfaction Is So Important
Let’s begin by taking an in-depth look at why borrowing satisfaction is crucial. It’s not just about lending money, but also keeping your customers happy.
If you structure your lending and run your company in a manner that is favorable to the borrowers and makes them happy with their experience, they’ll be more appealing to the initially appealing. It means that you’ll draw more applicants , and ultimately many more potential clients.
Trust and cooperation.
When borrowers feel at ease with their financing arrangements, and feel comfortable with your company They’ll display greater confidence and cooperate throughout the loan process. This may result in faster responses and providing more detailed documentation, and providing assistance when required. All in all, it results in much more efficient borrowing.
reviews as well as reviews and.
Happy customers are less likely to post favorable reviews, and possibly, glowing reviews. With an increasing number of happy customers your company will gain an improved and more reputable reputation and eventually secure more contracts with more customers.
Don’t forget that your most loyal and satisfied customers could take things a step further, recommending your financial institution to their friends and family members. The power of word-of-mouth marketing remains a effective tool to grow your business.
How to Make SBA Lending Better for Borrowers
So , what steps could you take to improve borrower satisfaction and to make SBA lending more appealing overall?
Utilize a better loan origination program.
The first step is to upgrade the software you use to originate loans. The software for loan origination assists you with all kinds of tasks that are related to lending including the creation of the borrower’s account on your site to managing applications at the back end. A better software will result in higher efficiency, a more pleasant user experience, reduced time, and more convenience for your clients. It’s definitely worth the investment.
make applications easier and more understandable.
Loan applications can determine the outcome for potential borrowers. If they are required to endure a lengthy and complicated process to provide simple information, they might be dissatisfied with the whole process. If you can, simplify your forms and make them simpler to comprehend, making it easier to fill them with a lesser period of time.
Whenever customers or potential customers contact you to inquire about your services, you should make it a priority to respond as fast as you can. Responding within 24 hours, or better yet in less than an hour will let customers know that they are valued and will speed up your interactions and processes. This is crucial when you’re talking to prospective customers or introducing customers in the first instance. with no first impressions that are positive your message could be in limbo.
Avoid any jargon.
Jargon can kill your message – and in some instances, reduce your chances of gaining the attention of a potential customer. When explaining the conditions and terms of various loans, or answering questions from customers, try to be as concise as possible , and avoid technical language. Remember that the majority of your clients are small – and mid-sized business owners who might not be knowledgeable about the specifics of lending to small-sized businesses. While you’re there, make sure to address as many inquiries as you can and give full, comprehensive and truthful answers.
Speak with empathy (when suitable).
At various stages of the process you might be required to provide negative news, for example, telling applicants that they’re not qualified for the loan they’d like. If this happens you should be able to sympathize with the customer. Make sure you focus on building relationships more than just winning business and always assist clients in understanding the alternatives available to them.
Gather the feedback of your customers.
Start collecting feedback from the borrower in the event that you aren’t already doing it. In the course of and following your arrangements little surveys will help identify the best practices and what’s wrong. Your customers could even suggest improvements in your loan policies as well as procedures.
The best SBA lenders are those who continuously change. They are always learning new techniques, improve their processes and systems, and finally, they make their customers more satisfied.
Partnering in conjunction with SBA as well as business owners in tandem allows you to reduce your financial risk while also empowering the small business in your community. This is an ideal win-win situation for all parties. You’ll be able to reap the most value from this arrangement and make your clients happy, when you pay close focus on the aspects which will improve your overall experience.