Dorothy Chan

By Dorothy Chan SVP, Software Engineering

Consumers have increasingly high expectations for digital experiences due to current rapid advances in technology. While depositing a check via an app or making a direct online payment previously sufficed for world-class CX, today consumers want you to anticipate their needs and provide immediately customized solutions. As a result, financial institutions must innovate to meet accelerating consumer demands and sort through available technology to help them succeed.  

The use of Artificial Intelligence (AI) is one area helping lenders remain at the tech cutting edge while improving outcomes for all borrowers. AI can make credit risk assessments more accurate and balanced by preventing unintentional bias or help avoid discriminatory practices. Traditional assessment methods can result in higher rejection rates for under-represented applicants, but through AI, financial institutions are much better positioned to deliver a fair lending ecosystem. 

How LendKey and AI help Lenders 

LendKey is also helping create an ideal consumer journey using AI and machine learning. Leveraging AI platforms allows LendKey to quickly identify a consumer’s intent based on demonstrated behaviors and determine appropriate follow-up actions. Does the consumer have intent to close, or are they just looking around? In these instances, AI with machine learning provides those who want to close with necessary support, while those still in the browsing stage are left alone until a behavior shift is identified. 

Lenders are more efficient and accurate with targeted follow-up and greatly reduce the number of hours spent on phone calls or emails. Focused resources result in faster completion of the lending journey and a superior experience for everyone. 

Why is user experience so important? 

LendKey understands the critical importance of the applicant experience because we represent our lending partners during the origination process and throughout the life of the loan. We have proven that positive interactions strengthen the relationships our partners have with their consumers through a more targeted and efficient lending process. 

While user experience once took a backseat to other aspects of the lending journey, it’s now possible to understand and more easily capture user experience metrics. These insights have shown over time that user experience alone can determine whether you close a deal with an applicant, or not. For instance, 73% of companies that provide an above-average user experience perform better financially than their competitors1. Additionally, financial institutions that deliver superior user experiences achieve 5.7 times more revenue than competitors that do not. An approach that combines AI with machine learning also minimizes acquisition costs by mapping resource and effort to the true “business value” of each consumer. 

LendKey is driven every day to continually develop new, innovative, low-risk solutions for hundreds of banks and credit unions. We strategically leverage technology investments like AI to propel your business growth and provide superior consumer service, quicker conversion rates and higher loan volume.