Aiming to enhance consumers’ lending experience, as well as FIs’ lending business, omni-channel, mobile banking provider Mobilearth has launched its mobile digital lending application that allows consumers to complete the application process in about seven minutes on their smart phone or tablet – never having to step foot in the branch.
Mobilearth’s automated mobile app features 'upsell' capabilities, instant credit check, ID scanning (driver’s license), auto decisioning, digital signatures, and more.
According to Mobilearth CEO Tia Lee, the mobile digital lending app empowers bank customers/credit union members with the capability to make their own choices throughout the application process. The only task an FI employee has to do is handle the possible upsell opportunity - such as offering a bigger loan than originally requested.
Lee explains the process, starting out with a pre-qualification screen allowing a Credit Service Bureau to verify your identity through your credit history to confirm whom you say you are. The member/customer then provides income verification, taking a photo of a pay stub. They accept terms and conditions and push send to their FI.
On the credit union/bank side, the application comes in alerting the employee with all of the consumer’s information. Upon confirming how much can be approved, the upsell opportunity occurs that allows the FI to increase its business from the original request and based on the funding limit.
The consumer can either accept the upsell or proceed with the original request, which informs the employee to make necessary changes or proceed to approval. The application can be saved and approved.
“This process takes about seven minutes for the member and five minutes for the employee,” Lee says. “And best of all, nobody has to step foot in a branch. We also see this process ideal for opening checking and savings accounts.”
Once the application is marked approved, the next time the customer/member logs into the app, they will be able to complete and fund the loan by signing their loan documents. Legal documentation, picture of check, and the digital signature can all be reviewed and completed on the mobile device. The docs are sent via email and the approved loan can be funded within 24 hours.
“This enhanced mobility is where everything is going,” states Lee. “Even the bank or credit union employee can approve an application from anywhere. It’s really a next-level solution that makes everybody’s lives more efficient - especially in a process that previously took days and stacks of paper to complete.”