Lightico for Bank Loan Origination

Loan origination tends to be a cumbersome, messy process. Banks and credit unions find themselves chasing borrowers for missing supporting documents and information, resulting in wasted time and overhead costs. With Lightico’s Digital Completion platform, financial insitutions can quickly and seamlessly complete the customer-facing side of the origination process.

Challenge: Slow Loan Origination

Slow loan origination processes are a pain — and costly. Lenders waste time chasing borrowers for missing documents and signatures. Most consumers do not carry proofs and stipulated documents with them, which delays the time to funding and breaks the journey. Customers suffer from ambiguous and opaque origination processes. This lack of visibility negatively impacts NPS and can lead to application abandonment. Even if the applicant ends up completing the loan process, they will remember whether the bank served them efficiently or not — and this will influence their choices next time they need to take out a loan. According to Raddon Research, nearly 40% of small businesses choose a lender at least partly based on anticipated “speed of approval.” Currently, banks aren’t providing sufficiently streamlined loan processes. A Lightico study found that 47% of borrowers feel it is either “difficult” or “very difficult” to apply for a loan.

Solution: Secured and Instant Document Collection and eSignatures

Lightico’s platform allows banks and credit unions to quickly and easily collect signed documents or missing documents straight from the customer's chosen device, in order to complete the loan package. All capabilities fit into a single automated workflow. During a live and encrypted digital session (either self-service or with a remote agent), customers can:

• Upload documents and stips in seconds using their cellphone camera
• Submit their details via smart forms based on conditional logic
• Verify their identity
• Collect missing eSignatures, including from multiple borrowers

With this platform, lenders slash time to funding, while improving the customer experience and keeping fraud out. On average, lenders reduce their “time to collect” by an average of 90%. This allows the business to scale without needing to grow the team size. Fewer touchpoints are needed, there is no need to chase customers, and customers are happier.

Lightico’s Customers Have Seen Success

Lightico counts among its customers multiple lenders including Happy State Bank, Westlake Financial, and Quality Acceptance. On average, lenders have experienced:

• 50% faster loan package completion time
• 73% of interactions completed within 5 minutes
• 92% session completion rate

“Since implementing Lightico’s solution, we’ve been able to accelerate funding turnaround time thanks to automated workflows. This has enabled us to speed up the customer verification process and provide service excellence to thousands of customers across the USA.”

Dennis Morris, COO of Global Lending Services

The Bottom Line: Originations Beyond eSignatures

With Lightico, it’s easy for financial institutions to automate their customer-facing originations journeys. eSignatures, eForms, document collection, ID verification and more come together in a single automated workflow. Companies can stop chasing customers for missing documents, and start approving loans faster. To learn more, visit Lightico.com.