From Paperwork to Precision: Coviance Point of Sale for Proactive Lending

If a homeowner today wants to apply for a home equity loan from their local credit union or community bank, they have to set aside an afternoon to apply. They most likely have to gather up all their physical documents, travel to the physical branch, wait for an available loan officer, and manually walk through the application process. They may have to come back with additional documents. Then, after all documents have been consolidated and the application is officially submitted, they still have to wait days to learn if they’ve been approved or not. 

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But that’s not the experience today’s borrowers expect. Millennials and Gen Zers, who now make up the largest population segment in the US, care about a winning digital and customer service experience. Three quarters dislike going to a physical branch and 82 percent would switch institutions for a better digital experience. The misalignment between member expectations and the lending experience can drive borrowers away.

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That’s why Coviance is modernizing the lending process and empowering credit unions and community banks with a digital, automated experience. Coviance simplifies the lending experience with a digital loan application that scales from desktop to mobile with the Point of Sale. Not only can borrowers apply for a loan and see their tailored loan options in minutes, lenders easily see their most favorable candidates to improve pull-through rates.

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The Coviance Point of Sale: Seamless, Easy Loan Applications

Coviance turns manual processes into automated loan origination experiences for borrowers and lenders alike. From the borrower’s perspective, applying for a home equity loan becomes as easy as navigating to their institution’s website. Borrowers provide minimal information and Coviance Point of Sale instantly provides a soft credit offering and loan options for fixed rates or line of credits. Borrowers can easily sort or filter through their different loan options and can opt to learn more about them. Or, if a borrower doesn’t like the presented options, they can enter a custom loan amount. Either way, they can submit the application within five minutes of landing on their institution’s website.

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From the lender perspective, the process is automated and straightforward. Once an applicant fills out their basic information, the Coviance platform automatically marks it as a lead. Lenders can easily review applications, even if they aren’t fully finished, and qualify candidates based on their institution’s unique policies and rules. 

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Through this process, lenders gain the advantage of:

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• Dynamic Loan Process. Implement Coviance’s Point of Sale in less than a day to close loans faster. The solution connects to loan origination systems, such as MeridianLink, to connect the entire process from end to end.
• Proactive Lending Experience. Minimal information is needed from borrowers to apply for a loan, leading to greater confidence and engagement with your brand. And, the proactive experience allows lenders to be more hands off and let Coviance do most of the hard work.
• Simple Applicant Qualification. The solution enables lenders to effectively capture leads and target interested applicants to grow the lending portfolio with precision. 

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An Entirely Digital, Automated Lending Experience

Coviance Point of Sale is only the first step in the entire digital, end-to-end lending process through the Coviance Lending Experience platform. After the application, accepted borrowers are encouraged to set up their Borrower Portal through Coviance to see outstanding steps and submit documentation through the digital interface. Lenders coordinate with borrowers through the portal to approve documents and ask for clarification. Real-time lender notifications automatically assign tasks based on the property data, and the borrower and lender can communicate through email or text. And thanks to Coviance’s connectors, the data flows seamlessly between Coviance and the LOS.

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To see Coviance Point of Sale in action, get in touch with a member of our team.