Contactless Lending is Here to Stay - Here's What You Need

Contactless payments were already on the rise, but now the trend has rapidly accelerated amid the coronavirus pandemic. According to Mastercard, more than half of Americans are now using some form of contactless payment.  

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Financial institutions still want to offer services with a “human touch” – but actual touching is out of vogue these days. Face-to-face meetings, handshakes, and manual paperwork are so 2019. Bring on the responsive digital service, delivered quickly, conveniently and securely to any location!

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The contactless trend isn’t just for point-of-purchase payments. As it works its way steadily through the ecosystem of financial services, an entire real estate transaction can now be safely completed digitally – even closing!

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There are obvious health and safety reasons propelling contactless adoption right now, but we don’t expect it to lessen once the public health emergency passes. Contactless financial solutions are simple, fast, and more convenient for borrowers, and they are vastly more efficient for lenders, too.

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So, lenders can serve more borrowers with less effort through a digital process preferred by both borrowers and staff? Maybe there are a few bright spots to be found this year

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Here are the key tech tools needed to implement a totally touch-free and ultra-convenient lending experience:

• Digital mortgage application
• Automated underwriting approval
• A digital lending platform
• Electronic document collection
• Automated valuation models (AVMs)
• Digital data integration
• Digital loan documents
• Remote online notification (RON)

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If your institution is ready for a digital lending platform that streamlines the lending process through a single hub, contact the team at LenderClose. We’ll show you how easy it can be to shorten your lending cycle and create the exceptional experience borrowers today are looking for.