In so many ways, the technology a business uses is fundamental to its success or failure. We need only look at high-profile tech outages in the news to understand the ways in which software solutions, in particular, can have an enormous impact on day-to-day business.
That impact isn’t always as dramatic as grounded flights and closed-down banks; it can be something as simple as a failure to get as many consumer finance approvals and generate as much revenue as you would like through your consumer finance program.
Often, people tend to think of issues with their consumer finance program as being tied to the nature of financing itself. But the truth is that finance programs can be seriously improved through innovation, and outcomes in financing are not fixed or inherent to financing as a whole.
Simply put, if you’re having trouble getting consumer finance approvals, the problem might not be with your business – it might simply be a gap in your technology stack. Outdated or poorly-integrated technology can hamper an otherwise healthy consumer finance program or make a mediocre one truly poor. On the other hand, with the right technology on your side, you can get more approvals, close more deals, and turn an ailing consumer finance program into a powerful revenue booster. Ready to learn how? Let’s jump right in.
Consumer finance is a numbers game. The more customers you pitch financing to, the more customers will apply, the more approvals you will get, and the more deals you will close. That’s assuming, however, that everything goes smoothly along the way. If you are running your consumer finance program based on outdated technology, you probably won’t enjoy all the benefits of consumer financing that an optimized program would deliver.
Take the application process, for example. If you or your team members are having to manually reenter application information for every lender for every customer, that is a huge efficiency drag over time. Likewise, having a network of lenders that you don’t have serious reporting on and whose performance you can’t properly evaluate is akin to flying blind. You need strong reporting technology to inform your decision making around both specific finance process and your customer finance program as a whole.
We mentioned the negative impact that poor finance process efficiency can have on your consumer finance program, but it’s important to remember the human outcomes as well. When your consumer finance process is slow and difficult, it will absolutely give customers a negative impression and decrease customer satisfaction over time. Even if you manage to close the deal, you may very well leave the customer with a poor taste in their mouth, which could negatively impact return business.
With the right consumer finance automation solution, you won’t just improve the financing process, you will also make it a better experience for both your team members and your customers. The satisfaction of customers and employees alike is of critical importance to any business in practically any industry, and that means this factor is one that simply cannot be ignored.
Last but most certainly not least, the right consumer finance technology will help you boost revenues. At the end of the day, that’s what getting more customers into the financing flow and getting more approvals is all about. By making the most of the many benefits of a consumer finance process automation solution like FormPiper, you will deliver a boost to your company’s bottom line by closing more deals and keeping your customers coming back for more.
It’s not just about speed, reporting, more approvals, or even having the right lending network – it’s about ensuring that all of those different elements come together to help you boost your company’s revenue and stay one step (or two, or three) ahead of the competition while keeping your customers and your team members happy. That top-to-bottom improvement of your financing program to put more money in your pocket is exactly what FormPiper delivers.