Customers expect open communication in commercial lending

Mark A. Blosser, Michael Budinger, Cullen Hunter
Customers expect open communication in commercial lending

For financial services organizations, maintaining consistent communication and collaboration is an expected part of the customer experience. However, complexities in commercial lending communication often limit the banker-customer relationship.

These limitations aren’t something organizations should overlook.

Disconnects in commercial lending communication can lead to missed opportunities.

Disconnects in commercial lending communication can lead to missed opportunities. - Enhance insights into customer operations

Commercial lending often operates in a more traditional and customized manner than the more standardized and automated world of consumer lending. Loan officers might meet with business owners to determine their financial needs, but much of the process is conducted without providing insight to borrowers.

This type of relationship constrains the flow of information between lenders and customers. It can also lead to processing delays, increased frustrations, reduced trust, and lost opportunities for providing further or upsold services.

Furthermore, people can only communicate so much without assistance. As the number of loans individual loan officers must manage increases, the more challenging it is for them to keep track of customer engagement at a level that satisfies customers.

Consequences of missed, constrained, or overwhelmed communication capabilities include:

  • Borrower uncertainty. Business owners have many questions, including what information is required, when they can expect their loans to be approved, and when they will see the funds they requested. If your organization isn’t providing answers promptly (or before questions are even asked), then you could be leaving customers in an anxious position.
  • Submission delays. Borrowers want to provide the required documentation to move a loan underwriting along. If they don’t have clear instructions on what documents to submit and a quick and easy means of submitting those documents, then confusion, delays, and frustrations can easily mire the commercial lending process.
  • Repetitive requests. Is your organization asking customers for information they already supplied because your internal departments aren’t on the same page? Are your team members frequently asking for bits and pieces of information instead of receiving everything at once? Returning with multiple requests can test customers’ patience.
  • Lost business opportunities. Engaging with customers beyond the usual points of contact can provide enhanced insights into their operations and uncover opportunities to offer extended services and serve additional funding needs. If, for example, customers are only contacted as a loan matures and not six months before, you might be leaving revenue and portfolio growth on the table.

Constricted communication between a commercial lender and customer can cause trouble in every part of the commercial lending process, including initial sales and onboarding.

Standard customer collaboration systems often won’t cut it. You need more.

Standard customer collaboration systems often won’t cut it. You need more. - Build valuable connections with customers

Convenient, open communication between commercial lenders and customers is essential to an efficient commercial lending process, but many customer collaboration systems aren’t fully equipped to help banks easily share information in both directions. Many systems are focused too intensely on aiding lenders but leave customers in the dark.

Implementing a system fully focused on customer collaboration can provide commercial lenders insights into when and how they can connect with customers and help them more efficiently access the information they need.

A customer-facing portal can provide a valuable digital connection between customers and loan officers. Customers can see the information they must provide and deliver it more quickly and securely than through email or hard copies.

A collaborative platform can also help loan officers and connected departments cooperate more efficiently. Staff responsible for customer service, underwriting, and other tasks in the commercial loan process can access the same information, which helps reduce delays, redundancy, and other pain points that are often passed on to customers.

Our customer collaboration system builds a stronger two-way connection between commercial lenders and borrowers.

Our customer collaboration system builds a stronger two-way connection between commercial lenders and borrowers. - Increase customer engagement and improve experience

Our enhanced commercial lending customer collaboration system goes beyond standard customer management to provide both increased customer engagement and an improved customer experience overall.

Crowe specialists have deep experience implementing commercial lending solutions for a wide range of financial organizations. We understand the pain points commercial lenders have with customer communication, so we created a technology solution that makes it easier for lenders and customers to make contact and receive the information they need.

An enhanced commercial lending customer collaboration system can eliminate common sources of frustration and yield more opportunities for lenders and customers. And an intuitive interface can keep collaboration simple and more convenient for everyone involved.

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Ready to learn more? Get in touch to learn more about how we can help you improve communication throughout the commercial lending process.
Mark Blosser - Large
Mark A. Blosser
Partner, Financial Services Credit Leader
Michael Budinger - Large
Michael Budinger
Principal, Financial Services Consulting
Cullen Hunter
Cullen Hunter
Financial Services Consulting