Independent Banker - July 2020 - 25

Below, experts share their best practices for
crafting a stellar UX for mobile lending.
1
Think " intuitiveness " and " ease of use "
" Really good design comes from a place of
empathy, " says Steve Hoke, Finastra's vice president
of product management, consumer and
small medium enterprises (SME) lending, who is
based in Madison, Wis.
Hoke says there are many ways to minimize the
number of form fields required for a transaction.
Providing the information necessary to apply
for a car loan might take only five minutes when
users supply the VIN for the car and a few other
key pieces of information, he adds. Meanwhile,
even the mortgage application process can be
streamlined by prefilling income, asset and liabilities
from credit reports and third-party sources.
Bossi has found that " when a client is ready to
make an application, they expect to complete the
process in a digital environment in one sitting,
with as few follow-up tasks as possible. " She continues:
" Offering the client the ability to connect
with employers and other financial institutions to
electronically obtain application documentation
is convenient and one less step that the borrower
must take for every connection made online. "
Leave breadcrumbs for the user
It's critical to explaining the scope of the
loan process and then indicate an applicant's
progress. " I like to say,
2
'Whenever possible,
provide technical web breadcrumbs for the workflow
process that indicate status and progress,' "
Agarwal says, adding that users appreciate when
questions flow along an intuitive path, with similar
types of questions grouped together.
Bossi points out that most applicants using
OceanFirst Bank's online portal are working with
an OceanFirst loan officer who has already outlined
the application process and listed document
requirements. Even so, when a prospective applicant
goes directly to the portal, they will find a
list of items required to complete an application.
3
Assign codes rather than insisting on a
formal login
Many users prefer not to create a user ID and
password before initiating a mobile loan application,
Agarwal says. A better option, he suggests,
5
Quick stat
65%
of recent loan
applicants report
using computers
or smartphones
to complete
some of the
application
Source: 2019 Fiserv,
Inc. survey
Watch trendsetters
Chris Cox, chief operating officer of Apiture
in Wilmington, N.C., says bestselling tax preparation
apps exemplify how to walk consumers
through thorny financial forms. " Community
banks can use successful digital businesses as a
model for what is possible in banking, " he adds.
Cox recommends learning from online pioneers
outside financial services. As an example,
he cites Uber, which provides a model of transparency
by illustrating how long customers will
wait by showing the cars they ordered progressing
along a map.
" In a multistep process like loan approval, you
need to make the status of the process obvious
to the customer every step of the way, " Cox says.
" Knowing what's going on makes the customer
feel more comfortable. "
independentbanker.org Q 25
" I like to say, 'Whenever
possible, provide
technical web
breadcrumbs.' "
-Samir Agarwal, Wolters Kluwer
is assigning each applicant a six-digit code similar
to the combination of numbers and letters
airlines use for reservations through secure
transmission until the application transitions
to a formal origination. A community bank may
then follow up with an email to confirm the code
and allow users to return to their applications at
a later date.
4
Use smart technology
Software can be designed to tailor future
questions based on customer answers. For
instance, Bossi notes, if an applicant says they're
purchasing property alone, then any further questions
about co-borrowers should be excluded.
Agarwal explains that smartphone tools, such
as a camera, can make applying for a loan quicker
and easier. Users can snap a picture of a pay stub
and submit information from that photo electronically,
for example.
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Independent Banker - July 2020

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