Today, more people are spending more of their time online than at any point in history. They're on their phones, tablets and computers for both professional and personal reasons, and modern consumers want the same convenience that they're used to online whether they're picking out groceries, looking for the right insurance or browsing for their next car.
The good news is that consumers are more ready to buy than ever. Armed with powerful financial tools and the world's information at their fingertips, it's true that just about anything can be obtained with a tap or a click, and as more products and services make the jump online, you can expect expectations to follow.
For auto lenders, it's become critical to match the expectations of consumers and to evolve internal processes with auto title loan software that streamlines and organizes everything you need to run your business. From how loans are originated to every step in the lending process, the right auto loan software system can help you meet the needs of your prospective customers as well as your business, and that's important because almost two-thirds of loan statements are already delivered electronically and your customers might already expect it.
Millennials are also far more likely to purchase products and services that are available online, which can put your auto loan business at a disadvantage if your offering hasn't kept up over the years. Some lenders have jumped on these opportunities, revamping their services to appeal to this growing segment, which will only make it more difficult to stand out down the line.
Other age groups aren't far behind, either. Part of the socialization process is exposure, and after a decade and change of businesses producing apps, apps being businesses and all those online services that everyone uses each day, it's no longer a nice-to-have, it's a necessity.
Why Is Auto Title Loan Software Needed?
While it would be easy to place the blame on the changing expectations of consumers, it's not quite that simple. It's a big piece, to be sure, but it's not the whole story. In fact, the biggest benefit isn't even for the consumer, it's for the lender.
Sure, car title loan software can boost customer satisfaction and cater to the next generation of consumers, but it also mitigates errors and improves organization across all of your activities. That can help you save both time and money, and that's something any business owner can get behind.
But don't forget about your customers. The best auto title loan software system can allow you to offer new products and solutions to your customers, improving the lending process for everyone. Happier customers means keeping your customers and creating more repeat business in the future. Some studies have shown that more than 90 percent of satisfied customers are likely to borrow from a lender in the future, meaning that online auto title loan software could be your ticket to a more engaged and interested customer base.
On the inside, loan servicing software helps you stay ahead of disorganization and disarray. That can spell disaster for a business that depends on the integrity and security of its practices as a lending institution, as well as the regulatory and legal issues that could be opened up if personal data should fall into the wrong hands.
Your customers trust you to keep their data safe, and loan software helps you do just that by putting all that data into a safe and secure place. It also allows you to do away with that convoluted physical filing cabinet and that loose collection of spreadsheets and contracts flying around by email, fax and other means.
It might not mean that you can fire all those loan officers -- they're still a crucial and helpful component of the process for many consumers -- but you can offload much of the burden with auto title loan software that fills in the gap on all those tedious, repetitive tasks like vetting a loan or looking something up in a database. That can give you more time to offer personalized service to your customers, or to offer the same service to a larger group than you ever could manage before.
At the same time, auto title loan software can reduce the number of errors that are made either in the application process or elsewhere in the chain, helping to provide next-level service to consumers that expect everything to work properly and seamlessly work itself out whenever there's a problem. While you'd have a hard time keeping tabs on it all manually, the right auto loan software system can collect and store all the data you need to run your business in a secure and efficient manner, giving you the ability to look up anything and to derive insights from what all that information is telling you.
What To Look for in an Auto Title Loan Software Solution
Knowing that title loan software can help you streamline your lending business is a great first step, but you still need to make sure that you purchase software that meets the needs of your business. Some packages may be tailored to certain types of companies or nothing in particular, and you might not know any better until it's far too late.
For lenders, it's important to go with a software solution that is specifically made for lenders. From the challenges of workflow to the expectations of customers, there's a certain way that things are done in the lending industry that you can't really do -- or do seamlessly -- with a one-size-fits-all solution. Sure, it may be infinitely customizable, but you don't need it to do a million things; you need it to do a few things well.
If you go with some generic software platform, you won't get the compliance and loan lifecycle components that will be a boost to your overworked team. And if you neglect to handle your compliance needs, you could be looking at substantial fines, penalties and all sorts of risk that you never asked for.
The right auto title loan software will give you all the information you need to run your business at the tap of a screen or the click of a button. Even if you or your loan agents aren't at the office, you can still review applications, send bill reminders and review important information from wherever you are.
On the customer side, they'll get a comprehensive web portal to use, giving them all the information they need to manage their loan at their fingertips. Better yet, you can even use your software to provide personalized experiences to different customer types, sending notifications to those that need reminders and leaving those alone that don't. Instead of impersonal bills that are mailed to their address each month, you can be sending efficient notifications that cost you nothing yet enhance the customer experience.
What's more, all that organization and information will pay off when it comes to how you manage your time and resources. Instead of focusing your resources on the stuff that can be done more efficiently with automation, you can work harder on providing A-level service to your customers. That can help create more repeat business, and it just might give you insights into the types of customers that suits your business best.
Important Factors To Consider
While you may not know exactly how to get the most out of your auto title loan software, it's not like you're new to your business. Ask yourself: How are you doing today and where do you want to be next year? In two years? In five years? If you can prioritize your existing pain points, odds are title loan software can help.
If you need more flexible repayment options to help serve the needs of your customer base, that may be where you want to start. Or what about variable loan rates or making changes to individual accounts and loans quickly and easily? Or maybe your existing reporting is substandard or nonexistent, and you'd like to have better data to make decisions by?
Whatever you decide, it's important to keep your users front-and-center. Ask your loan officers what would help them do their jobs better -- you might be surprised to learn that auto title loan software can do a lot of that heavy lifting, reducing the burden on your important human resources.
But watch out for solutions that promise to make things easier by also making things more difficult. Some solutions are complicated, in-house projects akin to spinning up your own IT department. Most of these are legacy offerings from the last generation of loan software, and you could end up getting more than you bargained for if it's on you to build out infrastructure to make it happen.
On the other hand, a cloud-based system means that someone else is responsible for all that technical stuff -- you and your team can get by with just a few simple logins. It's not unlike how your email likely works today. Instead of operating complicated email servers that are prone to outages and security issues, it's easier to offload that to someone else. Not only does it free you up to focus on the stuff that really matters, but it gets you away from the tedium of things that don't really impact your bottom line, like running servers and worrying about uptime.
Auto title loan software is the same way -- you don't really know that you need it until you use it, but once you use it you realize that you needed it all along. Say goodbye to all those outdated and awkward ways of running your lending business; title loan software is here to help.
To learn more about the Infinity auto title loan software platform, schedule a demo today!