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Strategic Framework for Improving Loan Approval Rates

The challenge that all marketers face in acquiring and retaining “the right” new customers is a daunting one. With the continued commoditization of loan products and the widespread acceptance of scoring and automated lending programs, loan marketers face some fierce competition. It is not enough to have the lowest rates, innovative products, or advanced marketing strategies these days. Loan marketers need to make sure that once they have a customer’s attention they don’t inadvertently lose an opportunity by making a credit decision based on inaccurate and/or limited information.

By applying the basic principles of the strategic framework outlined in this white paper, progressive financial service companies can gain a competitive advantage by identifying creditworthy customers who may be slipping through the cracks. To ensure lenders are getting the maximum return on their marketing program investments (ROMI), they should proactively identify and resolve potential weaknesses within and prospect targeting criteria, manual credit review criteria, credit policies, and line assignment / loan amount policies.

Progressive financial service companies who are prepared to take the extra steps required to identify and eliminate missed opportunities will be rewarded with customers who are more profitable and loyal. Download the full white paper to learn more on how you can gain greater profitability by improving loan approval rates.

Category: Credit