• David Yahalomi

5 Key Digital Lending Onboarding Practices for Property Finance Firms

The pandemic has highlighted a massive gap in the infrastructure of the financial industry: its dependence on physical processes. With lending rates at an all-time low, the market now demands innovation in the face of digital transformation.

Routing the business towards a more digital ecosystem should start with what matters the most: the client. And therefore, client onboarding becomes the cornerstone of the digital transformation strategy.

At Hypecore.ai, we recognise that many lenders are still wary of digital transformation, fearing unprecedented challenges. However, selecting the right automation partner means to support and assistance if such arise, leading your property finance firm to growth while ensuring a smooth transition to digital onboarding.



Customer-centric Digital Onboarding is the Way Forward

Even prior to the pandemic the property finance industry was in need of a change. The customer's needs and expectations have changed, but the market was slow to address it - Covid19 has accelerated that. Software-as-a-Service (SaaS) platforms have started growing in popularity as a cloud-based solution to helping traditional property finance firms become more automated to address the customer demand via enhancing customer experience.


Hypercore.ai SaaS model was built specifically for SME property lenders. Based on our industry experience and client observations, we forecast digital transformation being the key for financial institutions to succeed post the pandemic. Onboarding is one of many things our platform is able to offer. We invite you to book a demo to see how we can help with the authorised and regulated digital transformation of your business.


5 Key Digital Lending On-Boarding Practices for Property Finance Firms


1. Time Efficiency

It was found by Deloitte that nearly 40% of customers abandon the digital onboarding process. A further investigation has highlighted two reasons behind that: the process takes too long or it requires more information than a customer is willing to disclose. The research has also shown that 26% of customers feel that ‘easy enrollment and login’ are a crucial factor in deciding who to bank with.

The solution to ensuring efficiency and speedy application process would be maximising the automation. A SaaS digital lending platform is perfect for eliminating the manual work which would otherwise be


time-consuming. For example, it allows customers to pre-fill form fields and connects other accounts instead of spending time uploading documents and re-adding the same information.

2. Clarity on Customer Consent and Understanding

Terms and conditions that go into financial agreements for processes such as a commercial mortgage can get very complicated - and be found daunting by the consumer. The more confusion the end-user experiences, the more time they will spend seeking clarification and in turn, this will prolong the time they take in agreeing to terms of processing further. Hesitation and uncertainty can also lead to them looking for another provider.

Presenting contracts in a digital format on a SaaS application won’t make them shorter or less detailed: but it will present you an opportunity to make them easier to read and digest. For example, instead of presenting Truth-in-Lending-Act (TILA) as a wall of text on a PDF on traditional software, you can opt for a more dynamic format.

Adding page breaks, collapsible sections and other types of formatting available on the digital platforms will allow your clients to accustom themselves to the contract in a format that is easier to digest.


3. Existing Customer Data Integration


Sometimes, an existing customer is the one to go through onboarding - when they want to expand their banking relationship. A frequent occurrence that sours the experience or puts the customer off pursuing it altogether is requesting them to re-add the information they’ve provided to the lender before. It can be so damaging to the relationship you have with the client that they can take their business elsewhere.


Digital customer onboarding takes that threat away. Cloud services are easy to tie with other applications. A quality SaaS loan portfolio management system comes with CRM integration that enables an automatic population of contracts with existing customer information.

This is useful for both parties: customers are shown the value of the relationship by having their time taken into consideration. The lender benefits from completion rates increasing and elimination of re-keyed data errors.

4. Consistency


Occasionally, the lenders have taken the first steps towards digital transformation. Alas, the focus being company needs and presentation rather than establishing user-friendly processes. This leads to onboarding technology solutions that feel different from the rest of the digital experience. While this may not appear as a big use to the lender that interfaces vary depending on functionality, this may cause mistrust from the customer’s side.


Consistent design and domain experience send a signal of security. As loan management requires the customer to share their personal and financial information, feeling safe is among the top decision-driving criteria.

5. Verification Process

As well as providing assistance with the above-described onboarding dilemmas, SaaS cloud computing solutions can also simplify a notoriously painstaking process of identity verification. Digital verification is quicker as it will demand less information input from the customer, which we have already outlined can affect the onboarding experience. Usage of SaaS enables the option of uploading images of official IDs that can then be stored in a system for future verification purposes or audits.

What it gives to the customer is a speedier process with less documentation required. It also provides a layer of security to their personal information. If the customer needs to have their identity verified again, there won’t be a need to go through the process again as the company will have an image of their ID stored.

Key Takeaway

Digital has become the primary engagement mechanism for lenders. Adopting SaaS software to support and simplify the onboarding process is the next logical step for business growth. It will allow your team to save time by streamlining the onboarding process and digital applications.

Hypercore.ai is designed to assist SME property lenders in growing their efficiency. Our onboarding support will free up valuable resources on your team to focus on what matters the most: helping customers.

Start today with a free trial.