It’s 2024 – Your phone can recognize your face, your car can parallel park itself, and your coffee maker has its own app. But, when filling out a loan or lease application, many borrowers are finding themselves navigating outdated portals, manually typing the same information into yet another form for the fifth time, and—yes, we’re serious—even handwriting actual paper applications.
Then their emails to the lender disappear into a digital abyss, joining countless others in the “maybe someone will see this someday” folder. The days tick by as borrowers wonder if perhaps their application is being reviewed by a panel of sloths.
In an age where people expect instant everything, this not-so-charming adventure through the land where time stops isn’t providing the experience borrowers are looking for. Borrowers are quietly shifting to lenders who’ve realized that “digital transformation” isn’t just a buzzword. The question is simple: Will you meet your borrowers in 2024, or keep asking them to time travel back to 1999?
The Challenge: Meeting borrowers where they are
Today, a borrower wants a seamless, self-service option to manage their application on their own time. If they’re asked to re-enter the same information multiple times or complete complex, confusing forms just to submit a credit application, they’re more likely to seek easier options elsewhere. HubSpot reports that 63% of consumers will drop out of a process if it’s too complicated or slow. With compliance requirements like Section 1071 added to the mix, the pressure on lenders to deliver a better borrower experience is higher than ever.
The Solution: A frictionless borrower experience with aurora Intake
Aurora Intake offers a configurable, omnichannel solution that simplifies the borrower experience while ensuring compliance with Section 1071. Capturing loan and lease applications across multiple channels, Aurora offers the flexibility to choose the functionality based on your specific needs and origination channels. No matter how your borrowers choose to apply, Aurora Intake ensures the process is easy, efficient, and compliant.
Core application methods
- IntakeGuest – A white-labeled online form that can be included on vendor or dealer websites that allows external users to apply from anywhere, enhancing accessibility and flexibility.
- IntakePortal – Create an amazing borrower experience by enabling borrowers to manage the full origination lifecycle, from application to funding, all in one place.
- IntakeAI – Dealers, vendors, or internal users can simply take a picture of a handwritten application, and the application will be instantly populated into Salesforce. This AI-powered feature uses OCR technology to generate applications, saving massive amounts of time on manual data entry.
- IntakeAPI – Integrate the Vendor, Broker, or Dealer’s Point of Sale, CRM, LOS, or DMS for direct and seamless application creation. This builds “sticky” vendor and partner relationships by simplifying the process.
- IntakeEmbedded – Integrate Aurora Intake directly into vendor or dealer websites for real-time credit applications. Drive e-commerce growth by meeting customers where they are.
- IntakeWizard – A step-by-step application creation tool that guides users through the process, ensuring all the necessary information is captured. This simplifies complex deals and reduces the chance of errors or omissions.
- IntakePartner – Empower vendors with self-service tools to submit deals, speed up turnaround times, and access real-time status updates.
Whether borrowers submit applications through an online portal, a white-labeled embedded form, or even by scanning a paper application, it’s all about delivering an exceptional experience that converts.
Section 1071 Compliance made easy
What sets Aurora Intake apart is how it balances the need for a smooth borrower experience with the heavy compliance requirements of Section 1071. Aurora Intake embeds Section 1071 compliance into the borrower application process without adding unnecessary steps. The required disclosures and data collection are built into the flow, making it easy for borrowers to complete their applications while you effortlessly meet your regulatory obligations.
The Result: A better borrower and vendor experience
Aurora Intake not only improves the application experience but also speeds up the decisioning process. By automating the application intake process, lenders can receive and process applications faster than ever, significantly reducing turnaround times. According to a study by Accenture, automated processes can reduce operational costs by 35% while improving overall efficiency.
Borrowers can complete their applications from anywhere, on any device, leading to higher application completion rates and lower abandonment rates, which translates to more completed deals. Research from McKinsey shows that businesses with optimized digital platforms see a 20% reduction in customer churn and a 25% increase in efficiency.
In a competitive market where margins are tight, anything that causes friction in the user experience can potentially drive your borrowers to the competition. Don’t let it happen to you.
Ready to provide a frictionless, automated experience that empowers your vendors, brokers, and borrowers to effortlessly send you business? It’s time to transform your application process with Aurora Intake.
