The Blend Digital Lending Platform
An Enterprise Solution For Multichannel Customer Experience
Key research questions
- How can financial institutions provide a more consistent digital customer experience across all their different product channels?
- How will financial institutions be able to complete loan account origination processes that require customer signature and authentication and are done today in branches or loan closing agent offices?
- What business and technology strategies should the retail lending divisions evaluate to remain central to the lending process as Big Tech firms attempt to capture their traditional customers?
Abstract
Celent has discussed the importance of digitizing both the data-driven and document-driven aspects of the entire retail lending customer engagement cycle from the point of sale to loan servicing. This strategy holds great promise for not only lowering transactions costs, but also shortening processing timelines, making customers happier, and improving the bottom line.
We have also advocated for enterprise lending systems—that is, for one solution that can originate all types of retail loans or a solution that can service and collect on all loan types. In loan origination, this strategy and architecture approach applies not only to the core loan origination system (LOS), but also to the digital point-of-sale (POS) channel solutions used to source automobile (and boat, RV, and two-wheelers), credit card, home equity, mortgage, personal, and student loans.
Blend (the company name is derived from the phrase “better lending”) has developed an enterprise retail banking origination solution that enables lenders to market loans and deposit products, provide advice, collect loan applications, and engage with the customer throughout the lending process through loan signing and funding.