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The State of Retail Credit Origination

Three bags in each hand. Screaming children. Long lines. Screaming children in long lines. You say to yourself, “Did I remember that thing…?” And all of a sudden, those five words every shopper during the busiest retail season of the year is dreaming of: “I can help who’s next.” There are many fine details in the retail transaction process that executives and shopper experience strategists carefully consider. And every step of the retail credit origination process should definitely be one of them. When factors like speed of decision, customer experience, user experience, and security of data are taken into account, it’s possible to ensure that bags are kept full and lines are kept moving.


Faster Than You Can Say, “Retail Credit Decisioning.”

In any industry, speed of loan origination is a major factor and influencer in the user experience for lenders and borrowers. However, the sensitivity of time in a retail transaction is like no other. Each second that passes can make the difference between wait times growing and revenue shrinking. Having a dependable automated decisioning strategy in place can instill confidence not only in lenders, but in retail associates and shoppers, too. The priority list of a retail associate often (and rightfully so) revolves around increasing transactions, and when they know that credit decisions are made in seconds, their likelihood of following the “credit offer script” may go up exponentially. Futureproof retail credit origination and decisioning strategies consider all transaction stakeholders and focus on user experience.


retail shopping experience


Experience-Focused Retail Credit Applications

User experience is a major priority in all technology, and financial tech is no exception. Designing an application capture process that works in the fast-paced retail environment means gathering as much information needed to maintain confidence in data security, doing so as quickly as possible, and providing a pleasant experience all along the way. Incorporating modern features like application eSignature is one way that retail lenders are creating a more productive and secure application capture process. Integrating new technology with finance can be a sensitive issue, but industry leaders like Docusign have created a trusted and secure platform for electronic document signatures. Loan origination systems that are built to last will integrate with specialized partners for an application process that is fast and secure.


Capturing Data for Future Enhancements

Whether retail credit origination is happening online or in-store, each touchpoint should be monitored and maintained. Through data provided by the FNI Blueprint™ Enterprise Data Warehouse (EDW), retail lenders have the ability to create reports on key performance indicators like application timing and decision speed, providing insight into the credit origination process.


When borrowers are continually taking longer than anticipated in certain sections of an application, it may be time to adjust this portion of the process, or in some cases, consider eliminating entirely. Keeping in mind that application speed is a main priority in retail lending, modern credit origination platforms need to be using quantifiable data to make continuous enhancements.


FNI partners with retail lenders to create custom and out-of-the-box credit origination platforms. If you’re looking for a loan origination platform that is ready for what’s next, let’s have a conversation.

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