Effective Communication with Borrowers
Have you ever tried waving at a blind person? This is NOT the best way to get their attention. As the business of lending evolves how are you communicating to your borrowers and potential borrowers becomes increasingly important. If you aren’t ahead of the curve, then you will be left behind. Effective communication with clients and potential clients is essential to expanding your bottom-line. Here are a few tips to catapult you to the front of the line.
Utilize Social Media
Facebook and Twitter are two of the major social media platforms and multiple brands are there vying for your borrowers’ attention. Stand out from the masses by humanizing your social presence. Utilizing these platforms as an extension of your business and means for customers to get real-time answers to their queries
Reach Borrowers where they are
What is the most effective way to reach your borrower? All borrowers are unique, so you need to ensure that you are communicating with them using the most effective means. Is it best to reach a specific borrower via phone, or email? Do you have a current phone number on file? If the information isn’t up to date, then, do you have a next of kin or other individual who can provide this information to you.
Timing is Everything
What is the best time of day to reach out to your borrowers? Is it in the mornings or in the afternoons? Have you discovered the best times to reach them via phone and email? If you are having trouble connecting with your borrowers, try changing the time of day, day or even the time of the month you are attempting to contact them. After the initial contact has been made, it makes it easier to maintain contact using their preferred line of communication.
Speak so that you are Never Misunderstood
Whenever you are speaking with your borrowers ensure that they truly understand all the information that you are conveying to them. As much as possible, avoid using industry jargons, as most of your borrowers will be unfamiliar with the nuances of the financial system. Always ensure that the customer understands, by periodically checking with them. Always offer to explain further, any grey areas and ask the customer questions regarding the conversation to ensure that they are following. Look to simplify the conversation.
Provide Helpful Resources
Do you have a website? Well utilize it! You can place further information on your loan offerings and services on your website. No website, no problem, just have on hand a few pamphlets with further information on your services so that the borrower can read and understand in their own time. You can also utilize REACH Website Connector to create a self service office for your borrowers, where they can access information on your company’s loan services and check on the status of their loan account.
Use a Management Software
Having all of your borrowers’ information at your fingertips will greatly improve the level of service you offer to your borrowers. LoanCirrus provides lending software that allows small and large lenders to effectively manage their loan portfolios. With LoanCirrus you’ll have access to your borrowers’ data, where ever you are, enabling you to better answer questions on the status of customer loans.
Loan Businesses around the world are trusting Loan Management Software companies like LoanCirrus to streamline their business processes. Our software is powerful, yet user friendly and totally customizable. We bring your business right to your finger tips. Manage clients, process loans, monitor repayments, customize reports, from anywhere, anytime, online.