SNC Spotlight

Insurance can be complex. Turn to our blog for up-to-date, relevant content to help you make the best decisions for your financial institution. With expert knowledge from seasoned industry professionals, we simplify insurance topics so you can get back to business.
All Posts

Borrower Experience Improves With a Multichannel Approach

Is “Multichannel” a buzzword we should keep buzzing about? Successful financial organizations offer multichannel services to their borrowers.

Now more than ever, the ultimate success of a financial institution is directly linked to its ability to offer multichannel options to borrowers.

“Multichannel” has long been a buzzword in organizational marketing and retail customer engagement — and with good reason, because customer expectations are ever-changing and ever-expanding. Providing more paths of access to products and services consumers need and want is increasingly essential for satisfying customer experiences.

Especially now, in a social and economic environment that has evolved more rapidly in the past few years than anyone could have predicted, multichannel platforms for customer, member, and borrower engagement at financial institutions are essentially table stakes. The most successful organizations offer robust product and service access through in-person branches, ATMs, call centers, full-service online and mobile portals, and continue to look for innovative ways to interact with those they serve.

Partnership and Service Are Key

Individual banks and finance companies realize there are many platforms and providers vying for the attention of their customers and members, and most make a concerted effort to retain their loyalty by offering a remarkable customer/member experience. However, no matter how positive an experience any financial institution can deliver, they can’t do it alone — they must ensure that every vendor and solution provider they partner with is also just as committed to delivering high-quality, multichannel support to their customers and members on their behalf.

State National has more than 620 credit union, bank, and finance company clients using our portfolio protection and collateral protection insurance (CPI) services across the country. One of the pillars of our service delivery promise is to provide best-in-class client and borrower experiences, because we know that our performance is an extension of your reputation.

Meeting Your Borrowers Where They Are, for Better Results

To that end, we have been building our multichannel borrower notification system for over a decade, refining and enhancing each point of contact and adding new contact touchpoints whenever possible. This helps ensure that when we send a communication to your borrower on your behalf we are reaching them in a way that is convenient, accessible, and in line with their preferences.

From direct mail to email to interactive text messaging to video messaging, we have invested in multiple ways to reach your borrowers where they are and give them the information they need. And although a notice about an insurance problem isn’t something people generally love to receive, we go the extra step at every step to make the experience as simple, effortless, and stress-free as possible by offering choices when it comes to how to respond.

So, no matter what their communication preference — whether it’s replying quickly to a text or email, visiting our dedicated online web portal, reaching our award-winning in-house contact center by phone or fax, or even sending in some good old-fashioned paper mail — borrowers have multichannel options to make it an easy, and ultimately satisfying, customer experience for them AND for your institution.

Doug Mayhall
Doug Mayhall
Regional Vice President Doug Mayhall is responsible for new business development for Lender Services in a growing multi-state territory. A veteran with 39 years of experience in the financial industry, and 23 with State National, he greatly enjoys delivering solutions to his clients that contribute to their successes.

Related Posts

Bringing Partnership to Life: Inside State National's Client Advisory Council

At State National, we don’t see client relationships as a static part of our business; they’re a dynamic, evolving element that helps both our organization and our clients' organizations move forward. Our commitment goes beyond mere transactions; prioritizing and nurturing healthy client partnerships is vital to us, as they serve as the foundation of our company.

CPI to Blanket: Risky Business

The Hidden Dangers of Abandoning CPI Over the past 50+ years we have seen how unintended consequences often surprise lenders who choose to switch their portfolio protection solution from CPI to a blanket policy. For many credit unions, it seems like a good option — until later down the road when both their number of uninsured borrowers AND their premiums keep rising. Without the monitoring of the loan portfolio that comes with CPI, it has been shown time and again that the number of uninsured borrowers will increase and the credit union’s losses will grow larger. To show how this plays out in a real-world example, one of our current clients* recently worked with us to run a test on their portfolio after they decided to move to blanket coverage, by continuing to track their borrowers' insurance status (to ensure their privacy, we'll call them "Best Lending Institution").

SNCares: Collaboration, Compassion, and Community

The SNCares Journey