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 is evolving more rapidly 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.

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.

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 38 years of experience in the financial industry, and 22 with State National, he greatly enjoys delivering solutions to his clients that contribute to their successes.

Related Posts

To Improve Is To Change

Using Change To Accelerate Innovation and Drive Success

The Difference Is in the Details: Enhancing the Member Experience

Credit Unions Then and Now When I joined my first credit union almost thirty years ago, the member experience looked a lot different than it does today. Member service was limited to business hours — with the exception of Thursdays, when the credit union was open until 8:00 p.m. so members could deposit their paychecks. Online banking, mobile deposits, digital signatures, online loan applications with automated decisioning, and any number of other technological advancements were still many years away. As I enter my 32nd year as a member of a credit union, and my 21st year working in the credit union space, it is truly amazing to look at how technology has enhanced the member experience as well as the expectations of the individual member. As it has in credit unions and in every industry, technology has certainly had a big impact at State National. As we approach our 50th anniversary as a company and take a look back at our beginnings, it’s funny to think that we used to transcribe insurance information onto 4” x 6” notecards and store them in filing cabinets. Or that each notice had to be typed out before it was mailed to the borrower. Or that the only way to get a borrower’s insurance information was via postal mail from the insurance carrier or client. Today, almost every task we perform for our business partners and their borrowers is completed with the help of technology, and every new innovation we come up with is created with one goal in mind: to enhance the member experience.   Utilizing Today’s Technology to Enhance the Member Experience At State National, we understand how our products can be viewed as detracting from the member experience as opposed to safeguarding the collateral and protecting the institution. This is why, as the industry leader in collateral protection, we are constantly looking for ways to prove that belief wrong by minimizing borrower impact and enhancing the borrower experience. In the last few years, we have introduced some truly game-changing technological innovations, like WRAP, our Web-Based Robotic Automated Processing.  

Protecting Your Auto Loan Portfolio From Risk

Tracking Alone Is Not Enough