In the commoditized world of lending, money is the same color everywhere. So why do borrowers choose one lender over another? The answer is Customer Experience (CX).
Your Net Promoter Score (NPS)—a metric that measures how likely a customer is to recommend you—is highly correlated with retention and profitability. The most critical moment for NPS isn't when the loan is paid off; it's right at the beginning, during onboarding.
This "last mile" of origination—from approval to funding—is often where frustration peaks. Here is how to smooth out the bumps and turn new borrowers into promoters.
1. Eliminate the "Black Hole" of Communication
The number one complaint from borrowers? "I applied, and then I heard nothing." Silence breeds anxiety. Even if the news is "we're still working on it," communicating is better than ghosting.
Modern lending software solves this with automated milestones. Configure your system to send proactive updates via SMS or email at every step: "Application Received," "Underwriting in Progress," "Approved," and "Funds Sent." Keeping the borrower in the loop builds trust and significantly boosts NPS.
2. Reduce the "Time-to-Value"
In lending, value equals cash. The longer a borrower waits for funds, the lower their satisfaction drops. A delay of 3 days can turn a Promoter (9-10) into a Detractor (0-6).
As discussed in our article on automated funding, using technologies like Real-Time Payments (RTP) or instant ACH can impress customers. When a borrower signs a document and sees the money in their account 5 minutes later, that "wow" moment is directly reflected in your NPS surveys.
3. Simplify the Document Handoff
Asking a customer to "fax a voided check" in 2025 is a guaranteed way to tank your score. Friction during the stipulation clearing process is a major NPS killer.
Provide a secure, mobile-friendly borrower portal where users can upload photos of documents directly from their phone. Even better, use API integrations to avoid asking for documents at all. If you can verify income by connecting to their payroll provider digitally, you save them the hassle of finding a pay stub, making you the hero.
4. Offer Omnichannel Support
Digital is great, but sometimes people get stuck. If a borrower has a question about an APR calculation and can't find a human, they get frustrated.
Best-in-class lenders offer seamless transitions between digital and human channels. Implement features like co-browsing, where a support agent can (with permission) view the borrower's screen to guide them through the application. Having a "click to call" button that connects them to a knowledgeable agent—who already has their application open on their screen—creates a white-glove experience.
5. The "Welcome" Moment: Personalization
Onboarding doesn't end when the money hits the account. The first communication after funding sets the tone for the relationship.
Instead of a generic "Welcome to the Bank" letter, use the data you collected to personalize the experience. If they took out an auto loan, send them tips on vehicle maintenance or insurance. If it was a small business loan, invite them to a local networking event. Showing that you see them as a partner, not just a loan number, fosters deep loyalty.
Conclusion: Service is the New Sales
In a world where rates are competitive, service wins. By optimizing your onboarding process to be fast, transparent, and human-centric, you do more than just close a loan—you create an advocate who will bring you their next loan, and their friends' loans too.
Ready to upgrade your borrower experience? See how Lendisys helps banks achieve industry-leading NPS scores.