Are borrowers slipping through your fingers?

To capture new business, lenders must be top of mind when borrowers are shopping for a loan. But there are only so many hours in a day, and as a community financial institution, you can’t staff your call center 24/7. Online and mobile loan applications have abandon rates of 95% or more. How can you engage your potential borrowers at their convenience?

The answer is social media ... but you're doing it all wrong

Historically, consumers have defined their communities based on geographical location, employment or other physical common bonds. But these days, people are increasingly connected and defined by digital communities, and social media is where digital communities live. These digital communities, which are most active outside of traditional business hours, present a powerful opportunity to sell your credit union or bank’s products and services … IF you leverage social media properly

personal loan,lending leads,auto loan,lending solutions,community banking,credit unions,real estate,loans,mortgage,mortgage broker Do people really want to shop on social media? According to newly released Facebook data, the answer is yes. The social media giant recently reported that 69% of users said they consider Facebook posts, stories and advertisements to be a great way to learn more about new products and services. And, 62% said they became more interested in a product or brand after learning about it on Facebook.

Your credit union or bank probably has a Facebook page and posts about rate specials or links to financial education blog posts on your website.

However, just posting isn’t enough. Facebook data also revealed that 65% of users said that immediate messaging or chat with a company is an important factor in their decision to buy.

Don’t just believe Facebook. According to an article in Auto Finance News, lenders who want to establish a successful social media presence must provide open, two-way communication with potential borrowers. When they have questions, lenders must have a system in place to answer them quickly and efficiently.

Harness the power of social media and AI

The Loan Lead Generator is an automated chat tool that is programmed to engage your borrowers by collecting basic lead data, answering common questions and scheduling a follow up appointment to speak with a service representative or loan officer.

Thanks to the adoption of virtual assistants like Apple’s Siri and Amazon’s Alexa, the use of chatbots as a customer service tool has not only gained acceptance, younger generations expect it.

We can customize the Loan Lead Generator to collect the lead data you’re looking for and promote your lending products. We can even adjust the chatbot’s answers to reflect your current rates and loan specials.

Using Open API programming, The Loan Lead Generator can also integrate with your call center, CRM and even LOS systems to ensure leads are captured, entered into your system and converted into a loan application quickly and easily.

Milpitas Communications, the company behind The Loan Lead Generator, is an internationally-known fintech innovator

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