LoanOptions.ai has developed a tracker tool which offers customers full transparency on their loan application.
The artificial intelligence loan marketplace company has designed a platform similar to a pizza delivery tracking system so customers can see where their application file is up to and can contact the loan specialist who has possession of it.
The new loan tracker ensures customers can see exactly where they are in the application process without having to create an account or remember a password. It is secured through a secure code sent to the linked mobile number.
In addition to this, customers can make direct contact with the broker handling the file.
LoanOptions.ai also has built-in dynamic countdown timers so customers could understand how long it would take to progress to the next stage based on individual lenders. The countdown timer stops counting down outside of working hours when the banks and lenders are closed.
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“Why is it that customers can track a pizza delivery to the value of $20 but customers can’t see where their finance application is up to when the value is $50,000 or more,” said LoanOptions.ai CEO and founder Julian Fayad (pictured above). “Why should we allow them to accept substandard service, communication and a lack of transparency which leads to poor outcomes and ‘status anxiety’.”
Fayad said the loan tracker was really aimed at improving the customer journey.
“We already have the ability for brokers who refer clients to track the status and receive notifications which have been available for more than two years,” he said. “This new loan tracker is designed to provide that transparency all the way down to the client and more importantly there is a layer of translating the finance jargon from the lenders into regular language that the customers understand.
“For example – ‘lender status’: ‘irregular settlement’. Translation: the lender has identified an issue with the execution of the loan documents. We will communicate the requirements with you to get this resolved as soon as possible.”
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There are currently 65 lenders which offer the new tracker including ANZ, Bizcap, CBA, Firstmac,
Liberty, Money Place, Moula, NAB, NOW Finance, OnDeck, Pepper Money, Prospa, Resimac
ScotPac, Shift and Westpac.
