The Power of Partnerships: How to Stay Competitive Against Online Lenders

Provide exceptional digital lending experiences with Coviance.

April 24, 2024
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Personalized, concierge service has always been a smaller community lenders’ bread and butter. But being personal is no longer enough. Online digital vendors are targeting younger borrowers with modern processes they prefer, and many of these newer borrowers would switch institutions for a better digital experience.

The best—and smartest—way for community lenders to provide digital experiences borrowers expect (and the level of customer support they deserve) is to partner with the right FinTechs to embrace digitalization. Of course, there are many technology options available that can impact your lending operations. But true transformation with the right partner will continue to highlight where you shine best while also empowering your digital presence.

The Difference to Stand Out

Smaller financial institutions like community banks and credit unions are especially adept at communicating and living their missions of providing exceptional service to borrowers. Translating exceptional service into the digital realm starts with education. Homeowners would be more inclined to apply for a HELOC if they were familiar with the process and opportunities available to them. Once a customer wants to move forward with a HELOC or HELOAN, the next step for the lender is to prove their value not only in their personalization, but in the speed and transparency of their lending process.

As the demand for home equity loans continues to climb and homeowners are tapping into their equity, FIs should lean on home equity FinTech technology to scale, automate operations, accelerate growth, and create outstanding experiences. Not just any FinTech can enable that—FIs have to partner with one that knows home equity the way they do.

Coviance delivers the services to support community lenders in creating automated, intelligent experiences that match the simplicity of a non-traditional lender with the personalized power of a community lender. With Coviance, FIs take advantage of our:

  1. Integrated Partner Ecosystem. Seamlessly integrate your LOS of choice to Coviance to accelerate and scale home equity lending. And, gain access to top industry providers, FinTechs, and underwriting verification services.
  2. Adaptive Workflow Automation. Proactively turn real-time data into smart loan workflows, from online application to close, with your personalized experiences every step of the way. 
  3. Outstanding Service & Support. From onboarding to ongoing support, have a tailored customer support experience aligned to your expectations. 

The alliance between community lenders and Coviance paves the way for digital innovation and better member engagement, while delivering on the mission of the lender. 

The Power of Partnerships

As more digital-only solutions come online, it will only become more important for community lenders to have a strong strategy for their digital presence. But through partnerships, collaboration, and cooperation, you can stand out to borrowers.

To learn more tips about how to partner with the right FinTech company, check out our on-demand webinar: A Consumer Lender's Guide to Fintech Partnerships.

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