Teaching Kids to Be Responsible with Money

Video Banking Apps May Assist The Loan Applicant Experiencing Difficulties

by Ian Wallace

The growth of technology impacts virtually every business. Banking and financial services face no exclusions, and customers appreciate the helpful tech. Online banking via smartphone apps helps people on the go check balances and more. Unfortunately, when something urgent arises, a bank's customer finds him/herself stuck placing a phone call, sending an email, or entering a traditional, early 2000s-style chat room. A welcome improvement soon comes down the financial technology pike: two-way interactive video. The arrival of this type of virtual face-to-face communications could help the traveling loan applicant out a lot.

Interactive Video and the Struggling Loan Applicant

Not every candidate for a personal loan knows how to navigate the application process. Some applicants may be new to borrowing, or they could be "troubled" borrowers with individual credit-related questions. A financial institution's customer service line is there to help, but the assistance may suffer limitations due to cumbersome, soon-to-be-outdated communications methods. Here are a few ways interactive video banking solutions could assist a would-be borrower:

  • Proofreading Help: A loan application with errors will likely be sent back to the applicant creating delays. A delay could become avoidable if the borrower works through the application with a representative. Interactive video allows the bank's rep to look at the form in real time and point out any mistakes. Any resulting corrections could lead to faster processing and, hopefully, an approval.
  • Productive Conversations: Speaking to someone over the telephone has its limitations. Interactive video solutions allow each party to see each other's face. The borrower could become more relaxed when discussing things with the lending institution's representative. A calmer attitude could keep the borrower from forgetting anything and being forced to call back. A thorough conversation could eliminate problems that hold up the processing of a loan application. The lending rep might even suggest the applicant seek out a collateral loan instead of the potentially less-approvable personal loan.
  • Support at In-Person Meetings: Perhaps the borrower runs into some issues at a bank's physical location. Contacting a central office rep via interactive video could prove helpful if the bank's staff provides contradictory information. Through video solutions, the "higher-up" company rep could help figure out the appropriate way forward in the situation. Consider this a potentially better plan than seeing the applicant argue with field reps.

Never forget the mobile benefits of using a financial solutions banking app. Questions and concerns could arise anywhere. A smartphone app renders location mostly moot. Access assistance from anywhere.