Lending app development

It’s not easy to please a modern audience. With so many lending companies, it’s particularly difficult to stand out and maintain your popularity. Primarily, this is because you have to spend time gaining consumers’ trust. You shouldn’t turn a blind eye to existing problems that have given the loan lending field a reputation for hard-to-access services. 

Among the issues consumers most commonly face when getting a loan are:

• Inevitable visits to physical branches of traditional banks
• Lots of steps 
• Lots of time-consuming paperwork 
• Lack of a digital presence on the part of loan providers

Why should you build a customer-oriented and conversion-optimized lending application? To overcome all these challenges that consumers face and make them your loyal customers. In order to boost their loyalty, you can also implement advanced functionality to improve the customer experience when applying for a loan on your platform. Let’s consider this in detail. 

Make everything digital

The expansion of your customer base depends on your platform’s ease of use and the speed of loan approvals. An important element of attracting more end users is making all your services digital, since no loan borrower wants to spend hours in a physical branch filling out documents. 

As soon as you give consumers the opportunity to apply for a loan in a few clicks and automate all eligibility checks, people will choose your services over those of other loan lending companies. 

Work on your app

Your application’s attractiveness and usability play a decisive role in motivating consumers to use your services instead of your competitors’. Given that users are becoming increasingly savvy and demanding when it comes to the user experience, it is crucial that UI/UX is among your top priorities. They’re pushing the market to make drastic changes. You have to please young customers with a beautiful yet efficient design. 

Go for user-centricity 

Another important aspect of delivering a high-quality solution to your customers is to create a user-centric application that’s capable of serving as many audiences as possible. You should offer personal loans, student loans, mortgages, business loans, and other types of lending products on your platform. What’s crucial is that you have to cover all of your audiences’ pain points so customers are able to get a loan through your institution. 

Enhance your solution with advanced functionality

By “advanced functionality,” we mean implementing extra functionality to your existing feature set aimed at improving the user experience on your platform. Such functionality may include advanced spending analytics that Millennials and Generation Z appreciate, automated payments to ease the payment management process, customizable reports, and lots of other features that might attract new customers. Note that such functionality may vary across audience segments. Try to adjust to the audience’s needs and you will definitely win the competition. 

What is Yalantis’ role? 

Yalantis will take on money lending app development and everything we discussed here starting from designing a software architecture and business logic and up to creating engaging UI/UX. We will deliver you a high-quality product that supports your needs as a loan provider and enables your customers to conveniently access the lending services they’re looking for.