Customer Acquisition and Keeping Customers in Today's Volatile Market

The words loan origination and consumer housing credit make a lot of people anxious these days and it’s no wonder with the housing credit crisis and insecurities about the economy. For financial institutions looking for ways to provide secure and efficient as well as fast loan options and gain customer acquisition, they are turning to instant prescreen solutions.

What is the Difference Between an Instant Prescreen and a Prescreen?

To prescreen some one is screen them before commitment, similar to pre-screening someone in an interview for a job. You want to make sure that person is qualified and they are who their resume says they are before you hire them. When it comes to prescreening someone before trusting them with a loan, the bank needs to be assured the customer will pay the loan back and has a steady job and or co-signer that can attest to it.

One method financial institutions would previously do for prescreening is to send identical prescreen offers to a large batch of already pre qualified consumers at one time like in a mass mailing. It’s easier of course to offer loans to people who are already pre-qualified. As mail, paper, envelopes and printing become more expensive and as the public’s attention to mass mailings is slack, what was once an effective way to grab pre-qualified people’s attention isn’t as effective as it once was. People want everything NOW, not weeks from now.

An instant prescreen is now what is needed in today’s competitive banking marketplace. In conjunction with the right instant credit decisioning and loan origination solutions company, a financial business can provide its customers with fast answers to their qualifying questions in a matter of minutes.

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