Opportunities for Humanization to Make a Difference During Final Pay Offs

Couple Paying Mortgage online with SWIVEL's Platform

There are few things more financially fulfilling than fully paying off a vehicle loan, personal loan or a mortgage. In fact, these often budget-busting monthly payments are so central to the lives of both consumers and businesses, that it’s often an experience to login online and make that final payment only to receive a typical confirmation.

As credit unions and banks look to further nurture their customer relationships, there are several approaches that can be taken during that pivotal moment other than a zero balance confirmation. Instead of little pomp and circumstance or the lack of an emotional build up to the huge financial moment that frees up dollars and often brings big relief, institutions can harness key humanization opportunities that further build upon relationships (even if it’s nearly a 100 percent online union).

The annual Capgemini World Payments Report has clearly outlined the evolution for the need to prioritize fast, easy and frictionless payments with the latest emphasis on Payments 4.X that Capgemini partially says includes a “wow-factor customer experience.” Clearly, the other foundational elements of Payments 4.X include the required customer security and offerings of numerous payment options.   There are some key tactics that help increase the chance for ongoing customer loyalty – all by sharing in this build up and the final moment that leads to payoff.

It Is Not Just a Countdown Counter: Make Information Inspiring

By automatically providing insightful statistics during online payments, a bank or credit union is creating added overall knowledge of a customer’s financial stance while at the same time serving as an inspiring reminder of progress and what it can mean for the future. There are many options here – almost never-ending and customizable depending on the scenario and type of account being paid.

What was saved given early payments? Number of payments remaining if no extra payments are made? How much would one save annually if this is paid off today? It’s not just a matter of a simple countdown clock. It’s information that is insightful and perhaps provides even an eye-opening or move-making moment for the customer. Some types of loan providers already diligently and consistently provide these stats, but it is often a tool that is elsewhere in the process, lacks marketing, and unlinked to the actual point of payment.

Additionally, what opportunities opened at that organization because of the payoff or impending payoff that’s around the corner (perhaps six months from now)? Again, there are many options here. The options are as, easy as the next confirmation message can include ways to identify the equity in items such as vehicles and even homes.

The “Wow” Look Matters: Graphical Creativity Makes a Difference

It has been covered in the media that the appeal fintech companies offer surrounds their technology savvy and the way to navigate and ILLUSTRATE both the process and the success customers are making with their deposit or loan account. They tend to use considerably larger font where messages and numbers mean the most. Amounts, options, milestones, etc. Bold and huge rather obvious messages ping customers to know they are on a pathway that they like and understand.

Creative differences make customers lean to the more exciting option that is an experience and not a chore. The ability to form a sense of accomplishment through a visual and factual experience is worth its investment. Place the textual emphasis of the payoff page on the most meaningful “wow” elements. Combined with added knowledge, speed and security, graphical creativity as well as a fresh, vibe to WOW customers. 

That Final Moment: Digital Balloon Vibes Create Smiles & Retained Customers

Finally, that big day has come for the customer and there’s no better way to be immersive (as part of the Payments 4.X movement) than to share in the happiness. It is definitely a time to share all of the milestones throughout the accounts journey – from the start date years ago to length of the loan and much more. It is also a critical moment for customer retention past this end date. Depending on the financial products offered, upsells or new sales await and what better chance to offer it at this ultimate user experience that has crescendoed into full pay off?

When a customer is looking forward to visiting a website during a payment process, the institution knows they have done something correctly. And that is because the “visit” translates into “accomplishment” for the customer. Capgemini emphasized the “wow” in their latest report. One of the few ways to pull that off is to make the experience emit emotion through humanization. Pay off time is the peak of such an opportunity to shine.

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