Technology and Guarantor Loans
Technology has affected society and its surroundings in several ways. In many societies, technology has helped develop more advanced economies (including today’s global economy) and lead to greater efficiency in terms of human productivity.
As technology develops, markets are more and more to learn to adapt their methods in order to compete with the speed. Technology becomes more sophisticated, less human intervention is required and a guarantor of credit markets is no different.
Gone are the days droves-throng to the bank, with a pile of documents to support your application. Most applications can now be created using a minimal amount of paper, in fact, paper is only required when a signature is required.
This means that proof of income, proof of residency, and even proof of identification can be scanned and sent electronically. It is often seen as a much safer way to send sensitive information, it means that it benefits both the applicant and the lender.
This progress has left lenders with the ability to process and pay the loan applications much faster and more efficiently than ever before. An application made in the morning, can be guaranteed by lunch, and even potentially be paid the same day.
However, changes in process by the lender and the use of technology also means that the customer has to change. One of the biggest drivers using the new technology is to make lenders and brokers can keep their costs down. This should not be seen as a ‘con’ or ‘stingy’ approach to a more reasonable response to what is happening in the market for 2 years. The bottom line is an expensive call center and email is much cheaper.
This means that customers should be wary of change. The customers who sit around waiting for phone calls will probably lose. If the customer has requested that email address is for a reason. Make sure you check your email as many lenders will now use this as a single point of contact – even sending loan documents via email.
The main message to customers is to think about your application – if you applied on line and provided an email address that does not make sense for lenders to use the same method to contact you. Check your email!
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