adminAre your credit union members trending toward more online loan applications than in-person sit downs with your lending professionals? A recent survey shows that almost two-thirds of people who have applied for loans in the past two years now do so either partially or fully online. A significant portion of this growth is due to increases in smartphone and tablet use, according to a recent 2018 Expectations & Experiences consumer trends survey from Fiserv, Inc.
Nearly two-thirds of recent loan applicants (65%) report using computers or mobile devices to complete at least a portion of the application, up from 56% in 2018.
Looking more specifically at the home loan process, increases in the use of mobile devices include:
- 19% of consumers read loan documents provided by the lender on a mobile phone or tablet, up from 10% in 2019
- 16% of consumers uploaded documents requested as part of the loan approval process via a mobile device, up from 9% in 2018
- 21% received their loan application decision via their mobile device, up from 11% in 2018.
In addition, use of mobile devices to initiate home loan payments almost doubled between 2018 and 2019, with 35% using this method in 2019 compared with just 18% the year prior.
When it comes to home loans, most people (71%) are “somewhat or very comfortable” with the idea of completing loan applications online through a laptop or desktop, up from 67% in 2018. The most notable shift is with mobile applications, where 41% are comfortable, compared to only 29% last year.
Interest in mobile wallets as a home loan payment method is also growing, with 24% of consumers expressing interest in using this method to make home loan payments, compared to 13% in 2018.
