Business is synonymous with experiencing ups and downs, yet sudden surges can leave even the strongest organizations struggling. If the current consumer lending trends are a sign of things to come, and if your business trends with them, let this be your heads-up to prepare.
I have found that by planning for early reach-back support, companies can reduce the risks associated with an influx of new customers. Let’s go over how you can develop an effective surge strategy for your business.
From a major boost or downfall in auto and home sales to changing demands for credit cards and personal loans, we’ve seen banking and finance trends shift quickly before, changing the mood and direction of related industries. For example, when Tesla offered cheap financing to help boost sales, the resulting surge in buyers caught the attention of consumer product companies and financiers alike. Handling Tesla buyers provided a good test case for loan companies to consider the kind of customer experience they want to deliver during favorable market changes.
Economists are watching for falling interest rates, spurring an increased demand for faster access to funds. Despite Federal Reserve cuts earlier this year, many expect further cuts and an increased demand for real estate and other consumer finance purchases. For companies that rely on consumer lending, the lulls—those times just before significant shifts—can provide an opportunity to watch the horizon and prepare.
The goal of early planning is to be decision-ready and able to start surge services at a moment’s notice. To position your business to capitalize when the floodgates open, I recommend focusing on process and policy up to six months before an anticipated surge. That timing should allow you to understand your current situation and investigate resources to help with volume. For example, are you able to handle additional intake now? Who is assigned to each step of your process? How quickly are you able to process a new customer or application?
Business is synonymous with experiencing ups and downs, yet sudden surges can leave even the strongest organizations struggling. If the current consumer lending trends are a sign of things to come, and if your business trends with them, let this be your heads-up to prepare. I have found that by planning for early reach-back support, companies can […]
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