There are many types of loans out there today that banks and credit unions, as well as mortgage companies, offer to consumers and business customers through their websites. A lot of companies and financial institutions are in different processes of providing lending services. Online, most have moved to digital service platforms where customers can get rates, apply online, and fully get a loan — digitally.
Online credit checks offer you options, where you can fill out an application and somebody, will get back to you. Video banking provides a very good increase in conversion rate to put the digital lobby on those loan application pages to increase the conversion rate in some cases over 70%.
Let's break down the traditional process VS. video banking to do some comparison of the typical application in pages on your website.