Consumers Look to Automation in Home Equity Lending
Managing finances from your mobile devices and computers have led consumers to look for automation in more of their everyday processes. That is the same principle for consumers who want to apply for home equity lending.
"To put a fine point on it, most consumers still need to enter a branch to apply for a HELOC, said Craig Martin, senior director of wealth and lending at J.D. Power," according to AmericanBanker.
Martin stated that the online application process that currently exists is not very seamless. That being said, some of the banks aren't lacking performance when it comes to customer service.
Int he report, banks like SunTrust, Huntington Bancshares and more were well above the 60 percent mark in the satisfaction index rating, according to a J.D. Power infographic.
“Their performance was based more on their front-line folks, how they connected, explained and communicated things to the customers,” Martin said, according to the report.
“They still don’t have cutting-edge digital platforms for HELOCs.”
To learn more about these top performers and why additional benefit may come from digital platforms and increased automation, click on the image above.