TransUnion has launched a new solution to enable lenders to offer a fully digital lending experience by SMS text message.
As part of its Mobile Offers Now product, users can walk through the borrowing process entirely with text messages thanks to verified prefill capabilities.
Starting with a text to a shortcode, customers are shown relevant, prequalified credit offers, and can then apply – all using text messaging.
“A seamless digital experience has become the norm for consumers in many aspects of their life and they are expecting the same experience when choosing and managing their financial relationships,” said Dane Mauldin, chief product officer at TransUnion. “To stay competitive, financial institutions must meet the needs and wants of consumers. Adopting new channels and improving digital capabilities are necessary for attracting and retaining customers who demand access and convenience.”
Mobile Offers Now is powered by a combination of TransUnion DecisionEdge®, and a partnership with Texas-based digital lending firm iLendx.
“These enhanced capabilities of Mobile Offers Now offer a benefit to both lenders and consumers. Consumers can streamline their search for credit offers through an easy SMS process and can then quickly complete the application digitally—either online or via text. Meanwhile, this solution enables lenders to process applications faster, realize revenue more quickly, and reduce origination costs. It’s a win-win situation,” added Mauldin.