Bridging Generations: How Omnichannel is Redefining Modern Servicing

The fact is, we live in a digital world where lenders who adapt their communication technology will win. In fact, they'll dominate their markets IMO. Stronger borrower relationships and frictionless repayment all point to long term customer loyalty. Make it easy, make money. 

It’s been my experience, and I’m sure yours, every generation communicates differently. This reality is reshaping how lenders connect with borrowers. Having the right technology puts lenders in front of their customers at the right time and place. We used to call this BTAP: Best Time and Place. 

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Now the Gens: 

• Baby Boomers trust phone calls and mailed letters.

• Gen X straddles all worlds, email, phones, text.

• Millennials live by digital convenience: text, email, and app notifications.

• Gen Z is all digital; if it’s not mobile and instant, it’s ignored. Attention span of a gnat.

The challenge? Most lenders are still using one or two channels to reach everyone. This is a missed opportunity and a recipe for missed connections, late payments, and poor service. I know personally, world class companies still print and mail letters, offers, announcements. At roughly .60 cents per, that's a massive cost. 

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Missed opportunities are costly.

I’ve seen and lived it, lenders who thrive are the ones who adapt. They don’t guess how to reach customers; they listen, engage, stay current, automate, and personalize communication at scale. They find a way. 

When we built Lendisoft, this was the design, an ecosystem connecting consumers by communication preference, a loan servicing platform that empowers lenders to engage through any channel borrowers prefer: 

• SMS/Texting

• Email 

• Physical mail

• Fully integrated telephony

All automated. All compliant. All connected, and totally customizable. 

Bottom line, when lenders meet borrowers where they are, payment conversions skyrocket, communication becomes more than a task, and now you have competitive advantage.

The question isn’t only how you're reaching your customers, it’s how well are you being heard, how well are you listening to customers? Do you know what your customers' preference is? And if you do, do you have the integrated tools to just make it happen, and happen fast?

As a long time finance and collections industry leader, I’d love to hear your thoughts on how you are you adapting your borrower communication strategy across generations OR how lenders and servicers should be adapting their tech to meet the needs of today's complex generations.