Blog

Borrower Experience Improves With a Multichannel Approach

Now more than ever, the ultimate success of a financial institution is directly linked to its ability to offer multichannel options to borrowers.

By: Doug Mayhall

“Multichannel” has long been a buzzword in organizational marketing and retail customer engagement — and with good reason, because customer expectations are ever-changing and ever-expanding. Providing more paths of access to products and services consumers need and want is increasingly essential for satisfying customer experiences.

Especially now, in a social and economic environment that is evolving more rapidly than anyone could have predicted, multichannel platforms for customer, member, and borrower engagement at financial institutions are essentially table stakes. The most successful organizations offer robust product and service access through in-person branches, ATMs, call centers, full-service online and mobile portals, and continue to look for innovative ways to interact with those they serve.

Individual banks, finance companies, and credit unions realize there are many platforms and providers vying for the attention of their customers and members, and most make a concerted effort to retain their loyalty by offering a remarkable customer/member experience. However, no matter how positive an experience any financial institution can deliver, they can’t do it alone — they must ensure that every vendor and solution provider they partner with is also just as committed to delivering high-quality, multichannel support to their customers and members on their behalf.

State National has more than 620 credit union, bank, and finance company clients using our portfolio protection and collateral protection insurance (CPI) services across the country. One of the pillars of our service delivery promise is to provide best-in-class client and borrower experiences, because we know that our performance is an extension of your reputation.

To that end, we have been building our multichannel borrower notification system for over a decade, refining and enhancing each point of contact and adding new contact touchpoints whenever possible. This helps ensure that when we send a communication to your borrower on your behalf we are reaching them in a way that is convenient, accessible, and in line with their preferences.

From direct mail to email to interactive text messaging to video messaging, we have invested in multiple ways to reach your borrowers where they are and give them the information they need. And although a notice about an insurance problem isn’t something people generally love to receive, we go the extra step at every step to make the experience as simple, effortless, and stress-free as possible by offering choices when it comes to how to respond.

So, no matter what their communication preference — whether it’s replying quickly to a text or email, visiting our dedicated online web portal, reaching our award-winning in-house contact center by phone or fax, or even sending in some good old-fashioned paper mail — borrowers have multichannel options to make it an easy, and ultimately satisfying, customer experience for them AND for your institution.


Regional Vice President Doug Mayhall is responsible for new business development for Lender Services in a growing multi-state territory. A veteran with 38 years of experience in the financial industry, and 22 with State National, he greatly enjoys delivering solutions to his clients that contribute to their successes.