Application Process
Applications for loans may be made through several different channels and the length of the application process, from initial application to funding, means that different organizations may use various channels for customer interactions over time. In general, loan applications may be split into three distinct types:
- Agent assisted (branch-based)
- Agent assisted (telephone-based)
- Broker sale (third-party sales agent)
- Self-service
Retail loans and mortgages are typically highly competitive products that may not offer a large margin to their providers, but through high volume sales can be highly profitable. The business model of the individual financial institution and the products they offer therefore affects on which application model they will offer
Read more about this topic: Loan Origination
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