According to research by Forrester, 16% of loan applicants drop out of the process because they are sick of supplying the same information over and over again. An additional 11% leave the loan application midstream because they don't feel they should have to supply the information at all! If they are already a member and are logged into your mobile banking application, why isn't your system intuitive enough to auto populate fields your credit union already knows? If you are losing more than a quarter of loans started because you are requiring fields such as name and SSN, or fields that members don't have memorized (such as account numbers), when that information already exists in your data base, it should be obvious the workflow is too complicated. Afterall, it's obvious to 27% of your applicants.
For applicants that are not already members, it makes sense to both you, and the applicant, that they will need to supply additional information to get started. Consider a loan application process that is smart enough to identify who are members and who aren't, and only ask the questions of the people you need the information from. Of course, you still require information from members, but they don't need to see the information you already have!
Focus the process on the speed and efficiency of your loan application, and keep that in mind with every step. Get your marketing designers on board and create an application that isn't a mundane listing of fields to be filled in. Include graphics and progress indicators that depict speed and simplicity, both on the app and in your marketing efforts. Keep reminding the applicant how easy the process is and how close they are to finishing. Even when there is a hiccup in the process and you need more information, it is a good reminder that things could be much worse - like actually having to GO TO THE CREDIT UNION to sign a document! <gasp> To younger generations, the thought of actually talking to someone in this process seems absurd and scary.
Having a process that is member-centric, not operations-centric, is the first step in launching a successful mobile loan product. That is not to say the back end piece of the puzzle is not important. Working with a credit union technology provider that ensures the operational piece is streamlined will lower expenses and minimize risk and increase efficiency. Bring your A game to the court and give your members the opportunity to score with your mobile loans.