BLND - Half Of Consumers Wish Banks Were More Proactive About Delivering Relevant Advice and Products—Blend Says Its Cloud Banking Software Makes That Possible
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By Rachael Green,Benzinga
Amid thehighest inflation since1981 , consumers across the United States are not onlystruggling to keep up with their savings goals, many are fallingdeeper into debt to cover the rising cost of living. One study byLendingTree last year found that 43% of Americans were likely to resort to credit cards and loans to payfor necessities or emergencies in the six months following the survey.
This situationhas caused many to look to banks to do more to promote financialwellness and education to help their customers navigate thesechallenges while staying on track to meet their financial goals.
Blend Labs,Inc. (NYSE: BLND) is one player helping banks to empower theircustomers with greater access to resources and providing aneasier/simplified method for entry with a more streamlined digitalexperience and manage their financial well-being. Here’s how thecloud banking software developer’s platform is enabling financialinstitutions like PNC (NYSE: PNC) and US Bancorp (NYSE:USB) to deliver more personalized, proactive service to theircustomers.
Consumers Want FinancialInstitutions To Do More For Their Financial Well-being
A ForresterConsulting survey of over 2,000 banking consumers and over 100lending strategy leaders found that 72% of customers want to seeoffers that are tailored to their personal needs and 71% are open toswitching to a new bank if presented with a relevant product offer. Asa result, two-thirds already have financial products from multipledifferent financial institutions.
Despite that fragmented banking landscape, thesurvey found that more than 50% of consumers would rather stick to oneprimary bank for all their needs if they could. However, they expecttheir banks to do more to make that possible. 52% said they rely onalerts from the bank about important changes to their financial healthand half of all respondents wished their bank took a more proactiveapproach to deliver relevant information and advice about theirfinancial well-being.
How Blend’sCloud Banking Platform Makes Proactive, Personalized ServicePossible
Blend’s cloud banking software leverages consumers’application information, credit score and other third-party data thatbanks have access to in order to help banks present personalizedoffers for financial products to help customers meet their goals. Aconsumer whose application for an unsecured credit card was deniedcould be presented with an offer for a secured credit card, forexample. Similarly, a mortgage lender could send an offer for a homeequity loan to a consumer who’s shown interest in remodeling theirhome.
Automationis one of the key advantages of Blend’s software, not just for banksbut also for consumers. Key features like single sign-on (SSO)authentication allow customers to fill out applications in a fractionof the time by pre-filling them with information that the bank alreadyhas. For example, consumers who already have a credit card with thebank have already provided a lot of the information that would beneeded in an auto loan application when they applied for the card.Blend’s SSO authentication would save them the hassle of filling outall that same information over again.
In addition to pre-filled information, bankscan use Blend’s instant incomeverification to process applications faster. For example, thisand other automation tools eliminate 11.9 hours of work per loan onaverage and shorten the overall loan cycle by 7.3 days for banks thatare using Blend’s mortgage technology, according to a Blend-commissionedsurvey by MarketWise .
These and many other digital tools could help banksdevelop a more proactive, customer-focused approach amidst the currenteconomic uncertainty –- helping build deeper relationships withcustomers while empowering those same customers to make more informeddecisions about their financial well-being.
This article wasoriginally published on Benzinga here .
Poweringthe Future of Banking Blend is the infrastructure powering thefuture of banking. Financial providers—from the largest banks,fintechs, and credit unions to community and independent mortgagebanks—use Blend’s platform to transform banking experiences fortheir customers. Blend powers billions of dollars in financialtransactions every day.
This post contains sponsoredadvertising content. This content is for informational purposes onlyand is not intended to be investing advice.
This articlecontains forward-looking statements within the meaning of Section 27Aof the Securities Act of 1933, as amended, and Section 21E of theSecurities Exchange Act of 1934, as amended. These statementsgenerally relate to future events, future performance or expectationsand involve substantial risks and uncertainties. Forward-lookingstatements in this article may include, but are not limited to, ourexpectations regarding our product roadmap, future products/features,the timing of new product/feature introductions, market size andgrowth opportunities, macroeconomics and industry conditions, capitalexpenditures, plans for future operations, competitive position,technological capabilities and strategic relationships. Theforward-looking statements contained in this article are subject torisks and uncertainties that could cause actual outcomes to differmaterially from the outcomes predicted. Further information on theserisks and uncertainties are set forth in our filings with theSecurities and Exchange Commission. All forward-looking statements inthis article are based on information available to Blend andassumptions and beliefs as of the date hereof. Except as required bylaw, Blend does not undertake any obligation to publicly update orrevise any forward-looking statement, whether as a result of newinformation, future developments, or otherwise.
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