We all understand that winning business requires making concessions to borrowers. Whether it’s lowering the cost of credit through competitive interest rates and fees, enhancements to the borrower experience, or even an overt rewards system, anything that entices consumers and businesses to go with your product is generally seen as a worthwhile investment. But many credit providers see those concessions as instrumental—a means to an end that they would gladly avoid if they could. Borrowers (both businesses and consumers) have heightened their expectations as lenders expanded their offerings. They want greater flexibility in how they spend and repay debt, greater control over the account, and better rewards and long-term benefits in addition to the credit product itself. Understandably, many providers see these asks as a necessary evil.Other providers, however, see an opportunity. Rather than viewing concessions to borrowers as part of a zero-sum game, they see them as a chance to align their incentives with the borrowers, turning what would otherwise be a one-time transaction into a long-term customer relationship.
What are borrowers asking for?
In this article, we’ll go over some of the “concessions” credit providers make and the opportunities they present. But in general, what are borrowers asking for? Across the 600+ clients we work with, we’ve seen some common themes:
Borrower-friendly collections earns loyalty
Borrowers want a creditor who can cut them some slack. Just ask [Best Egg](https://www.loanpro.io/blog/best-egg-and-loanpro-announce-milestones-in-their-strategic-partnership-to-enhance-lending-solutions-and-customer-experience/), who launched two complementary hardship programs in the early days of the COVID-19 pandemic, and have since placed twice in the top-10 of J.D. Power’s awards for customer satisfaction in consumer lending.
Sr. Product Marketing Manager
