Meet your users where they are with payment options that adapt to their schedule and lifestyle.
Managing loan payments shouldn’t feel like a chore. Borrowers today expect the same level of control, convenience, and flexibility from their loan payments as they do from any other digital experience in their lives. Yet, all too often, the loan payment process feels disjointed, with complicated steps, limited options, and friction frustrating borrowers. With the right digital banking solutions, financial institutions can streamline the process and meet borrowers where they are.
Through Alkami’s partnership with Alacriti, you can provide your users with the self-service tools they expect when you leverage integrated loan payment features directly within your existing digital banking platform. This makes loan payments easy and seamless, even offering the opportunity to build satisfaction and loyalty.
The Expectation of Modern Payments: On-Demand, On Their Terms
Whether ordering groceries, managing subscriptions, or transferring money, consumers are accustomed to seamless self-service. Digital banking solutions and loan payments are no exception. Borrowers want to be able to manage their payments anytime, anywhere, without having to log into separate portals, make phone calls, or mail a check. 76 percent of consumers would likely switch financial institutions if they found one that better met their needs (up from 52 percent in 2020). This means financial institutions must act decisively to address new challenges and capitalize on new opportunities.
This critical shift defines the foundation for a positive user experience.
Self-service tools reduce friction and increase satisfaction
An integrated, intuitive loan payment experience makes life easier for borrowers and encourages use of your digital channels. By integrating Alacriti’s payment capabilities into the Alkami digital banking platform, you can offer:
Integrated loan payments: Borrowers stay in your digital banking experience with single sign-on, making payments from the same place they check balances or transfer funds.
Recurring payment options: Automatic payments help borrowers stay on track, reduce missed payments and late fees, and provide peace of mind.
Timely payment reminders: 16 percent of consumers say their satisfaction with digital bill payment would increase if they received notifications about bill due dates.
Payment deferrals: Flexible payment deferral options give borrowers the ability to postpone a payment if needed, without disrupting their entire credit plan or burdening your call center.
These tools eliminate common pain points and build confidence, two key ingredients for lasting satisfaction.
Flexibility that meets borrowers’ diverse needs
Every borrower is different. Some prefer to pay from their checking account, others use debit cards, and many want the option to pay from an external account. Modern loan repayment must support these preferences.
Alacriti’s EBPP solution was specifically designed to meet these needs. With a wide range of payment methods, including Automated Clearing House (ACH), debit card, and external account options, borrowers can pay on their terms through various channels such as mobile, SMS, and the internet. This flexibility not only meets expectations but also removes barriers and encourages regular, timely payments.
Why It Matters
When loan payments are simple and flexible and part of your digital banking experience, everyone benefits:
Borrowers retain control, avoid frustration, and are more likely to use your digital banking platform and digital channels.
Financial institutions see higher payment acceptance, fewer defaults, and increased digital engagement.
Your financial institution gains trust by providing a seamless experience that encourages customers or members to use more banking products.
Through the partnership between Alkami and Alacriti, financial institutions can transform payments into positive, frictionless experiences, with the flexibility and self-service borrowers want and the operational efficiency you need.
The Bottom Line
Loan payments should be hassle-free. By empowering borrowers to manage payments anytime, anywhere, the way they want, you create an experience that fits their lives while strengthening the relationship.
Want to learn more? Contact an Alkami representative to learn more about Alacriti’s payment solutions and how they, along with your digital banking solutions, can help you increase engagement and lasting loyalty.