7 Smart Reasons to Use an API

In today’s marketplace, you need to be agile. Your customers’ needs and preferences are constantly changing and you need to be able to adapt along with them. This is where using GOLDPoint Systems' API library can make a big difference.

What’s an API? API is an acronym that stands for Application Program Interface. An API is basically a software intermediary that allows two applications to talk to each other. This allows you to provide your borrowers with an online experience specific to your institution that integrates flawlessly with the behind-the-scenes applications and secure databases at GOLDPoint Systems.

Still not convinced that you should be using APIs? Here are seven reasons to jump aboard the API train:

1. Immediate Approval

In today’s online world seconds make a huge difference. How many times have you clicked on a YouTube video and then closed it because it took more than 10 seconds to load? We are used to getting fast results and so are your customers. Using our API library and our Automatic Decision Engine, you can approve loans in less than a minute using whatever criteria you set up. Then borrowers can immediately continue with the loan origination process. (Or you can tell them you’ll get back to them in a few days and hope they don’t find someone else to lend them money.) Your choice. (Psssst, you should choose Immediate Approvals.)

2. Automatic Processing

In addition to immediate loan approval, using our API library you can automatically complete the whole loan processing process. Underwriting, approval, and funding can happen within minutes. This means that borrowers get access to their loan fast…and people like fast.

3. Better Communication

Communication is the glue that holds us all together. It can be used to strengthen customer relationships, improve on-time payments, and enhance a borrower’s perception of your institution. Our GOLDPoint API library gives you the power to communicate more often and more effectively. You can send push notifications directly to borrowers; build custom emails, texts, or calls; integrate with Artificial Intelligence like Alexa, Google, and Siri; and use Group Messengers such as Facebook Messenger or GroupMe. We make it easy to communicate with your customers automatically when it’s most important. For example, you can automatically send a text to a customer who has a payment due that day and not only remind them of the payment but provide them a way to simply text “Pay” back in the text and immediately make their payment. Imagine how this would increase the likelihood that your borrowers make their loan payments?

4. Payment Options

Speaking of making payments, our API library makes loan payments easier than ever by providing options. This means that you can allow your customers to pay you the way they want. Let them use a debit card, a credit card, their checking account, Apple Pay, Google Pay, Venmo, or even Facebook Messenger. Allowing borrowers to pay using their preferred method means that they are more likely to make payments. And payments are a good thing.

5. Electronic Signatures

If the pandemic has taught us anything, it’s taught us that electronically signing documents is here to stay and it better be a part of what your institution offers. Why should you offer electronic signatures? Cost savings, convenience, better storage, eco-friendly, saves time, is contactless, and, bottom line, it’s what a lot of your customers want. Our GOLDPoint API library lets you give your customers what they want.

6. Credit Bureau Integration

Customers also want loan applications to be easy, but your institution needs a lot of information to determine the credit worthiness of the borrower. It seems like these are two things that can’t work together but with our API library, we can make it happen. You can integrate with a credit bureau like Experian or Equifax so that when a potential borrower begins an application, most of the information your institution needs is automatically filled in with the borrower’s details. This way you get all the information you need, and the borrower gets an easy loan application process. It’s a win-win.

7. Custom Loan Applications, Mobile Apps, and Websites

Our API library also helps you customize your online applications to provide your customers with a great online experience. Through our API, you can build a loan application in any format or design that you want. You can make sure to get exactly the information your institution needs while constantly adapting your format to increase borrower engagement. In addition, you can customize your web-based account center to match your company’s branding and give your customers the information and tools they need to manage their accounts. Plus, you can also offer your customers a mobile app to make account management even easier and more convenient. Your institution is different than the institution down the street and your online presence should reflect that. By customizing your online offerings, you not only help your customers, but you create your company’s identity.

Conclusion

Are you convinced? Want to learn more about how the GOLDPoint API library can help you adapt and succeed in today’s marketplace? Request a free Demo. If you are already a client with GOLDPoint Systems, you can ask your account manager how you can more effectively use the API library and learn more about the GOLDPoint API library.