Feature Updates
Renewals Made Easy: Streamline Your Process and Retain Satisfied Borrowers 
By Olayemi Jemimah Aransiola
May 22, 2024

Customer retention is key to a thriving lending business. Borrowers who have a positive experience with your initial loan are more likely to return for future needs. The Loan Renewal feature within Configure simplifies the process for returning borrowers, fostering loyalty and boosting operational efficiency.

Research indicates that retaining existing customers is significantly more cost-effective than acquiring new ones. Studies by Frederick Reichheld of Bain & Company show that:

  • Increasing customer retention by 5% can boost profits by 25% to 95%.
  • The probability of selling to an existing customer is 60-70%, while the probability of selling to a new customer is 5-20%.

How Loan Renewal Works in Configure:

  • Effortless Application Renewal: For returning borrowers, Configure automatically pre-fills loan application forms with data from their previous applications. This eliminates the need for manual data entry, saves borrowers valuable time, and reduces errors.
  • Focus on New Information: The streamlined application highlights only sections requiring updates, allowing borrowers to focus on any changes in their financial situation or loan needs since their previous application.
  • Improved Conversion Rates: Configure minimizes application abandonment and increases the likelihood of successful loan renewals by simplifying the renewal process.

Benefits for Lenders and Borrowers:

  • Reduced Processing Time: Faster applications translate to quicker loan approvals, benefitting both lenders and borrowers.
  • Enhanced Borrower Experience: A smooth and efficient renewal process fosters customer satisfaction and loyalty, encouraging repeat business.
  • Minimized Errors: Pre-filled data reduces the risk of errors during application entry, ensuring a more accurate loan assessment process.
  • Increased Operational Efficiency: Loan Renewal streamlines workflow for lenders, allowing loan officers to focus on other critical tasks.

Security Considerations:

Configure prioritizes data security. All borrower information is encrypted and protected according to industry best practices.


It’s important to note that if new application questions are added to the system, these will not be pre-filled for borrowers applying for a new loan (as opposed to a renewal). This is because these questions are entirely new and haven’t been filled out in previous applications.

Unlocking the Power of Loan Renewal:

By implementing Loan Renewal, lenders can:

  • Strengthen Customer Relationships: Demonstrate your commitment to providing a seamless and positive borrower experience.
  • Boost Retention Rates: Encourage repeat business from satisfied customers.
  • Optimize Operational Efficiency: Free up valuable resources for loan officers and streamline processing times.

Simplify your loan renewals and retain happy borrowers. Contact our team today to learn more about how Configure can transform your lending operations.

By Olayemi Jemimah Aransiola
May 22, 2024
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