According to recent reports, Facebook is aiming to partner with banks to bring more services to its apps in hopes these partnerships will integrate personal financial information to streamline user experience. As part of an effort to offer new services, the social media giant is asking banks to share financial information such as card transactions and checking account balances. Services such as buying and selling goods, viewing account balances, and fraud alerts are among the many features that Facebook hopes to integrate with bank partnerships. Facebook believes the additional customer financial information has the potential to help Facebook offer services that will increase user engagement and cause users to spend more time on the Facebook Messenger app.
Due to the extreme growth of online platforms, banks are being pressured to build relationships with web-centric companies in an effort to boost growth and gain traction in the mobile payment market. However, despite the pressure, banks seem hesitant to hand over too much control and financial information to third party platforms. As part of its quest to ascertain more data, Facebook is requesting information that reveals where its users are using credit and debit cards. Google and Amazon, meanwhile, have likewise asked banks to share data. Facebook currently has partnerships with American Express, PayPal and MasterCard, which allow users to perform various banking services and customer service inquiries through Facebook Messenger.
For more information on Facebook’s efforts to obtain financial data from banks, click here.
As a leading mortgage technology for construction lenders, Built is designed to mitigate risk and simplify construction loan management. Not only does Built connect everyone involved in the post-closing administration processes, it also automates manual processes and reporting. Using both a desktop and mobile app, Built creates unique workflows that cater to all types of construction loan products for a seamless transaction.
All lenders, borrowers, and builders involved in the process have a unique portal experience throughout the loan process. Through the use of smart budgets and inspection sheets, Built eliminates spreadsheets and organizes documents in a single, shareable and downloadable location. Additionally, Built allows users to access information needed for accurate reporting and risk management. On average, mortgage lenders using Built’s mortgage technology experienced a 70% decrease in draw turnaround time as well as an 80% reduction in report preparation time.
Following are some of the ways Built can help you improve customer retention:
Faster Draw Turnaround
Built automates the loan process, which in turn creates faster draw turnaround times. This helps your customers stick to timelines and allows them to get the capital they need.
Better Visibility & Tracking
Built offers a single place where your team handle daily tasks and provide access for your customers’ visibility. This streamlines the process and keeps everyone on the same page.
With all the parties accessing the information from once place, it saves loads of time that would have been spent tracking down a spreadsheet or digging for a document. Built’s automated workflows trigger communication to where it needs to go, letting them know what action they need to take.
In today’s world where many folks are working remotely, Built’s mortgage technology allows you, your partners, and your clients to communicate from a single platform.