In part three of our five-part SBA Solutions Series, we dive into a key obstacle to successful PPP lending and explain how to overcome it.

The new $900 billion COVID-19 relief bill includes an extension of last spring’s Small Business Association (SBA) Paycheck Protection Program (PPP)–allowing $284 billion in forgivable loans for struggling small businesses. 

When the first round of PPP rolled out, many banks and credit unions were unprepared. Subsequently, they missed out on the opportunity to grow their loan portfolio and provide economic relief to the community.

Financial institutions are now preparing for another surge of applications and the many challenges inevitably associated with high-volume lending. Despite these obstacles, there are solutions to fit your needs.

No. 3: Delivering inconsistent communication that doesn’t reflect your brand

According to a Salesforce report, 75% of consumers expect consistent omnichannel experiences. On top of that, 73% will switch brands if they don’t get it. The same communication approach that is provided in your physical branch should be extended to all interactions.

To echo Jim Marous:

“Beyond using multiple channels, financial institutions need to up their game when it comes to communicating consistently across all channels. Currently, consumers are not believing that data and insights are being deployed and used by all areas of their financial institution. This creates more ill will than goodwill. Now more than ever, financial institutions will need to collect data and deploy insights consistently to develop deeper, more connected relationships that will close the customer experience gap.”

Source: The Financial Brand

What you can do 

Integrate data analytics and marketing automation. Marketing automation allows you to take control of your brand and messaging across multiple platforms. Providing consistent and relevant communication keeps your customers engaged, creates an open dialogue, establishes credibility, reinforces trustworthiness and strengthens brand loyalty. 

Xajeet – The core of effective data analytics

Xajeet is a cutting-edge web analytics tool designed to help improve your conversion rates through data-driven business decisions. Backed by proprietary technology, Xajeet shows you exactly how users are interacting with your website in real-time. The tool features heatmaps, session recordings, customized key performance indicators and detailed visitor dashboards to give you invaluable insight into your customer’s journey.