Prioritizing Customer Experience over Loan Fees: How Looms Leads the Charge

In lending, revenue once meant fees—origination charges, late penalties, servicing add-ons. But that’s yesterday’s playbook. Today’s winning lenders understand that real value lies not in a one-time transaction, but in lifetime relationships. A frictionless experience that builds trust is now a stronger growth lever than any fee structure could ever be.

This paradigm shift is shaping how financial institutions compete—and Looms is purpose-built for this new era of experience-first lending.

The True Cost of a Poor Experience

A confusing sign-up form. A three-day wait for a document review. An approval that’s been “in process” with no update in sight. These aren’t just annoyances—they’re silent deal-breakers.

Research shows that nearly 60% of borrowers will abandon an application due to poor UX or slow response times. And when that happens, the cost isn’t just the lost fee—it’s the lost potential: referrals, future loans, product upsells.

When lenders focus on fees instead of experience, they risk churn, bad reviews, and a brand reputation that’s hard to rebuild. Trust, once broken, is expensive to earn back.

Customer-Centric Lending, Enabled by Technology

Modern borrowers expect more than fast money. They want transparency, speed, relevance, and control—on the channels they use every day. Whether applying from a smartphone on the go or chatting through a website, they want the experience to feel modern, humane, and hassle-free.

And when lenders deliver that experience? The results are tangible:

• Higher approval satisfaction (NPS)
• Increased product adoption across lending lines
• Stronger long-term retention

It’s no coincidence: customer-centricity is now a competitive advantage. And Looms is designed with that very goal in mind.

How Looms Delivers Exceptional Borrower Experiences

At Looms, we don’t just automate lending. We elevate it—by putting people first in every workflow.

• Omnichannel onboarding  Whether on desktop, mobile, or in-branch, borrowers can apply and engage effortlessly.
• Fast, intelligent decisioning  Automated pre-approvals and real-time scoring get borrowers answers in minutes, not days.
• Personalized workflows  The right product mix, communication tone, and journey—all tailored to individual profiles.
• Transparency by design  Borrowers always know what’s happening via portals, live updates, and simple language.
• Built-in feedback loops  Learn from every touchpoint, then trigger proactive retention and upsell actions automatically.

These aren't just features—they’re experiences designed to build loyalty.

Real Results: Experience-First Lending That Drives Impact

A regional micro-lender put Looms to the test—and the results raised the bar for the entire industry.

> “We highly value AND Global’s challenging spirit, broad expertise in scoring, lending ecosystem building, fast delivery, high-quality systems, and superb communication.”

With Looms, the institution achieved 100% automated decision-making within just 3 minutes of customer onboarding. This leap in efficiency didn't just cut acquisition costs—it set a new benchmark in the micro-lending sector. Powered by a blend of rule-based logic and machine learning, AND Solutions’ sophisticated credit scoring engine also empowered the lender to enter new markets confidently and serve a more diverse customer base.

This isn’t just about speed. It’s about scalability, inclusivity, and redefining what’s possible in borrower experience.

Putting People First: The Looms Philosophy and Your Next Step

Looms was founded on a simple truth: The future of lending belongs to those who put people before penalties. That’s not just a tagline—it’s a product philosophy, a client promise, and a blueprint for transformation.

We don’t just deploy systems. We work hand-in-hand with partners to shift from transactional models to trust-based, experience-driven relationships—sustainably, securely, and without friction.

Ready to Rethink Lending?  If you're navigating how to evolve your lending strategy for today’s empowered borrower, we’d love to help. Visit our Banking & Financial Services page or request a product demo to see how Looms can support your shift toward borrower-centric growth.