Digital loan applications increase as mobile device usage increases

BROOKFIELD, Wisconsin – (COMMERCIAL THREAD) – The latest consumer trends survey of expectations and experiences from Fiserv, Inc. (NASDAQ: FISV), a leading global provider of financial services technology solutions, reveals that nearly two-thirds of people who have applied for loans over the past two years now to do so partially or fully online, which is a marked increase over 2018. A significant portion of this growth is due to the increased use of smartphones and tablets.

One of the oldest surveys of its kind, Expectations & Experiences draws on years of consumer survey data to provide insight into consumers’ financial behaviors and attitudes. A document with details on expectations and experiences: borrowing and wealth management can be downloaded here.

“Today’s borrowers are looking for a differentiated experience through any channel of their choice, and they are increasingly comfortable completing loan applications via mobile devices, including their phones,” said Byron Vielehr, Executive Vice President and Group Senior Chairman, Fiserv. “Consumers now expect easy mobile experiences, and the delivery of holistic and integrated digital lending capabilities helps lenders respond to changing borrower preferences. ”

Increase in online and mobile loan interactions

The way consumers apply for loans reflects their increasingly digital lifestyles. Almost two-thirds of recent loan seekers (65%) report using computers or mobile devices to complete at least part of the request, up from 56% in 2018.

Regarding more specifically the mortgage loan process, the increase in the use of mobile devices includes:

  • 19% of consumers read loan documents provided by the lender on a mobile phone or tablet, up from 10% in 2019

  • 16% of consumers downloaded the documents requested as part of the loan approval process via a mobile device, up from 9% in 2018

  • 21% received their loan application decision via their mobile device, up from 11% in 2018.

Additionally, the use of mobile devices to initiate mortgage repayments almost doubled between 2018 and 2019, with 35% using this method in 2019 compared to just 18% the year before.

When it comes to home loans, most people (71%) are “somewhat or very comfortable” with completing loan applications online via a laptop or desktop, compared to 67 % in 2018. The most notable change is in mobile applications, where 41% are comfortable, compared to just 29% last year.

Interest in mobile wallets as a home loan payment method is also increasing, with 24% of consumers expressing interest in using this method to make home loan payments, up from 13% in 2018.

Overcome Mobile Lending Problems

Screen size (56%) and security concerns (51%) are the biggest barriers to mobile loan applications, although there are options that would make consumers more likely to complete the loan process through a smartphone or tablet.

Among those who are not at all or very reluctant to complete a loan application via smartphone or tablet:

  • 22% say better website security would make them more likely to complete the loan process via a smartphone or tablet

  • 17% say having an online representative would change their mind, up eight percentage points from last year

  • The option to suspend an app in order to continue in person with a representative would influence 16%, an increase of six points from 2018. The ability to continue online via a laptop or desktop (16%) would also be compelling .

To speed up the loan process, consumers are prepared to take a number of steps, for example:

  • 67% would be ready to electronically sign documents using a mobile device (up from 59% in 2018)

  • 61% would be willing to take photos of loan documents on a mobile device for download (up from 51% in 2018)

  • 57% would be willing to allow the lender to verify their identity by uploading a selfie from a mobile device (vs. 48%).

High satisfaction with mortgage loan processes, with room for improvement

After interest rates (50%) and fees (39%), customer service and lender’s reputation are reasons for choosing a lender, with 37% and 29% respectively citing them as reasons for choosing a lender.

The majority of borrowers (69%) are satisfied with their home loan process. Of the 31% who say they are not completely satisfied, 51% say the process took too long – a 17% increase from 2018. Additionally, 46% say there was too much paperwork.

Poor customer service (46%) and changes in interest rate or terms (41%) are cited as the main reasons consumers have abandoned a mortgage application, while the number of those who have stopped an outstanding loan due to the lender’s request twice for the same document doubled from 2018 to 36%.

Survey method

The survey was conducted online in the United States by Harris Poll from May 9 to 29, 2019. A total of 3,050 interviews were conducted with American adults aged 18 and over who met the following criteria: A member household currently has a checking account with a bank, credit union, brokerage firm, or other financial organization and has used their checking account to pay a bill or make a purchase in the past 30 days.

In a world that is changing faster than ever, Fiserv helps clients deliver solutions that fit the way people live and work today – financial services at the pace of life. Learn more at

Additional Resources:

About Fiserv

Fiserv, Inc. (NASDAQ: FISV) aspires to move money and information in a way that moves the world. As a global leader in payments and fintech, the company helps clients achieve the best results through a commitment to innovation and excellence in areas such as account processing and digital banking solutions; card issuers processing and network services; Payments; e-commerce; acquisition and processing of traders; and the Clover ™ cloud-based point of sale solution. Fiserv is a member of the S&P 500® Index and FORTUNE® 500, and is one of FORTUNE Magazine’s World’s Most Admired Companies®. Visit and follow social media for more information and the latest company news.


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