Improved borrower experience for manually entering assets

Date Available: Available now in beta and production

Which customers are impacted?: This feature is available for use in any application that uses the Assets section in the borrower application. This is only available for applications built on Blend’s flagship Lending platform. 

Required?: No, opt-in.

How to turn on: If you’d like to take advantage of this functionality, please email support@blend.com or your Blend representative.

Purpose of Update and Benefit:

Several customers have conducted user research and determined that not having the ability to manually enter assets was confusing to borrowers and contributing to dropoff. This feature aims to improve the user experience when entering assets manually to reduce application dropoff.

Current Behavior:

When a borrower reaches the assets workflow, they are presented with options to search for their financial institution or choose from the options below:

If the institution supports logging in to connect assets, that screen will appear first. If the borrower cannot or does not want to log in and would rather enter their account information manually, they must click “I don’t want to link this account”.

Next, the borrower can enter their account information for that institution, and upon pressing continue, they will be taken to a summary screen. To add more accounts for different financial institutions, they will need to press “Yes, add another account”. This takes them to the first bank chooser screen again, at which point they can repeat this process for other financial institution(s).

New Behavior:

If enabled, this change will add a new button to the bank chooser screen which reads “I’d rather enter my details manually” as well as an enhanced user message informing the borrower that they can either log in or enter their assets details manually:

Upon clicking the new button, the borrower will be presented with a similar screen as before when entering their account information manually. However, now there is an additional input which lets them search for their desired financial institution for each account. The search will populate a dropdown of available financial institutions, and when clicked will populate that account’s specific card with the institution name, account type, and logo (if available). It is also possible to use the name provided by the borrower’s search terms (in quotes, at the bottom of the search dropdown) as the institution’s name if it’s not available for selection.

Clicking “Continue” will take the borrower to the same account summary screen as before. The behavior from here is unchanged from before.

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