In today’s digital age, technology has become an integral part of many industries, including education. With the increasing reliance on digital lending technologies, it’s no surprise that they’re making a significant impact on student success and satisfaction when it comes to borrowing and planning for the future. Education statistics back this up.
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In this article, we’ll explore how education statistics validate the success of digital customer experience solutions for student loan lenders. Plus, we’ll take a look at the importance of incorporating these approaches into your contact centers (and how LiveVox can support you along the way).
Aligning with student preferences
Statistics from a McGraw Hill study reveal that a staggering 81% of students believe that digital learning technology helps improve their grades. This finding underscores how favorable students’ attitudes are toward technology in the education space. With loans on pause since 2020 and the fact that many recent grads completed their degrees entirely online, the expectation is likely that if they got the degree online they’ll pay for it online, too. The same MCGraw Hill study also finds that 61% of students prefer digital approaches.
Today’s students are digital natives who have grown up with technology at their fingertips. They are accustomed to the convenience and flexibility that digital solutions offer. As a result, it’s imperative for the banks they borrow from to align their services with student preferences by adopting digital customer experience solutions. Simple tweaks to the customer journey like offering live chat or automated assistance via a virtual agent for those eleventh hour questions that pop up right before the semester starts can go a long way for younger consumers.
Saving time and improving ease of access
Another McGraw Hill survey indicates that one key aspect of digital technology that students value is the ability to save time and access information on the go. They lead busy lives, juggling multiple responsibilities, and appreciate solutions that help them manage their time more efficiently. Digital contact center solutions provide just that. With online platforms and self-service options, students can easily access loan information, submit documents, and communicate with your team, all from the convenience of their smartphones or laptops. By offering mobile accessibility, you can cater to students’ needs and enhance their customer experience.
Embracing the digital shift in higher education
The COVID-19 pandemic has accelerated the adoption of digital technologies in higher education in the classroom and with the lenders who helped people get there. Statistics collected by McKinsey confirm that since the start of the pandemic, the use of digital technologies in higher education has increased by 19%. Educational institutions have swiftly shifted to online learning models, and students have become increasingly comfortable with remote learning and digital tools. This shift further emphasizes the importance of embracing digital approaches in the student loan lending space. Among students who report improved grades due to learning technologies, 71% attribute their success to machine learning–powered tech. This statistic makes a compelling case for the use of AI-powered tools in student loan lending. Machine learning algorithms can analyze vast amounts of data to predict student behaviors and identify potential risk factors for loan default. By leveraging AI-powered solutions, your team can proactively intervene and provide personalized support to at-risk students, helping them stay on track.
Enhancing CX with digital solutions
Another noteworthy statistic is that 74% of American college students took at least one online course in 2020. This highlights the prevalence of digital technologies in education and the need for you to adapt to this changing landscape.
As your contact centers play a vital role in serving student borrowers, integrating digital solutions such as chatbots, virtual assistants, and self-service portals can significantly enhance the customer experience. These tools can provide instant support, answer frequently asked questions, and guide students through loan applications and repayment processes, ensuring a seamless and user-friendly experience.There are many statistics that paint a clear picture of the impact and success that digital approaches can have in student loan lending.
By embracing digital customer experience solutions, you can align with student preferences and promote successful repayment. The incorporation of AI-powered tools and mobile accessibility can further enhance the lending experience by providing students with the support they need to navigate the complexities of student loans. As the education landscape continues to evolve, it’s crucial for you and your contact center to stay ahead of the curve by leveraging data-driven insights and adopting digital solutions that prioritize student success and satisfaction.