1. Use the power of personalisation. 

Generic messages lack the resonance that personalised communication can offer. Lenders can leverage borrower data and preferences to craft tailored pre-approval notifications. The transformative potential of marketing that speaks directly to the consumer should not be underestimated - studies found that personalising financial services products can half acquisition costs and increase product revenues by up to 15% (2). This comes as no surprise with up to 72% of consumers stating they only engage with personalised messaging (3). A message that acknowledges a customer's financial journey and presents pre-approval options aligned with their needs can make a significant difference in capturing attention. 

2. Utilize multiple channels. 

According to cloud customer experience platform Nice, 90% of consumers want omni-channel customer service (4). Offering pre-approvals across multiple channels – from email and SMS to mobile apps and online portals – ensures that borrowers have access to information at their fingertips. Businesses are catching up with this reality: According to Adobe, 59% of financial services organisations consider cross-channel marketing to be one of their top priorities (5). This not only enhances convenience but also demonstrates a lender's commitment to meeting customers on their terms.

3. Present a strong call to action. 

 Pre-approvals should act as the first step toward actioning on a loan application as opposed to being a standalone notification. Including a clear call to action (CTA) within the pre-approval message, such as "Explore Your Loan Options" or "Start Your Application," nudges borrowers to take the next steps while their interest is piqued. HubSpot, having compared over 300,000 CTAs, revealed that those more tailored to customer circumstances increased conversion by over 200% (6). To significantly enhance conversions on pre-approved products, lenders should consider if they are able to personalise the customers’ call to action, making it more relevant to a loan purpose the specific customer may be more motivated by. 

4. Educate the customer. 

 Alongside pre-approval information, educational content can engage the customer further and set you apart. Short videos, FAQs or links to resources about loan terms and repayment can empower borrowers with the knowledge they need to move forward confidently. For example, many consumers may not be aware of the financial benefits of a personal loan for credit card debt consolidation - informing an existing client base about the potential savings, alongside a pre-approved loan offer, can improve product engagement.