Your Guide to Modern Lending
Over the last two years, lenders have seen the sudden and necessary acceleration of digital transformation across the financial services industry. With the transition to a remote work environment and increased demand, there’s a good chance you’re noticing areas of your lending that are due for a revamp. As you evaluate your lending operations and digital lending opportunities, consider these steps for taking a proactive approach to meeting the demands of a lending environment that has change seemingly overnight.
Modern technology matters. It’s no secret that having the right technology solutions is critical to success. In today’s environment, it all starts with tools that empower your teams to communicate easily with each other, whether or not they are sitting together in an office. There are so many video conferencing and chat tools on the market that aim to meet this demand, and the reality is that most are very good. Ultimately, choose a tool that offers cohesion and integration with the rest of your internal technology ecosystem. In addition, with remote lending becoming the new normal, retrofit solutions will no longer be sufficient to remain competitive. Look for modern LOS technology that offers the latest in design standards and is poised for the future without needing to play catch-up to meet today’s needs.
Create scalable processes. Having the right technology can only take your business so far if you haven’t implemented processes that optimize the experience for your lending teams and borrowers. In today’s lending environment, the goal is to create repeatable processes that allow us to work together as a team without bottlenecks and delays. As a result, be sure that you are taking the time necessary to understand all the workflow automation features your technology solutions can offer you. By understanding how to create rules and drive workflow, you can begin to streamline processes that will save you and your team time, while also exceeding borrower expectations along the way.
Cater to your borrowers. With the added concerns that come along with COVID-19, borrowers are more cautious than ever before. Their journey, whether buying a car or other major purchase – is likely beginning online. Be sure your online presence is user-friendly, limiting barriers to entry when it comes to rate shopping. This could mean the difference between a submitted loan application and someone that quickly navigates off your website in search of tools that don’t require them to submit their personal information. That said, the actual application experience should also be streamlined and simple in design – only revealing collection fields as they are triggered through rules-based logic. Finally, look to offer borrower-to-lender communication tools like chat that don’t require them to pick up a phone. The easier you can make the experience, the better your chances of closing more loans.
To find out more about how Origence can help you grow your business now and in the years ahead, contact us today.