Today’s business borrowers can easily grow impatient with an application process that fails to deliver a positive experience and a quick decision. Then poof, they’re off clicking away on a competitor’s website, equaling lost opportunities and lost revenue for your financial institution (FI).
A long wait for a decision is the #2 reason business applicants can be dissatisfied with FI lenders, following a difficult application process.*
Some lenders have been reluctant to utilize technology to assist in this process, fearing that the end result would be automated and impersonal. Nothing could be further from the truth. A well- designed loan underwriting and decision system works to enhance all of the strengths currently held by community-based institutions while helping them become more efficient.
When you analyze the process of loan approvals, from application through closing, you discover ten key elements for an effective loan generation engine.
- Efficient entry points for web, mobile, branch or loan officer input of applications
- Elegant work queues and work flows feeding sales management pipelines
- A system that is in harmony with your industry/business rules and credit policies
- Includes robust financial spreading technology
- Reaches out to other informational systems as needed, such as personal credit bureaus, business risk scores, flood determination for CRE, etc.
- Seamlessly allows for transition from spreading and analysis to loan officer presentation
- Contains specific functionality to serve multiple loan types (C&I, CRE, etc.)
- Facilitates all necessary approvals, including lenders, senior lenders, executive committees and boards
- Integrates with loan documentation systems
- Retrieves and sends data to your Core to eliminate dual entry
Many commercial lenders have been dreaming about such a system for years...a seamless front-to-end solution, that's easy to use. Introducing the Commercial Lending Center Suite™.
Reserve's 2015 Small Business Credit Survey