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. A true, relationship-based lending process that defies the traditional "end-to-end" commercial loan.
When you analyze the process from application through closing and beyond, 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