In a recent survey of more than 200 bank and credit union CEOs, 95% of respondents said they plan to enhance their lending capabilities over the next two years. Priorities diverge sharply and predictably between banks and credit unions given their differences in commercial versus consumer focus. For banks, digitizing loan applications and implementing a single, end-to-end loan platform for commercial and retail lending take precedence. For credit unions, having an automated lending process for decisioning and funding, along with exploring cross-selling opportunities, are key.
These priorities basically boil down to one thing: financial institutions want greater efficiency in the lending process. In other words, they want to be able to do more with less, especially since loan demand is down.
But what does it take to get there?
An all-digital loan origination system is a good place to start. By engaging with more than 200 financial institution clients that utilize an all-digital loan origination system, I’ve observed five important ways these systems boost efficiency. An all-digital loan origination system:
By addressing and minimizing the time spent on administrative requirements and manual processes of the job, lenders can spend more time in front of clients, building relationships. Leveraging a digital credit file through the entire journey of both origination and life cycle management, coupled with key integrations, provides the ability to truly streamline and standardize processes and has a direct impact on increasing efficiency.
When I speak to our clients and ask them how they would define efficiency in lending, their response is inevitably some iteration of the transformation Jack Henry™ has helped them make in their lending department, resulting in better quantity and quality of loans.
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