Legacy banking and lending technologies continue to plague the bottom lines of financial institutions resisting digital transformation. In many cases, inefficient or limited financial technology is placing a cap on the loan volumes lenders are able to handle, while also creating additional operational costs that could be easily addressed through modern solutions.
Research suggests that a flexible, scalable lending software platform could increase potential loan volumes by 15-20 percent for the average lending institution. Meanwhile, operational costs could be lowered by 20 percent, resulting in a massive gain in profit margin that would completely offset the cost of this transition.
Lenders resist new tech adoption for many reasons: up-front costs, training challenges, and a preference for the existing user interfaces, however limiting they may be. But Decisions offers a better alternative that lets those companies have their cake and eat it, too. Here’s how.
Create Custom Workflows to Manage Loan Processing
Today’s lending institutions handle a wide range of loans, including different loan types that may require specific and complex workflows. Loan origination software (LOS) solutions are often fine for managing traditional loans for consumers and businesses. But they lack the complexity and customizable features needed to handle loans and other financial services for corporate acquisitions and mergers, private equity financing, and other specialized lending services.
Decisions is capable not only of creating these highly specialized workflows but also of enabling fast deployment of these workflows so lenders can adapt to their customers’ evolving needs. Faster and more efficient workflow development leads to faster loan processing, which reduces operational costs and increases productivity.
