As cases of COVID-19 ebb across the nation, healthier communities naturally trigger a healthier economy as consumers’ confidence grows. Financial analysts foresee positive trends in upcoming earning reports for lenders specifically. As reported in this New York Times article, “The health of the economy is the key driver for banks,” said Alison Williams, an analyst at Bloomberg Intelligence. “The consumer is out there spending — similarly, businesses look healthy.” Signals of increased consumer spending have top bank execs optimistic that loans will be the future savior of banks.
Time is Money So Get to Closing Day Quicker
To capitalize on an increase in loan volume and refinancing, lenders need to expedite the overall lending process to maximize profits and keep customers happy. For larger lenders, extra time spent in archaic manual tasks in the origination process slows down workflows, and ultimately, the closing process. Why do so many cling to old habits? Quite frankly: fear of complexities in switching to an automated system and the cost of implementation.
But by embracing the future of complete digitization and taking the plunge on technologies like automation, there’s a better way to serve customers and not frustrate the entire workflow.
According to Forbes article,
“A worthwhile goal for organizations is 100% IT automation, especially in infrastructure and application operations. The more automation a company can implement, the more it can free up IT staff and developers to focus on digital innovation that benefits customers.”
In a previous blog on fair lending practices, we explored how fintech helps lenders combat bias in the loan origination process. But did you also realize that incorporating the correct digital solutions into your institution’s origination process from day one can help manage fraud-related risks, expedite the lending process and get your customers to the closing table quicker? Automating processes from origination to underwriting to closing reduces manual interaction and expedites the entire lending process. Lenders implementing intelligent process automation will increase their overall business levels by offering faster client service without sacrificing risk levels. The right technologies can help you achieve these objectives quicker and get your customers to closing on time.
Employ Creative Solutions to Keep Up With Demand
Many lenders are taking proactive steps to focus on what they can do to differentiate themselves from their competitors and streamline the lending journey for consumers. On the tech front, outsourcing to the proper professionals gives your customers access to next-gen features in a cost-effective and efficient manner. Working with the right IT partner can help your institution speed up procedures, cut staffing costs and overall improve the home buying experience for consumers. Adjusting to a changing market all while keeping your lending process digitized often means employing some creative solutions. IT outsourcing can be just what your institution needs to keep up with customer demand and set your digital lending services apart from the rest.
Accutive: Outsourcing to Us Means a Healthy ROI for You
Get the most out of your software investment by turning to an expert to help with implementation, upgrading or team-wide training and consulting. Leveraging us as an IT service provider allows your financial institution to accomplish additional IT objectives without taxing your already overburdened department. We have extensive experience in the financial services industry deploying and implementing best-in-class financial software such as the Temenos and LineData Capitalstream platforms. Whether you want to upgrade your lending software platform to stay current on up-to-date versions or you want to capitalize on new capabilities and functionality, our team can help you prepare for the digital future of lending, today.
