Has senior management sent you on an urgent mission to find a digital lending solution?
If so, you’re not alone. Between COVID-19 rapidly forcing most financial transactions online and FI's preparing for anticipated economic losses, digital solutions that offer cost savings are quickly becoming mission critical.
As a result, digital lending solution providers like us are fielding an increase in inquiries of individuals seeking digital lending solutions.
But what does ‘digital’ really mean? Does your institution really intend to be ‘digital-only’ or are you actually on a mission to fulfill a ‘digital-first’ experience for your customers?
It is critical to answer this question before you get too far into your vendor search, and even more so, if you’re currently performing your lending manually.
Why? Because, implementing a ‘digital-only’ strategy can entail much more than you may be aware of…
Not only do you need a solution like CreditCore that can intuitively support automated decisioning, but you need to have fully thought-out and documented underwriting guidelines upon which to configure your solution. Also, and equally important, does it make sense to take this approach with your small business loans too, or just consumer?
After getting clarification with senior management, it may just turn out that a ‘digital first’ experience is really the best fit for your institution and customers.
For the vast majority our our client partners, this usually looks like connecting our mobile-friendly online loan application on the bank website for consumer and/or business loans, while using CreditCore’s robust decision engine and a split approach to consumer and business loans.
This split approach lets you partially or fully automate consumer loan underwriting while reserving ‘grey area’ loans for an experienced underwriter to review. (Which tends to make the compliance folks very happy!) And, at the same time, allows you to continue to manually decision small business loans to preserve those important lender relationships. And, finally, pushing approved loans to your existing document preparation system for loan docs.
We get it, the pressure is on to go digital and automate like never before. Which ever direction you head, making sure your management team is crystal clear about what 'digital' means will be critical to finding the right lending solution partner for you.
If you're interested in considering CreditCore or could just use some help finding the best solution for your FI, shoot us a message or chat with our extremely experienced sales staff who will help you find the best solution for you, even if it's not us...seriously.