Is Technology Sprawl Slowing Down Your Lending Process?
May 17, 2021
Today’s consumer expects the lending process at their financial institution to be fast and easy, and numerous studies have shown they value convenience over price or loan provider. Lending, especially mortgage lending, is not as simple as ordering an item on Amazon or starting a subscription on Hulu, but expectations are quickly aligning with those examples.
For credit unions, this begs the question: How many systems, both digital and manual, do your borrowers and employees have to navigate before booking a loan? Strategic Link partner Origence says the answer may surprise you and provide some critical insight if you aren’t surpassing your loan growth goals.
What is Technology Sprawl?
Technology sprawl isn’t just a lending problem or even a financial services problem. Everyone who works for a complex organization, regardless of industry, often has several web browser tabs and software programs open at once and must toggle back and forth between them to complete critical tasks.
When looking specifically at lenders, not all are inefficient. Some have implemented a robust loan origination system (LOS) and point of sale system that serve as a central hub, and provide smooth integration with the lender’s core system, as well as with all the various third-party providers required to quickly and effortlessly move borrowers along the borrower journey.
If your credit union is considering the move to an origination platform (or needs to replace or upgrade its existing system), here are four important questions to address as you begin your search:
- How efficiently does the LOS connect with your core system and other systems?
- Does the LOS support and enrich the borrower experience?
- Does the LOS enrich operations?
- Does the LOS help your institution grow memberships and loans?
Learn How to Fight Lending Technology Sprawl
Origence’s origination solutions can help power your lending from application to closing, and every step in-between.
Join the Strategic Link partner for an insightful discussion on streamlining lending processes and increasing convenience for members during a webinar May 25, at 1 p.m. PDT (2 p.m. MDT). Learn more and register online.
Want to learn more about Origence? Visit its partner page online or contact the Strategic Link team.