Across industries, professionals recognize that automation gives them more control, and the freedom to focus on the parts of their job that matter most. The same technology benefits that executives and officers see in manufacturing, professional services, retail, and a host of other fields applies to banking, especially when it comes to small business lending.
Loan servicing software boosts efficiency, profitability, and compliance for your small business lending portfolio. You decide the rules and the processes, and when to bring in person-to-person intervention. And rather than diminishing your loan officers’ role, automation puts them firmly in the driver seat, elevating the value of their time—and eliminating decision-making variability.
Here are 5 ways that automation helps keep your lending department in control.
Set process parameters
End-to-end digitized lending processes streamline your entire lending continuum—from application to underwriting to funding to repayment. Technology solutions, such as LendingFront are highly configurable, allowing you to establish your ideal lending process, including the specific tasks to automate and how they should be designed; e.g. which workflows and document uploading to automate.
Customize approval settings
When you embrace automation, you can set auto-approval and auto-rejection rules. This avoids wasting time sorting through loan applications that are an inevitable yes—or an inevitable no—and allows your lenders to focus on bigger loans, which require more hands-on attention. No matter your approval or rejection criteria, you maintain the freedom to add, remove, and refine rules at will as your bank’s business strategies and goals shift.
Boost loan portfolio visibility
Adopting loan origination and management software substantially increases visibility, especially for banks relying on manual processes and disconnected point solutions. At any given time, you can view your entire lending portfolio. Get automated visualizations and dashboards covering all of your loans, the status of each, and useful big-picture metrics. With reliable, centralized, and comprehensive lending data organized per workflow, loan officer, or other sorting criteria, you can analyze your lending with greater clarity and precision.
Increase data security
By consolidating all of your historical and current lending data within a secure platform, you streamline data security, too (LendingFront is particularly sensitive to regulators’ concerns and is SOC 2 certified). Equipped with a system that prioritizes security above all, you can feel confident about the integrity of your data. And with everything in one place, you are equipped to control and oversee all security settings and permissions.
Integrate technology seamlessly
One of the biggest hesitations about adding new technology is how it engages with your existing systems. With LendingFront, that’s not an issue. Our platform integrates seamlessly into your existing processes, sliding into your current solutions and working within any parameters you set. Additionally, LendingFront is white-labelled: small business loan applicants engage with a digital interface that’s fully connected to your brand, and you retain control of the entire digital experience. Seamless integration with your brand and processes eliminate worry about giving up control to a third-party.
With LendingFront, your organization is always in control—and you alleviate your loan department of the manual, time-consuming tasks that hinder you from giving a prompt decision to your local small business owners.
Interested in integrating an end-to-end solution that allows you to maintain total control of your lending decisions—and empowers you to make better ones? Contact LendingFront today.
