Independent Banker - July 2019 - 70

Power Lending
Partners
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Today's borrowers have more choices than ever when it comes
to consumer and mortgage lending-and community banks
face new challenges competing with larger institutions as well
as nontraditional lenders and technology disruptors for that
business. Community banks struggle to provide competitive
rates, creative terms, customization, and fast and convenient
processes, while still keeping operational costs in check to
profitably grow their lending portfolios.
Many are using outdated manual processes, such as spreadsheets,
which slow processing time and increases the likelihood
of errors. In fact, only 18% of community bank borrowers
receive a digital-only experience, according to recent studies
from Javelin Strategy and Research sponsored by Finastra. A
some ways that you can eff ectively compete with larger institutions
and alternative lenders to build a better borrower experience:
1.
Use digital channels with the latest available technologies
to create a better lending experience
Using available technologies such as e-signature and an online
application add much-needed speed and convenience to the
process and increase overall borrower satisfaction.
2. Leverage automated data entry to streamline workflow
Speed up the decisioning process and provide borrowers with
real-time updates regarding their applications for added transparency.
Built-in automated workflows also ensure operational
consistency, accuracy and regulatory compliance.
3. Create a culture of continuous improvement
Implore your executive team to champion eff orts to periodically
review processes, service delivery and borrower experience
to course correct where necessary. Technology allows small
and large banks to compete equally, so leverage this where
possible to improve your operations.
End-to-end commercial, consumer and mortgage lending
solutions
Finastra has created end-to-end solutions for commercial,
consumer and mortgage lending from the application through
origination, underwriting, compliance and funding. Now community
banks can easily compete with their larger counterparts
to off er faster, more convenient lending with competitive
rates and terms.
lack of automation enabled by technology slows down processes
and reduces eff iciency, which can lead to problems
like duplicate data entry and other errors that cost hard dollars
and ultimately adversely aff ect revenues and even the bank's
reputation.
Today's borrowers expect and deserve a faster, more convenient
consumer and mortgage lending experience. Here are
At Finastra, we understand the challenges that are faced by
community banks to retain and grow their lending portfolios
while meeting borrowers' needs. We've spent over 35 years
creating solutions to help automate and streamline the consumer
and commercial lending process as well as compliance.
Learn why over 3,500 financial institutions currently partner
with Finastra to provide a better member experience and effectively
compete against larger financial institutions. Go to
Finastra.com/icba-july2019 to discover more.
Finastra.com | communications@finastra.com | 800-989-9009
744 Primera Blvd., Suite 2000, Lake Mary, FL 32746
http://www.Finastra.com/icba-july2019 http://www.Finastra.com
Independent Banker - July 2019

Table of Contents for the Digital Edition of Independent Banker - July 2019
