Independent Banker - February 2019 - 29
Next: How to navigate bond management
automation keeps customers in-house rather than having
them go elsewhere for that loan, which would give a competitor
their fi nancial information to cross-sell them other
products and services, or take away their entire portfolio,
says Papadopoulos.
" The challenge that banks have with legacy technology
is that they can't keep up with business demands by creating
diff erent workfl ows for diff erent lending products, "
says Snehal Fulzele, senior vice president and general
manager at Cloud Lending, a Q2 company. Technology
solutions like Cloud Lending allow banks to quickly confi
gure loan workfl ows and credit risk models for diff erent
loan products and sizes.
For example, a lender could set a $10,000 threshold
for loans to be processed completely digitally, with no
human involvement. A loan of more than $10,000 could be
reviewed by a lender or go to a committee for a decision. " It
really depends on the risk appetite for the lender. Today's
lender needs technology that can align with a business's
changing requirements in real time, " says Fulzele.
Community banks often pride themselves on building
" The decisioning process is
quite simple and fast, with
loans that can be done start to
finish in about three minutes. "
-David Reiling, Sunrise Banks
strong relationships with customers. Digitizing the lending
process from end to end doesn't mean disconnecting from
customers and losing that personal touch, notes Fulzele.
" Today, customers want an Amazon- or Google-type
experience from their banking partners, " he says, adding
that community banks can use technology to deliver loan
products more effi ciently and also deliver a better experience
for borrowers.
Beth Mattson-Teig is a writer in Minnesota.
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Independent Banker - February 2019
Table of Contents for the Digital Edition of Independent Banker - February 2019
Table of Contents
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