Independent Banker - July 2023 - 63

Guest Experts:
Lending
5 Key Benefits of Digital Lending
Challenge/Solution: Outdated lending technology and inefficient processes can cost you customers - and revenue. The systems you
implement and user experience you provide contribute to your digital lending success. To increase efficiency, improve profitability, and
retain customers, you must create effective procedures to process and approve loans, and offer innovative digital tools for borrowers.
A single digital platform for loan origination and portfolio management can help meet your needs as a lender, as well as address the
demands of your borrowers.
As consumers and businesses have quickly shifted to
digital banking, it's clear that their needs, expectations, and
preferences have changed. As of last year, 78% of adults in the
U.S. prefer to bank digitally.
The transition to digital financial services is evident in lending.
Manual processes can't keep up with the demands of borrowers
who are accustomed to a digital world.
If you're looking to add new digital lending capabilities, a single
digital platform for loan origination and portfolio management
can provide efficiencies that give your borrowers quick access
to more transaction types and improve consistency and visibility
for your staff.
Here are five key benefits of digital lending:
1. Consistency
Utilizing integrated data in a single loan origination system can
help you achieve consistency in both the credit approval process
and portfolio management. You'll have easy access to trend and
decision metrics for use in compliance functions and external
review. And with consistent data, unpleasant surprises are less
likely.
2. Efficiency
Digital lending platforms automate and expedite manual,
inefficient processes. And spending less time on processes
means there's more time to spend engaging with customers
to improve borrower relationships.
3. Enhanced Profitability
A digital lending platform can reduce overhead by 30% to 50%,
which means you'll save time, generate more revenue, and see
greater growth opportunities. Reducing time and expenses
during the origination and portfolio management stages helps
your organization become more productive and gives you more
bandwidth to generate new business.
4. Security
A single digital loan origination platform creates paperless
workflows, which protect staff as they move volumes of supporting
documents through underwriting. Additionally, online portals
provide safe communication channels for both borrowers and
lenders.
5. Flexibility
To remotely serve consumer and commercial borrowers, it's
critical to have a secure, 24/7 digital channel. Cloud and mobile
technology give you the flexibility to work efficiently from
anywhere - at the branch, from home, or in the field - to serve your
customers.
You should consistently evaluate your lending workflows and
consider the borrower's journey within your lending processes. A
single digital lending platform for consumer and commercial loans
can enhance both the lending and borrowing experience, saving
your staff time and increasing their efficiency and effectiveness.
With digital lending technology and resources from Jack Henry™,
you can focus less on process and more on building relationships
with your customers.
jackhenry.com

http://www.jackhenry.com

Independent Banker - July 2023

Table of Contents for the Digital Edition of Independent Banker - July 2023