Independent Banker - July 2023 - 66

Guest Experts:
Lending
Streamlining the Lending Process with Technology:
Efficiency at Its Best
Challenge/ Solution: Is your bank struggling to achieve growth in a tight margin environment? Teslar can provide you with the tools you
need to maximize your efficiency and successfully scale your financial institution.
Many banks are at a crossroads for where they should be
focusing efforts and investing resources right now. It is
becoming increasingly necessary for financial institutions to find
new ways to scale operations and boost efficiencies with tight
margins. If your bank is struggling to achieve loan growth in this
environment, harnessing the right technology partners could be
part of the solution.
Partnering with a financial technology vendor is usually the
most cost-effective route for community institutions, rather than
having products built in-house. Here are some of the tools and
services you can leverage to streamline your operations and
maximize efficiency:
Operational workflows: standardization and simplified
processes
Workflows vary from bank to bank, but how you manage them
can make all the difference as you grow. Many involve shuffling
paper and manual data entry, bouncing back and forth between
departments, which causes longer turnaround and service times
for customers and is more prone to error. In today's market, it is
hard to meet customer expectations like this.
Operational Workflow tools enable standardization and simplified
management of bank processes. Implementing automated
workflows can streamline a multitude of lending tasks, such as loan
extension and loan modification.
Portfolio management: production and risk management
Automated portfolio management tools make it easy to keep an
eye on performance and production of your lending portfolio, with
capabilities like auto identifying past dues and maturing loans.
Extensive reporting capabilities will help monitor performance,
production, and risk management aspects of your portfolio.
Pipeline and loan portals: increasing loan volume
When you enhance visibility and communication internally, you can
intelligently leverage your staff to handle growing volumes, keep
your pipeline full and accurate, and keep customers happy.
A pipeline platform can help you better track your loans and close
deals faster. Loan officers, credit analysts, and loan assistants can
seamlessly move loan information throughout the entire loan
lifecycle, from initial contact through closing.
Implementing a loan portal so customers can submit information,
upload documents, and see the status of their loan will make the
entire process more efficient for both the bank and the customer.
Investing in local lending
Growing your portfolio with tight margins sometimes requires
thinking outside the box and trying something new. Similar to
indirect lending, banks can leverage fintech partnerships to offer
financing options to customers through local businesses in a way
that is efficient and cost effective for the bank. Banks can grow
their loan portfolios, improve their bottom line, enhance their
lending strategy, and keep interest rate dollars in their community.
Colin Savells, SVP of Revenue // colin@teslarsoftware.com // 479-347-4040 // teslarsoftware.com

http://www.teslarsoftware.com

Independent Banker - July 2023

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