Picking up from the last blog about lending, it can’t be stressed enough that archaic lending approaches often provide negative financial journeys for customers. Challenged by outdated, cobbled-together legacy systems, today’s financial institutions fight a common modern-day battle of technology overcoming old manual processes and less than adequate systems integration.
Assuming their older technology is good enough for lending operations, many financial services organizations don’t realize they hinder the efficiency of their back-office staff and create dissonance in customer service. While all this is going on, they lose borrowers to newer technologies, like the cloud, that greatly compress the time to loan approval and deliver swift scalability to grow.
Not only will financial services organizations lose borrowers, word of mouth will hurt their brand and, potentially, impact other lines of business. Without a doubt, legacy approaches to lending are no longer viable in driving lending programs.
Cloud technology and automation, like Cloud Lending provides, are becoming progressively more vital in creating a modern customer experience. Increased lending and happier borrowers are highly possible for those choosing a more technologically advanced approach to today’s small business lending needs. Read a few success stories.