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Odd to say, we know. But, the LOS platform you already have could be the best lending platform available to you—with some simple enhancements. Ground-up software development is rarely the right option. Many lenders and their teams know that it can take too long and be costly. So, how do you take advantage of massive advancements in lending technology while leaving the core of your lending platform the same? Turbocharge, automate, and centralize decisioning with a hub and spoke automation tool that leverages next generation data and strategies on top of your current generation platform.

 

Performance and Automation, Bolted Right On.

Turbo Charging Processes for the Best Lending Platform.

 

Our homes and offices are full of gadgets that are becoming obsolete just as you read this. In order to maintain their value and keep up with new trends in technology, we’ll get an adapter to make our headphones still work with our phones, or get a Bluetooth™ to pair our devices to our home stereo system. What if lending platforms could adapt just as easily? What if you could increase automated lending AND personalize your lending experience? This is what building bridges within your legacy system and leading technology is capable of, all while maintaining compliance standards across your entire organization.

All this takes is a perspective shift away from traditional platform thinking and toward process orchestration thinking. Gustavo Gomez at Forbes conveys that “This new [process-oriented] mindset is key to digital transformation. Processes are no longer “trapped” in legacy systems; those systems are merely one step in a larger process.”

Considering an automation layer, or decision layer, or other valuable process point as a seamlessly integratable “turbo-charger” across all products and departments means that any lending software platform has the capability to achieve higher speed, conversion, and efficiency for a turbo charged experience for both lenders and borrowers.

 

Efficient Process and Data Centralization.

The Best Lending Platform Communicates with Your Entire Organization

 

Lending products need to be marketed, serviced, strategized, and—of course—applied for. When working with a legacy lending platform, it’s common to see every piece listed above as a separately managed piece. But, when a “wifi-style” connection layer is created, something as simple as managing scorecard thresholds should be and can be simple to manage across all parts of your lending ecosystem. Want to shift your credit score decision threshold from 780 to 720? Your loan product marketing should respond just the same as the application workflow. 

Making adjustments to offers in real time, across your entire organization in this newly non-compartmentalized environment provides opportunities for every piece of the orchestrated lending process. Automated decisions can be immediately updated and informed which means fewer manually reviewed applications. Product marketing can be pre-programmed to respond to scorecard and other adjustments, for a catered message to individual borrowers. Even loan servicing benefits from platform networking in providing communication and process updates to current and future borrowers.

 

Time is Money, and Money is Money.

Integrated Solutions for Rapid Speed to Market and Cost Efficiency

 

We’re so confident in the ability for legacy technology to allow high performance with integrated pre-existing, and custom features that we’re not really talking about loan origination software in most conversations these days, but more about loan orchestration, and how to provide the best experience to lenders and borrowers using the tools and information we have and will have in the future. Do you have a loan software horror story that involves painful launch cycles? Major budget hikes? 

Since loan orchestration looks at developing the best lending process, and focuses on the necessary tech to optimize the process (and not the other way around), it’s a light touch approach with simple integration and a consistent time to value, sometimes in just a few weeks.

While we keep an eye on what’s coming next, and continue to stay educated and prepared to push the fintech industry forward, the loan origination software experts at FNI will keep providing insights and, of course, providing hands-on and high-level service to our loan origination platform partners. If you’re ready for direct access to decision strategy management and more, talk to a loan origination expert.

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