No matter how hard you try, data silos exist within your lending ecosystem which impacts many aspects of your organization as a whole. Maybe you’ve taken a half-step and created a repository, but even then, it’s likely your data is not normalized. Data normalization allows for all quantifiable information across your organization to be organized into a cohesive structure that creates a digestible dialogue for generating more inclusive and intelligent decisions and better customer interactions. And, wouldn’t it be nice if this could all happen automatically through the most centralized & flexible tool in your arsenal (the loan origination software platform)?
LOS at the Center of Everything
The LOS platform is already a centralized tool within your lending businesses, but it can be leveraged for marketing and customer service, too. Data normalization allows for interdepartmental connections, faster decision making, and more intelligent lending workflows. What if your marketing system was leveraging the same data as your lending platform? What if you could easily recognize real time borrower behavior on your sites and meet them where they are; with the right offer, at the right time? A good LOS is the decision engine behind just that.
Opportunities created by organizing data and bridging communication and department gaps are endless when you connect automated decisioning as your hub for your customer facing actions. Now, your customer’s online and in-person experience is optimized, whether they are doing general account maintenance or searching for a new product. Serving the right next action automatically across your customer’s next interaction enhances the experience and improves employee performance, reducing costs along the way. Your lending software can be a turbocharger for improving processes.
The Data Dictionary: Speaking the Same Language Across all Data
Cross-departmental communication in finance organizations is critical to optimize performance. Each department has their own goals, but sharing normalized data, measures, and “triggers” is the key to unlocking the power of the entire institution’s internal and external data combined. Seeing customer behavior across touchpoints and consolidating it into a cohesive strategy and then executing that strategy automatically is the sought after holy grail of lending. Developing a data language is the first step to making this happen.
An expert-sourced article on machine learning through the Forbes Technology council brings together industry perspectives on the importance of data normalization for an intelligent product, including this from Andrew Sellers, of machine learning consultancy, QOMPLX. “Actionable [machine learning] insights can change the course of a business, but they’re often only possible if the data quality supports learning the right correlations. Firms should begin by investing in the automation of ingestion, normalization and deduplication of heterogeneous data.”
Most industries can benefit from optimization and normalization of data, and the impact on finance and lending is at the highest it’s been. As these intelligent data organization tactics become more accessible than ever before, working with a lending software partner that understands the unique language and perspective of your lending strategy is key in developing a successfully normalized and transcendent information ecosystem.
Bringing it All Together for Faster Intelligent Product Placement
Knowing the full customer’s story is made much easier with normalized data from internal sources combined with external when needed.. Need to understand what is going on with their existing debt? When all data is interconnected and organized, these expansive stories can be told in moments without sacrificing security or workflow integrity. For our partner lenders, the time and cost investment for developing a clean and communicative data set across departments seems minor when the benefits begin to manifest.
Telling the full lending story, quickly tweaking application inputs to do so, providing a high-level customer experience, and optimizing loan officer’s workflow, in general, are just a few of the immediate benefits when lending, marketing, and operating with an intelligently normalized dataset. As machine learning continues to drive the industry, making this shift now creates a brighter future for borrowers and lenders, alike.
Ready to create a faster, more intelligent lending platform? Start with the suite of lending products and trusted team at Financial Network, Inc. Take a no-commitment, short product tour today to get started.
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.