Our [collective] grandparents used to have a saying: “Buy it nice, or buy it twice.” And, sure, they were talking about a lawn mower, or a chair, or a hammer, and probably not scalable lending software. But, what if we applied the same mindset to the products that help run our business, help increase revenue, and help encourage repeat purchasing. Think of a kitchen appliance that feels so intentionally engineered—maybe even over-engineered—that you know that it’s going to get the job done perfectly every time and for the next 50 years.
Is it one of those really heavy Kitchen-Aid mixers? Or a toaster that toasts just perfectly every time? Or maybe even this specific Blendtec® blender that could blend just about anything in your home, including an iPad. The right lending tools can have the same perfect-for-the-job feeling, with the same industrial power & flexibility, focused purpose, and even safety/compliance considerations.
Industrial Powered and Purpose-Built Lending
It isn’t uncommon for lending organizations to look at updating systems or processes every few years. And, traditionally, making any changes to a lending platform can be painful, impacting multiple departments, forcing lenders to stick with using outdated models and strategies to avoid the chaos. Lending systems focused solely on scalability tend to fall off when it comes to the use of configurable intelligent decisioning strategies. Finding a right balance with scale and flexibility does not have to be a “unicorn” scenario. It’s out there and easy to find if you know what you are looking for.
Bringing industrial scale, configurability, and borrower intelligence together is the absolute holy grail of lending, and today’s LOS should be able to deliver. For example, FNI’s Blueprint loan origination software platform is designed with this in mind. Easy “test-and-change” enabled with zero disruption leverages your performance data directly in the platform.
When a platform is powerful and purpose-built, future enhancements, updates, and maintenance cycles become a breeze.
On the Assembly Line: Collective Team Expertise for Stronger Lending Products
Can lending products be implemented straight “out of the box?” Sure, and for organizations of many sizes, a couple of minor adjustments to “box” software is all that is needed to get up and running—as long as you start with the right product and the right box.
However, there’s a big difference when platforms are pushed to operate at scale. Configurations and reports that work when only a few loans are processed daily can just flat-out break down when exposed to larger volumes. This is why expansion-focused industrial design is so important when looking at loan automation. Taking the time to dive deep into key processes and flows helps to ensure you deliver a best experience for your customers and employees. Done right, and with the right platform, out of the box can grow to industrial scale—just be sure to begin with the right box’ed platform.
When looking for an LOS, you might want to consider one designed with scale in mind. Getting the LOS right from the beginning can make all the positive difference.
Lending Organizational Safety Standards: Hard Hats and PPE
In industrial manufacturing, hard working teams are outfitted with protective equipment that mitigates injury and ensures a safer workplace. And, of course, in lending there are information security tools in place—even audits or inspections to ensure individual and organizational safety.
If you are a smaller lender, do you need the same level of security and uptime as a multinational lending organization that receives thousands of applications per day and houses sensitive personal information for entire countries full of borrowers? Well, yes! No analogy is really needed here, but if you insist, why shouldn’t your platform—your borrowers—have the same levels of service and security as any other borrowing option on the market. No matter what your lending volume is, this level of structural integrity and data security you provide should keep both you and your customer safe. Though you may not need a blender that can blend a pack of golf balls, you do need a platform that you can trust; that will grow with you and handle the challenges of the future while delivering everything you need today.
Ready to create an engineered and flexible lending experience? Start with the suite of lending products and trusted team at Financial Network, Inc. Take a no-commitment 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.