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3 Best Practices to Optimize Your Mobile and Digital Lending Strategy

As financial institutions continue to adapt their operations to evolving consumer demand stemming from the digital marketplace, it can be difficult to determine the functionality and features of a digital application tool, loan origination system and deposit account opening platform that can provide the most efficiencies and growth opportunities.  With that in mind, here are three of the most important best practices every financial institution needs to consider when evaluating its technology:
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Why a One-Size-Fits-All Approach is a Bad Plan for Profitable Credit Decisioning

Have you ever worn something that’s one-size-fits-all? I bet it either wasn’t very comfortable or didn’t quite look right – or both. It may have served a simplistic function, but that’s likely where the satisfaction ended. I recently came across a health article that claimed the same thing applies to health and nutrition.   Fitness expert, "Biggest Loser" trainer and author Jen Widerstrom said it's important to create a diet and fitness plan based on your personality because one size does not fit all. Widerstrom related her relationship with clients to a teacher in the classroom, CNBC reported. While some students may be strong readers, others may be better in math. Knowing a student's strengths and weaknesses will help the teacher develop a successful lesson plan.   Similar logic applies to lenders and the scorecards used for credit decisioning.
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Top 4 Pitfalls of Loan Software Configuration

Ever feel like your institution isn’t fully utilizing its loan software solution?  Don’t worry, you’re certainly not alone. Regardless of the scope of your direct or indirect lending footprint, institutions routinely turn to teams of business consulting experts to maximize efficiency and uncover new growth opportunities. Loan software configuration is never as simple as a plug-and-play situation you see with setting up a new television or stereo. Your system’s configuration is as much an evolving process as the landscape of the lending industry or the economy in general. To help you properly monitor your current solution or proceed with the configuration of a new platform, here are four very common mistakes to avoid when configuring your loan software solution for peak efficiency and optimal performance:
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3 Ways to Sharpen Your Digital Lending and Account Opening

When it comes to digital lending, it’s not enough to just have a presence. As technology evolves, consumer demand shifts, and lending strategies expand competition within the industry grows seemingly exponentially with every new day. Technology plays a key role in staying competitive. Institutions not only need to have reliable loan origination systems in place, but also tools that provide necessary levels of automation and configurability to maximize efficiency and profits. Traditional loan origination platforms can’t do all this alone.  To help illustrate this point, here are a few best practices to help ensure your online web application is providing the most ROI for your portfolio:
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Credit Decisioning’s Three Lines of Defense for Risk Management

For all of the football fans who subscribe to our blog, Sunday's big game will have your full attention. Even if you're not a football fan, the odds are pretty likely that you'll check it in some form or fashion to see the commercials or whoever performs at halftime. In last year's game, one team took a calculated risk by running a trick play that ultimately led it to victory (Philly special). Success on the football field, much like the real world, involves limiting risk while also at times using it to an advantage. Risk can come from anywhere. It can change at any moment and often be difficult to predict. For many financial institutions these days, risk management and control are split across multiple departments within an organization. Because these departments need structure, as well as checks and balances to properly management risk, the most successful institutions use a risk management strategy/model based on three lines of defense. This approach is an effective way to assign duties and coordinate various teams involved in the risk management and control process.
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How to Properly Game Plan for Your Loan Software Implementation

In every project, successful implementation depends on three essential stages – planning, organization, and execution. When you think about it, your implementation needs to be just as calculated and coordinated as your overall lending programs and strategies. You can’t just wing it if you want things to go smoothly. Much like assessing how loan software will be able to fit and enhance your current operations, the same type of effort must be invested when the decision has been made and it’s time to integrate that platform with your programs. To help you figure out whether your loan software provider can deliver a successful implementation, it’s important to focus on these key factors:
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Demolish Barriers With Full Loan Software-Core System Integration

on Wed, Jan 16,2019 @ 06:13 AM | By Chris Carlson | Loan Software loan origination system core system fraud
If you have been working in the financial services sector for a long time, you can probably remember the days where every area of your institution was a separate entity. For example, you may have had separate divisions for retail banking, private banking, trusts, investments, consumer lending, and indirect lending, and each of those really didn’t have much knowledge of the other business units. It was very common to have completely separate IT systems for managing the accounts generated and maintained within each area. Most likely, it could’ve been argued that this compartmentalization may have even fueled the fire of competitiveness within your organization in a way that limited organic growth.  While some of these dynamics have simply been a statement of corporate culture, it would also be reasonable to assume that limitations in technology have also fostered these characteristics within organizations. We have now reached an age when that is no longer true. Today, it would be fair to say that if your organization maintains this inter-departmental segmentation, it does so despite the industry-recognized benefits of tearing down those proverbial walls. Lending is a great example of where we can still see this handicap.
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Making the Case for Loan Software Cross-Selling Functionality

Cross-selling is essential. It can often be an institution's easiest way to build stronger relationships with their customers or members while padding their portfolios. That's why financial institutions need loan software that takes all of the work out of cross selling. The best platforms available today will not only meet institutional demand for powerful and effortless functionality, but also satisfy evolving consumer demand for mobile and online interaction as well as instantaneous turnaround times. But just how much of a difference can one month of cross selling really make?
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Fraud Detection & Prevention 101: How to Protect Your Credit Decisioning

Security remains one of the most important topics for consumers as businesses continue to evolve in the digital age. As data breaches appear to become more commonplace, financial institutions everywhere are ratcheting up their security efforts to identify, assess and prevent fraud.  As someone who’s had his identity stolen a few years ago, I experienced the feeling of pure panic that crashes over you when realizing credit was fraudulently established in your name and you’re left to pick up the pieces. Despite the fact that most sophisticated thieves seem to always be one step ahead, it’s a battle that needs to be fought by every financial institution to maintain a level of trust with its customers or members. There are a number of different types of credit fraud. With a focus on origination of a loan, this blog post will describe the two most prevalent versions with regards to credit decisioning.
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4 Credit Decisioning Variables Used for Fraud Detection & Prevention

on Wed, Dec 26,2018 @ 10:34 AM | By Chris Carlson | Loan Software loan origination system fraud
We would like to wish you and yours a safe and happy holiday season! While many people are taking time away from the office this week, still plenty of others – especially at financial institutions – continue to punch their proverbial time cards. Another hot topic in our industry that seemingly never takes a day off is fraud.  As holiday spending ramps up toward the end of the year, more and more crooks out there are scheming ways to get something for nothing. Credit fraud continues to be a growing concern in the lending industry. Financial institutions need to find ways to increase fraud detection and prevention capabilities within their automated decisioning technology and processes. Analytics continues to provide a trusted and viable counterpunch to rising threats of fraud.
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