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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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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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A Few Helpful Hints for the Best Loan Software Workflow

For financial institutions searching for the right loan origination system to fit their operations and strategic plans, finding a platform that offers robust, yet configurable, workflows is a must. With today’s customers and members requiring as much automation and convenience as possible, institutions must tailor their lending and deposit account opening operations to meet those needs. After all, the less focus spent administering processes means more attention can be devoted to identifying and capitalizing on growth opportunities and strengthening customer/member relationships.  Here are three factors to consider when judging the potential effectiveness of a loan origination system’s workflow processing capabilities and how it would fit your operations:
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