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How Lenders Accelerate Their Digital Transformation

Why do Lenders need Digital Transformation?

Customer acquisition, “the business of getting new business” [as well as managing and growing the business you already have] is more dynamic than ever  ̶̶  and not just in the current pandemic environment.

People’s perceptions of financial institutions have changed largely due to:

  • The influence of social media platforms;
  • Rapid and dramatic change has made people shift their priorities;
  • The legal/compliance space is stringent and becoming more so; 
  • Greater competition means less room for error, but also greater opportunity for those willing to position themselves.

So, while the object of the game (more business) hasn’t changed, the way it’s played has. Enter digital transformation.

What is Digital Transformation?

Digital Transformation is the operational, organizational, and cultural change of a business by the smart integration of digital technologies into all aspects of business to deliver value to customers & stakeholders. 

What are the benefits of Digital Transformation?

Digital transformation gives lenders the opportunity to:

  1. Grow loan portfolio & lower expenses
  2. REACH & acquire customers easier
  3. Improve customer experience & Increase customer retention
  4. Decrease delinquency with digital tools
  5. Strengthen brand awareness & reputation
  6. Streamline business operations & limit human error
  7. Formulate & Offer new products quicker
  8. Lend smarter with relevant data

All of which means that scaling up is an attainable goal, regardless of where you presently are on the lending totem.  Accelerating your digital transformation can and should include the automation of your business processes.

What processes can and should I be automating?

Applying technology, can you automate:

  • Loan origination
  • Credit decisioning (including risk evaluation)
  • Collateral/Document management
  • Debt collection
  • Loan servicing
  • Reporting

…and so much more. 

This level of integration helps you to bring value to your customers, improve their experience and  ̶̶  ultimately  ̶̶  bring more customers. (Positive word-of-mouth remains the best business generator.) 

“Every digital transformation is going to begin and end with the customer, and I can see that in the minds of every CEO I talk to.”  ̶̶  Marc Benioff, Chairman & Co-CEO, Salesforce

How can LoanCirrus help? 

Ask yourself, how many of the above-listed service functions are still being done manually in your lending business? 

What would it mean, both from a personal as well an organizational standpoint, to unlock time-savings by automating those services? What would it mean for your customers, in terms of time saved, simplification, and the  added confidence in knowing they are being well served?

What we provide is a fully-fledged flexible solution to help you achieve and optimize automation. We give you the same things your customers will expect of you: 

  • flexibility
  • ease of interface 
  • security 
  • scalability

More than just a solutions provider, we are ready and willing to be your reliable technology partner, offering the best architecture, and the best service.

A famous saying goes: “if you think education is expensive, check the cost of ignorance.”

The same goes for digital transformation. Can your business afford NOT to automate? We think not, and we are here to accompany and support you on your digital transformation journey.

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