How are financial institutions supposed to find the right platform to work alongside their core systems?
Institutions using Symitar or other core systems must have loan origination systems that offer specific benefits. This is the first blog in a three-part series leading up to the Symitar Educational Conference (SEC) 2017, Aug. 28-31 in San Diego, which will outline the top 12 must-have capabilities of any loan origination system (LOS) to get the most out of your operations and core system integration. With that in mind, here are the first four items on our list:
- Cross-selling between LOS and deposit account opening: The importance of cross selling your products with connectivity to your deposit account opening platform can’t be understated. Having a proverbial wall separating the two just creates more data entry and requires more effort to eventually cross promote. Having loan software that can seamlessly integrate with your deposit account opening solution further streamlines your guesswork and (perhaps most importantly) lets you provide stronger customer/member service whether in your branch or online.
- Ability to leverage consumer and biz on one platform: Much like how your LOS needs to seamlessly integrate with your deposit account opening technology, merging business and consumer lending onto one platform further streamlines any institution’s operations. Again, this opens doors for cross-sell opportunities. With business lending continuing to trend upward, your loan software should at the very least have the capabilities to house both consumer and business lending on one platform. Even if your institution doesn’t currently operate a business lending program, having the flexibility for future expansion into that market proves invaluable because it eliminates a lengthy RFP process.
- Multiple mobile/online web apps: The digital revolution for lending is in full swing, and any loan software without responsive mobile and online functionality is simply going to cost your institution in the long run. Consumers today demand their that credit unions conform to their mobile and on-the-go lifestyles. That’s why it is critical for Symitar (and any other front-end core system) clients to find a trusted provider for both the mobile/online functionality that meets customer/member demand, but also the same LOS configurability and functionality to compliment and seamlessly integrate with your core system.
- High levels of configurability achieved with ease: Not every institution is the same when it comes to business processes and preferences. So why bother with a system that lacks workflow and decisioning configurability? Your LOS should also be able to evolve with your operations and provide best-in-class, two-way integration to your Symitar solution. Two prime examples of configurability that Symitar clients demand are automated decisioning rules and paperless loan closing workflows.
The CRIF ACTion division of LOS technology offers credit unions operating on a Symitar or other core system all of the benefits listed above – and more. Again, these four benefits are just the first installment of our three-part blog series aimed to build up to SEC 2017 later this month in San Diego.
Our team of experts will be on site, to answer all of your questions on how our solutions can be leveraged to drive growth opportunities and tighten efficiencies for credit unions of any size. If you’re planning on attending SEC 2017, we invite you to stop by our booth (#213) for a chance to learn more as well as win a $100 VISA gift card.
If you prefer not to wait until SEC 2017, consultations can be scheduled at any time. To speak with one of our experts, please click the button below to request a consultation.
To read Part 2 of this three-part series, click here.
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