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CRIF Lending Solutions Blog

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Ask the Experts: Digital Lending Implementation

Did you miss our digital lending webinar last month with special guest Jim Marous? If you did, you can click the button below to request a complimentary link to the recording. Jim, who is owner and publisher of the Digital Banking Report, joined Kyle Kehoe and Richard Whiddon from our CRIF ACTion division to investigate best practices and case studies to help achieve a truly frictionless experience across all channels (including the branch) for a consumer in today’s digital culture.

Here are two of the biggest questions asked during the webinar’s Q&A portion after the presentation:

Q: What’s the most common challenge faced during the implementation process?

Kyle Kehoe: On the loan origination system side, it touches many pieces of the bank or credit union from loan documents, compliance and insurance. So part of it is connectivity, and many of our installations involve multiple integration points to many third-party systems including the most major one, which is the core system. So it’s important that the financial institution is well organized and has a well thought-out project chart. We spend a lot of time at the beginning of our projects onsite to gather their requirements, understand their pain points as well as not just switching to a new system, but finding ways to improve their processes. We’ve found that by spending more time doing this on the front end, it makes for a much better project on the back end. Mapping things out in the beginning with the proper stakeholders ensures everything is headed in the same direction and everyone is on the same page.

Jim Marous: This may seem like a cop out, but the biggest challenge is getting out of our own way. If we cannot look upon what our objectives are in a new light, we’re going to come back with the same solutions. They’ll be improved, but not always optimized. It’s not going to be as cost-effective or as efficient. What happens is that if you look at the fintechs and other organizations out there, a lot of us will have to partner with some of them because our own service providers don’t offer all of the capabilities that we’ll need. But overall, it’s the thought process and culture. That’s what I saw when I worked with mBank. The biggest change they had to make was getting all of the important parts of the organization together in a room and saying this is what we need to achieve, and we need to think differently on how to achieve it. It’s a big difference, but it’s very important to remember that if you always have someone who’s going to revert to what you’ve always had, then that’s a quick red flag.

Q: Where do I start when it comes to the digital lending process?

Richard Whiddon: I think first would be to define all of the channels you’re looking to optimize. If you’re looking strictly at the branch, which in a lot of cases is the biggest improvement just for automated decisioning, then that’s a great place to start. But I would look to couple that with the digital outreach. This outreach would include website placement, involvement with community events, what type of decisioning you want, and also, I like Jim’s point, to not only look for a vendor to improve the process, but want to actually optimize it. So if you’re looking to save a step, go paperless, look for fast decisioning, create that experience and then come back and reevaluate that the next six to 12 months to tweak it, then that’s always a sound strategy to start.

Like we mentioned earlier, last month’s webinar with special guest Jim Marous not only laid the groundwork for how to adapt for greater success in the digital marketplace, but it provided expert insight on how financial institutions should asses their technology to align with their strategies. If you’d like to request a link to the recording, please click the button below.

Request Our Webinar Recording Today!

The Digital banking reportAlso, during the webinar, we offered a free copy of the 2018 Digital Banking Report ($495 value) to any financial institutions interested in scheduling a 30-minute consultation to hear about how CRIF ACTion’s suite of loan origination and deposit account opening platforms can help get you there. To schedule your consultation and get your free copy, please click here.

Photo Credit: Dennis Hill

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