With the third installment of our multi-part series on essential best practices for fast and efficient loan origination system implementation, this week’s blog post will focus on project execution. If you missed either of the first two parts regarding proper team structure or project management, we certainly invite you to check them out too.
During the course of the project, your provider should work very hard to meet all agreed upon dates. Should changes occur that affect project timelines, you and your provider should address those collaboratively as they arise. With the major divisions of work that any provider would have, the overall project can be divided into three parts:
- Core system
- LOS interfaces
- LOS training and roll out
That breakdown may overly simplify things, but it’s meant to illustrate that everything else will depend on completing the initial LOS setup. That’s why the product specialists, each of whom should come from lending backgrounds at banks or credit unions, will work hard with the institution’s staff to complete this portion early. Once done, other dependent pieces should progress, including items such as document or interface mapping exercises. Those exercises require that the system be stabilized in terms of products and forms being used.
Since this part of the implementation is so critical, off-site system administration training should be scheduled as soon as possible. Within three weeks following off-site training, your provider should then schedule an on-site visit with your team. In the interim, your provider should begin collecting information from your team to organize your system prior to the provider arriving on site. This will include setting up users, channels, teams, etc. While onsite, focus should be devoted to configuring parts of the system that require more discussion with your staff. Also, prior to and following the on-site visit, product specialists should schedule calls to complete some configuration with your system admins. Following the on-site visit, you should expect the system to be at least 75–80 percent configured. This will include being able to pull credit, use risk-based pricing and process loans through to the post-approval stage.
Once the project is in full swing, the delivery manager should have regularly scheduled calls with your team. This can (and usually does) occur on a weekly basis. During the calls, both teams are aggressively working toward targeted dates and are looking to manage/mitigate project risk that may affect established timelines. Though the delivery manager usually leads these calls, that person may have other resources from your team as needed.
Better Implementations Equal Better Bottom Lines
While there’s much more to be aware of when looking to optimize your implementation process, ensuring the provider’s project execution is sound is the best way to deliver an efficient and detailed implementation.
As mentioned above, core system integration is one of the most critical aspects of any loan origination system implementation project. Financial institutions need a loan software platform that not only provides seamless core system integration, but also a certain set of capabilities and benefits to enhance profitability and efficiency. For a more in-depth listing of the 12 most important features needed to open doors, capitalize on growth opportunities and surpass industry norms to better serve your consumers, please click the button below to download our checklist.
Photo Credit: Medialab Katowice