Through numerous discussions with lenders across the country, evidence shows they face multiple challenges in producing timely and accurate management insight and reporting deliverables. With fragmented systems and manual reporting infrastructures in play, financial institutions struggle to monitor many lending key performance indicators across the enterprise in an automated, consistent, seamless, and accurate manner.
Limited or nonexistent access to large quantities of data creates a barrier to managing operations effectively, missing visibility and tracking of key performance indicators. Without the tools to turn data into insights, financial institutions miss opportunities to drive growth, monitor compliance, and assess risk.
How can technology solutions improve management insight and reporting? Many institutions benefit from implementing an Omni-channel delivery system that provides seamless origination, decisioning, processing, and closing for all types of business loans, improving efficiencies and streamlining customer-to-banker collaboration. The management insight and reporting functionality built into such a solution allows financial institutions to analyze the knowledge gathered throughout the loan origination process, including data entered, customer actions, system-triggered events, derived data, integrated data, and banker actions such as data changes and decisions.
Lenders gain extensive insight from reporting and visualizations, which aid in identifying similarities and differences among divisions, financial centers, borrowers, product types, borrower peer groups, and employee performance. These key insights increase lender competitiveness by giving them greater knowledge of the customer, revenue, operations, and risk to drive growth, monitor compliance, and assess performance. Key performance indicators in loan origination and onboarding provide insight into sales performance, operations management, and people management.