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The future of the commercial lending experience
Closing loans shouldn’t be the only metric of success for an organization’s commercial lending team. Lenders can consider two roads to secure a commercial loan and ask themselves: Which road do we want borrowers to experience?
Traditional lending journey
Lenders and borrowers might encounter many obstacles throughout the traditional lending journey
Step 1: Initiate the loan process and gather required information
- Borrower experiences confusion regarding which documents are needed
- Borrower sends wrong document
- Lender loses password to borrower’s secured document
- Lender can’t find email in inbox
- Lending team member goes on vacation, so borrower document gets stuck in inbox
- Borrower has no clear view of the status of their loan
Step 2: Credit analysis and underwriting
- Underwriter can’t find a document
- Lending team and underwriting team are uncertain about who is supposed to initiate next steps
- Incomplete information is submitted, so team must track down info
Step 3: Loan committee approval
- No centralized location exists for information, so document specialists must hunt down and organize info
- Lender email with closing and funding update flagged as spam, and borrower misses email
- Borrower is uncertain about progress and calls repeatedly for a status update
Destination: Commercial loan funded
Lending journey of the future
Imagine a much more efficient and intuitive process, simplified and made transparent by technology, with lending teams and borrowers benefiting at every stage of the process.
Step 1: Initiate the loan process and gather required information
- Get the benefits of a self-service, mobile-friendly borrower portal
- Show borrowers exactly what’s needed from them, and empower them to upload the right information
- Eliminate document collection mistakes
- Let borrowers track the status of their loan, cutting out the need for status update emails and calls
- Allow borrowers to contact the lending team and schedule meetings online, avoiding phone tag or back-and-forth email chains
Step 2: Credit analysis and underwriting
- Foster transparency, collaboration, and accountability with real-time dashboards
- Keep the whole team on the same page with workflow templates that automate the loan process, consolidate completed activities, and standardize checklists
- Nudge loans in the right direction with status indicators and automated notifications
Step 3: Loan committee approval
- Give everyone on the lending team the access and clear visibility to reach a speedy decision on the loan by using a shared, secure location for documents
- Automate repetitive, manual tasks to get lending team members back to doing what they love – strengthening borrower relationships and serving their communities
Destination: Commercial loan funded
Crowe CX for Commercial Lending gives lenders the tools to transform and simplify their borrowers’ experiences
With access to features such as a self-service borrower portal, built-in workflow templates, real-time dashboards, and automated notifications and status updates, commercial lending teams can deliver the fast, seamless experiences that borrowers want.
Ready to speed up and simplify your commercial lending process? Let’s talk.
