10 signs you should invest in small business lending software

Wondering whether you should invest in small business lending software? Here are 10 signs it’s time to make the investment!

1. Your current process takes weeks or months: Does this sound familiar? Your potential business borrower drives to your branch to obtain an application, completes it, realizes he/she doesn’t have all the information, leaves and then returns days or weeks later with the application.  Your team reviews the application and sure enough, there are still missing documents.

It’s a universal struggle in lending. With the right business lending software, documents can be uploaded easily, automatic reminders are sent to the borrower for missing documents, and when terms are offered, the technology will automatically request the documents your officers need! It’s amazing how much time this technology will save your team.

2. Small business owners must visit a branch for an application: It’s time for an omnichannel application and borrower portal. Business owners are busy, so why not offer 24/7 access to your services? They can start an application the night before on a tablet and finish it in a branch if they wish.

3. Borrower information must be re-keyed multiple times: Reduce risk and time spent re-keying information by having a central location for data. Wouldn’t it be a dream to have borrowers enter their information when they are ready and your team can review it in a cloud-based portal? No longer would your officers have to waste valuable time re-keying information.

4. You need to reduce the workload for your team:  More and more branch managers are forced to chase after documents for small business loans. Take the burden off the team and let technology do the hard work. Utilize automation to request missing documents via a secure portal and let your managers get back to what really matters: providing great member service.

5. You need better data management: Creating, storing, and using data will become more and more important as new regulations are created. Use technology to your advantage and gain a significant competitive edge through a highly secure and automated solution.

6. You want to improve member satisfaction ratings and user experience: Your members have numerous options. It’s no longer enough to have a great in-person experience – your credit union needs to offer a great digital experience as well. The best business lending software is created by experienced UX designers, who ensure a great customer journey with every click of the mouse or tap on the screen.

7. You need more transparent reporting and analytics: How long does it take to service a loan from beginning to end? Do you have the tools to even find out the answer with your current process? Can you accurately determine how much each loan is costing your financial institution? With robust analytics, the right lending software can help provide insight that your credit union needs in today’s data-driven world.

8. You need a transparent workflow: When you have the analytics and the ability to track how many people are viewing, starting, and completing your application, you can do a better job of forecasting the week ahead.

9. You need to be ADA compliant: Is your current application accessible to the blind or those who have low vision? A fillable PDF form will no longer be acceptable as they are often not accessible to blind people who use screen readers.  The right business lending software will meet and even exceed current standards and requirements.

10. You are ready to make internal collaboration easier: Knowing the status of each stage of the loan allows all members of your team to coordinate efforts and to know what’s coming their way and when.  Better cross-departmental communication will streamline the process and reduce the loan’s end-to-end time.