Benefits of a cloud-based loan origination system

When it comes to consumer lending, competition for customer attraction and retention is intense. In addition to improved customer service and efficiency, today’s credit unions must be able to quickly pivot to provide a variety of new loan products and other promotions.

Continuous loan growth means credit unions need to streamline lending and make it more accessible across all available channels for members.

Improved User Experience & Satisfaction

With more than 70% of all American adults reporting using a smartphone for mobile banking, many credit unions still offer little to no mobile-responsive banking or ending options to customers. Meeting tech-savvy consumers where they are, with a mobile-optimized lending origination system, can quickly translate into improved customer experiences and customer satisfaction.

Easier User Authentication & Verification Process

Many credit unions face the everyday struggle of legacy loan origination systems that are incapable of meeting the growing needs of changing expectations in a demanding mobile economy.

Arguably, one of the most frustrating issues facing credit unions on an almost daily basis is trying to provide customers with the top tier level of customer experience and improved efficiency despite channel silos.

The result of countless updates and modifications to legacy LOS modifications coupled with complex core system integrations has created a long list of in-branch, mobile, web, call center, and dealer channel silos.

The good news is, using a cloud-based LOS delivers significant advantages over bulk software that too often require weeks, if not months, of implementation time for services. Furthermore, a cloud-based LOS can facilitate increased lending productivity without the need to upend your business operations.

In the typical manual loan origination process, user authentication and verification can take a considerable amount of time–a process that speeds up when you move to the cloud. Loan applicant details, such as income, banking, and account information, including mortgage history and credit score, can also be accessed instantly for credential verification.

Safer, Faster Document Management

With a cloud-based LOS, documents are stored remotely, and secured in an encrypted centralized server system; nothing is stored on your credit union’s hard drive. Cloud-based systems allow for real-time sharing and updating of data and documents with other authorized users in your network. And that turns in to faster turnarounds for both credit union staff and members.

A cloud-based LOS is easily configured, distributed, and implemented within a short time and across multiple locations. Accessing the systems is as quick and straightforward as going to your web browser. Remote employees can access the same network as onsite employees. This can be exceptionally valuable in the event of unanticipated urgent situations, such as the current COVID-19 virus, seeing many government authorities encouraging (and in some instances, mandating) businesses to implement work-from-home or social-distancing protocols.

Reduce implementation times

Technological innovations are moving at a faster rate than software updates can accommodate.

Because software timeframes don’t bottleneck cloud-based LOS system vendors, they can deliver new features and other software upgrades on a regular (i.e., bi-weekly or monthly basis) frequently requiring only a few minutes of downtime. This reduced downtime makes credit union staff better able to address member needs. One bonus to the expedited implementation timeframe is an opportunity to incorporate feedback from members on how to improve their overall experience.

Increased Time Management Efficiency

With the right cloud-based loan origination system, improved time management efficiency means simplicity for both the lender and the member. Your cloud-based LOS should offer continuous improvements and ongoing innovation in a fraction of the time of its onsite hard upload counterparts.

When your LOS is based in the cloud, you see increased convenience, greater consistency, and improved simplicity.

If you’re interested in learning more about Sync1 Systems and how our highly configurable, cloud-based system can help you focus on improving the member experience while avoiding massive disruptions, get in touch today.