Automation is king/queen when it comes to decisioning loans quickly.
With the right automation tools, you can rapidly provide risk-based pricing to low risk applications, push higher risk loans through additional checks to expand approvals without compromising your risk tolerance levels, and tag applications that need manual review. Coming back to the toll booth analogy, when you allow technology to handle the majority of applications you can focus your loan officers on the applications that need additional support. So, instead of holding up each car that wants to pass through the booth, you simply pull aside those that may pose a higher risk. Being able to quickly launch new products and rapidly make changes to existing processes is essential in today’s economy. The amount of companies competing for an SMEs business is increasing faster than ever. To thrive, not just survive in this challenging market you need to be able to offer new and innovative products at record speed. To do this your risk team needs to be able to implement the entire onboarding and decisioning process, complete with new predictive analytics models, data integrations, and decisioning workflows. This means having the power to make and test processes without relying on IT. As mentioned before, low-code technology is a solution that puts the power of the process in your risk team’s hands.
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