Make Faster Decisions
Future-Proof Decisioning Technology Your risk technology should be able to support your current needs and have the features and functionality to drive business growth. However, it’s also essential to look at your future needs when you choose or build technology. Some key areas to consider include: • Whether the technology can scale both vertically and horizontally as your business expands • Whether it’s flexible enough to work with new technology as it emerges • If it’s a partner solution, is it regularly updated • Again, if it’s a partner solution, how often are new features added and is it ahead of or behind the curve when it comes to developing new functionality Replacing or rebuilding the foundation of your lending solution should be a one-time event, as it can be both time-consuming and costly. For these reasons you should look to technology that can adapt and evolve with your business. But, to really define yourself as an industry leader, you need technology that drives advances in technology to help you stay ahead of your competition.
Automation is key when it comes to decisioning loans quickly.
Your loan technology should support full automation of the decisioning process to highlight potential fraud, risk, or the need for deeper checks. 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.
Reduce Time to Market
Being able to quickly launch new products and rapidly make changes to existing processes is essential in today’s economy. The number of companies competing for an SMEs business is increasing faster than ever. To not just survive but thrive 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, no/low-code technology is a solution that puts the power of the process in your risk team’s hands. Instead of waiting months to launch new products or make simple changes your risk team can get new products to market in hours.
So, instead of waiting months to launch new products or make simple changes your risk team can get new products to market in hours.
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