Pub 18 2021 Issue 1

12 O V E R A C E N T U R Y : B U I L D I N G B E T T E R B A N K S — H E L P I N G N E W M E X I C O R E A L I Z E D R E A M S Credit Risk Management: With digital lending, you can immediately feed data from a credit report into the loan origination system and assess your customers’ five Cs of credit. This feature facilitates quicker turnaround and more confident decision making. While matrix-based lending scores may cause concern about overlooking loans or denying important customers, most  digital lending solutions  allow institutions to set the decision parameters. This allows obvious approvals or denials to process immediately, while others route to you for review. Regulatory Compliance: Digital lending makes data accessible, rendering manual searches for documentation unnecessary and decreasing the risk of human error. To strengthen your compliance further, digital lending platforms provide a complete audit trail for regulatory review, and automation creates a more consistent compliance environment. Automation Doesn’t Have to Mean Automated Decisioning Your bank sets itself apart through its connection with customers. And because you value those relationships, digital lending may seem like you’re sacrificing that human connection. But your bank can find a balance by embracing the right level of automation for your institution and using these tools to inform decisioning. Digital lending automates tasks that were once manual but should not be mistaken for automating the decisioning process. However, in some circumstances, automating decisions can yield favorable results. For instance, if your institution has a conservative lending policy, a properly configured digital lending system maintains tight controls and ensures nothing slips through the cracks. Similarly, if your institution is an early adopter of, or is highly specialized in a particular type of credit, automation will drastically streamline the process. Reinventing the Loan Origination Process Institutions that wish to stay relevant must embrace digital technologies. Digital lending adoption does present some challenges, including upfront costs and vendor management. But you can offset these concerns by embracing automated loan origination tools along with the right digital lending strategy for your bank, allowing you to provide your customers with the service they need while improving your own processes. Learn more about simplifying digital lending for your bank by watching CSI’s on-demand webinar. n Simon Fisher is product manager, CSI Banking Solutions. n DIGITAL LENDING continued from page 11 Interact with content on a deeper, more meaningful level. Reach your customers with print. To advertise in this magazine, contact us today. 801.676.9722 | 855.747.4003 thenewslinkgroup.org sales@thenewslinkgroup.com