Top challenges for consumer lenders, according to an ABA survey:
Efficiency – 72 percent
Cost – 61 percent
Process, operations and staffing – 57 percent
A lack of efficiency isn’t just a problem in and of itself – it’s a top driver of the other business challenges flagged by respondents in the survey above.
Inefficient processes cause costs to go up. Customers and members choose other lenders who can provide services faster. And manual, paper-heavy processing can’t scale up to meet rising demand without adding staffing resources. Sound familiar? It might be time to start exploring consumer lending solutions.
Challenges like those mentioned above don’t have to hold your consumer lending business back. Commercial banks, finance companies, credit unions, savings institutions and internet-only banks have all recognized that using OnBase to bring consumer loan information, data and documents together in one central location presents tremendous business opportunities.
OnBase can streamline the consumer lending process for direct and in direct lenders through:
OnBase is a single platform solution that integrates with any loan origination software system. Unlike consumer lending software point solutions, OnBase is flexible and customizable. It can be used across departments within your institution to optimize processes and achieve new levels of success.
With all information conveniently available in one place, lenders can:
Stop struggling with the day-to-day challenges of increasing efficiency. OnBase will enable your institution to find heightened opportunities to improve performance, innovate and compete for new business.