Transforming Your Lending Process, Part IV: Kickoff

By Neill LeCorgne

Note: This is Part IV of a four-part series. Click here to read Part III. 

July 19 — Kicking off technology change at an institution is a unique process based on the personality, resources and skill set of the institution and its staff. Some institutions like to do a soft and slow roll out, while others prefer an overnight sunset of the old technology for replacement by the new.

Leadership plays a critical role in the roll out, especially in regards to messaging the importance and advantages of the change. If the change management process was inclusive and well managed, the key participants using the new technology should be advocates for the change, providing testimony of the enormous benefits to the institution and borrower experience. A poorly managed process will leave key users confused and lost in the technology, and the borrower experience may actually get worse.

If transforming your financial institution’s lending process was easy, it would have probably occurred long ago, and more financial institutions would probably undertake overhauls in order to address inefficiencies and improve the customer experience. However, technology available today allows institutions to dramatically improve the speed and efficiency of originating, onboarding and administering loans. Implementing this new technology into an established lending process provides one of the most significant opportunities for efficiency gains and earnings pickups seen in the industry for years. However, the change is not easy to implement. It requires strategic commitment, funding and planning. With these, meaningful changes are achievable, and the payoffs to customers, staff and shareholders are substantial.

About the Author

Neill LeCorgne is vice president of Banking at Sageworks and is responsible for working with financial institutions to enhance their operating strategies including improving efficiency in the lending process. Neill has over thirty-three years of experience in the financial industry including eleven years as president and director of a multi-bank holding company in the state of Florida, seven years as manager of a corporate banking team at a super-regional bank and fifteen years serving financial institutions as director of Business Development for the Federal Home Loan Banks of Atlanta and Seattle. Neill led the development of a consultative business approach to institutions at the Federal Home Loan Banks of Atlanta and Seattle, working with more than 250 banks across the Southeast and Pacific Northwest. 

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