Personal lending processes can be a drag on efficiency and profitability. The multi-step process, from application to post-dispersal, can be time-consuming and labor-intensive. Managing the process adds unnecessary costs and often falls short on the customer experience.
Like many lenders, you may find yourself in a difficult spot. It doesn’t make sense to do the loan-processing work in-house, spending scarce capital on a labor-intensive system that will require constant and costly upgrades. But it can also be difficult to find a business transformation partner that is proficient, knowledgeable about personal lending, and ready to deploy quickly.