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Looking for the Right Consumer Loan Origination Solution? Consider the Following

You’ve probably come to terms with the fact that you’re far better off with a dedicated loan management software. You’ve worked out the costs, the efficiency and compliance factors and the move seems right. Congratulations! But where do you go from there? With such a competitive landscape, what are the key things to keep in mind while searching for the right software?

Well, here’s the ultimate buyer’s guide. 

Lending Control Customization

To gain a competitive edge, credit unions and community banks must tailor their origination platform to the unique needs of their customers. A flexible, scalable, and configurable loan origination system can help achieve this goal. With the ability to quickly and easily configure changes in lending strategy, without the need for costly consultants, ticket requests or extra fees.

One way to achieve this level of customization is through drag-and-drop options for workflow configurability. This approach boosts efficiency, reduces errors and provides greater control for building and self-managing consumer experiences and staff expectations.

Consider asking these important questions on configurability 

  1. Does the customer journey make sense?
  2. Is the system customizable to our exact specifications?
  3. Can the system be easily and quickly configured without needing support services, ticket requests or extra staff?

Automation Capabilities

Automation is a critical component of any modern digital lending system. It simplifies manual processes, workflows, and decision-making, enhancing efficiency, accuracy, and customer satisfaction.

By selecting a single origination platform that can automate loan processes and new account opening procedures, businesses can ramp up their cross-selling efforts, provide faster account openings, and eliminate service gaps that can negatively impact net promoter scores. Automating tasks allows for faster and more accurate insights, enabling businesses to optimize their loan management system (LMS) and improve lending performance.

What to think about when researching automation capabilities

  1. Can the LMS automate decision-making without requiring additional staff to manage the decision engine?
  2. Does the system include assigned workflow tasks to prompt staff with next steps?
  3. Can the LMS automate both loan and new account opening processes?


A successful implementation of an LMS requires collaboration between the provider and the client. The provider should have a team that can identify specific needs and create a detailed plan for implementation. Ultimately, it’s all about relationship building. 

It is considered a valuable best practice for the LMS provider to start by building a configuration specifically for the client. This team should work collaboratively and guide the client through the entire implementation process.

During the implementation process, the client should expect the vendor’s team to provide staff training not just during the first month, but ongoing support as well. It’s essential to ensure that the LMS support team will be available to answer any questions and guide the client through new releases and enhancements, enabling them to continue lending at peak performance. 

To ensure a successful implementation process, the following key questions should be asked:

  1. How long does the average LMS implementation take?
  2. Does the provider dedicate project leads and hands-on training?
  3. What ongoing LMS training and support are available?

Relationships are Paramount 

The success of a loan management system is heavily reliant on its technical aspects. However, when it comes to creating a partnership between the system and the business, the collaboration of a dedicated team of finance professionals and technologists is essential. It is this combination of expertise that will enable a business to achieve a successful loan management system tailored to its specific needs.

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