How to Choose the Right Credit Decisioning or Loan Origination Vendor
| Published: | Dec. 21 , 2009 |
| Format: | |
| Length: | 11 pages |
| Author: | Savannah Barnes |
The immediate lessons to be learned from what fell apart during 2008 and 2009 have provided direction for 2010 and beyond. Whether one was a victim of the meltdown or a victor in acquisitions, everyone watched the financial world run amok. Those who prevail now and in the long term will be those who are balancing tradition and innovation, that is, keeping what works and replacing the rest with the best capabilities available.
Usually, choosing what to replace is not a black and white decision. Costs are always a factor, as is speed to market. Or, it may not be clear if the problem is internal with the technology or external with sales and marketing. For example, did a new online application process fail with customers because it was slow, because it presented information that was inconsistent with the bank's other communications, or because it did not offer relevant products? When these questions are overshadowed by the ongoing market fluctuations, government regulations, and bailout trajectories, it can lead to a holding pattern and missed opportunities. There does not need to be a crystal ball predicting the market's next move; there needs to be a clear assessment of the existing technology in the institution and how it is or is not providing short-term revenue lift while serving long-term strategy.
