2021 Strategic Planning

How will you handle your financial institution’s strategic planning for 2021?

Oftentimes, Banks and Credit Unions build their upcoming annual plans by simply adjusting the plans from the year prior, copying and pasting most of their objectives with no drastic changes. Due to the pandemic, all of that has changed and the model of “business as usual” can no longer be the norm. Banks and Credit Unions have asked or required their employees to work remotely, locations have closed, new products such as PPP, SBA and the Main Street Lending Program were pushed into the product mix, and some of their clients are struggling to make ends meet or turning off their lights entirely. While most financial institutions typically take a year, or perhaps several years, to develop new products, platforms, security protocols, risk models, and so on, this year they were literally required to do this in an instant.

How will you handle your financial institution’s strategic planning for 2021? 

Focus on Client/Member Experience by Making it Fast and Easy to do Business with your Financial Institution

Most Bankers agree that Client and Member Experience continues to be the top priority of their institution. In the past, banks and credit unions relied primarily on their face to face meetings with clients/members to build relationships and the personal delivery of documents and sensitive information.

That has all changed. Automation, rapid response, frequent communication, and timely decisions are at the forefront. If you are in the Commercial Lending space, you know that these items have always been important, but now it is critical that you excel at them in an unpredictable working environment. Providing exceptional client and member service must be provided transparently regardless of where you and your team are working from.

Six Critical Factors for Success

  1. Intelligent Workflow that allows your team to follow a predefined process, speeding up the review and approval process while eliminating costly errors.
  2. Secure Credit File storage and access that allows your team to submit, share, analyze, review, approve and securely file loan documentation from any location.
  3. A simple, automated, and up-to-the-minute method to communicate with your potential borrowers, letting them know exactly what you need from them and when.
  4. A secure Portal that allows borrowers to submit financial statements and other loan documents in an automated manner; fully integrated with your electronic Credit File and Workflow processes.
  5. A simple to use tasking system that allows your team to push requests and notifications to other team members, allowing you to keep deals moving forward.
  6. Enabling your Relationship Managers to always know what stage a deal is at, so they can answer client and member questions instantly.

Are these problems you would like to solve in 2021? If they are, or you are just curious about how other financial institutions are taking positive steps in improving their client and member customer service, contact us to discuss your goals with one of our Banking Experts or follow the link below to schedule a demo of our Credit Track Commercial Loan Origination System.

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