The prospect of executing a long and arduous program to fully automate corporate lending processes is daunting. However, it’s not an “All or Nothing” scenario. Business process management or BPM based solutions can be implemented in such a way that your processes retain the necessary subjectivity, while helping you improve the time taken for the decision process and improve the TAT. A well-implemented solution can also get you started on the transformation path and dramatically improve business intelligence into the key performance areas so that subsequent improvements projects can be undertaken.
Common scenarios in the past:
The key to embarking on an efficient and robust loan origination process:
With growth, companies tend to add process quickly internally, (of the ‘you can no longer do that informally- please raise a request’ variety). However, the same needs to be applied in customer facing processes as well. If customer facing processes continue to rely on Heroes, the primary problem is an inability to scale. Demand for Heroes grows faster than supply!
Of the above, achieving parallelism in the process is a key consideration. A linear process flow should be your last option, and only when absolutely required.
A BPM based solution can address the need. However, technology reuse, change management and the ability of your partner to implement the solution quickly are key considerations.
Please feel free to share your thoughts on it.
Read our whitepaper titled “Options for process automation of corporate loan approvals” to learn more.