When faced with a looming deadline, businesses tend to fall back on existing vendors—even if the technology is outdate. One scan the shoulder of an airline or DMV representative, and it’s clear that the majority legacy software isn’t outfitted for fast-moving, dynamic updates.
‘Familiarity’ could seem sort of a tempting solution, but speed of implementation should be your top priority. Software solutions that need significant system overhauls and sophisticated back-end coding typically take months to roll out. they could now tout fast implementation—simply because they’ve temporarily stacked support teams to guide loan providers through their cumbersome systems. Find a platform that promises quick, intuitive implementation whenever rather than one offering onetime expediency.
Have worldwide stay-at-home orders taken a toll on your customer service team? you would like a platform that won’t hamper already strained resources. A well-designed self-service solution allows applicants to try to to most of the work without phoning into your support line.
An automated solution like Process Maker provides customers with an intuitive self-service form . you'll easily add form fields to gather even the foremost detailed information. Toggles, drop-downs, and other answer types confirm you gather the proper information the primary time—without the necessity for time-consuming follow-ups emails or calls. Expert logic finds errors every step of the way, so applicants aren’t met with unexpected errors or denials at the top of the method .
Initial lenders only had a couple of hours to implement the ultimate guidelines of the new loan program. Government programs are constantly changing, and you would like to possess the pliability to form on-the-fly adjustments. You don’t have time to go through weeks of bureaucratic procedure or extensive coding to form updates—your customers need access to those loans now. A static, one-and-done form just won’t cut it.
The drag-and-drop Process Maker editor allows you to tweak and adjust with the press of a button. the method is very easy that anyone on your team can make a required change.
As the government allows more and more lenders to simply accept SBA PPP Loan applications, smaller institutions will have the chance to service their community. However, many of those more localized lenders don't have access to the herculean IT teams employed by the large guns.
So when researching loan origination software, it’s important to stay in mind your level of internal resources:
Is a platform only employed by huge banks? it'd be one that needs an experienced IT team to manage. If you’re low thereon staff, you’re more happy with a more plug-and-play option that needs zero code experience.
Managing cyber security and frequent back-ups of your data may be a time-consuming process for a limited technical team. A cloud platform does the legwork for you.
Does the software include an encyclopedic training manual? For time-sensitive deployments just like the one required by the SBA PPP Loan program, nobody on your team has time for a lengthy learning curve.
While a platform promising to instantly push an SBA PPP application form live to your site may sound appealing, you would like to think about your long-term business needs. is that the software something that you simply can use for a future loan type, or is it a static solution deployed for one need? During this point of uncertainty, government policies are in constant flux. If you’re cursed with a one-and-done solution, you’ll struggle with an equivalent headaches when implementing subsequent coronavirus initiative.
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