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Tuesday, May 8, 2018

“Digital” Is A Component Across Lending Strategy, Not Just An LOS

What is your digital or online LOS strategy?  Many are asking that today as digital technology for marketing, applications, underwriting, spreadsheet analysis, document collection, document management, CRM integration, customer communication, e-sign and retargeting abound.  As shown in the chart below, the choices are many and varied with just a partial list of firms.  The result becomes an impossible search for the digital LOS that does everything for all market segments.

But your goal should not be a “one-size fits all” digital lending LOS. The value of digital is that it allows you to integrate specific digital components into your process tailored for better service to a market segment.  Your goal should not be to define “THE” single digital technology solution, but the role of digital in serving each of your target markets. The various components of strategy of target market, products, pricing, underwriting, delivery, cost, compliance, documentation and service can all have digital components that will vary by market segment.  Your digital lending configuration will differ by market segment.  For example, small consumer or small business loans may be nearly all digital for efficiency and customer experience, while commercial real estate loans may only have specific digital enhancements of data analysis or information sharing.  You should not focus on choosing a single digital or online LOS system and strategy, but rather define the optimum strategy components for your FI by market segments, and how digital fits in with each segment strategy.

This is a shift in historical thinking where FIs had a single delivery LOS platform.  The choice was what platform are we going to install, train on, master and use for our loans.  The decision was costly and required installation on your servers, extensive training and support for users, and data integration for reporting.  Today, digital strategies can be tailored very inexpensively with nothing installed at your FI, little training required because the technology is "self service" on a smart device turning all team members into loan producers, and all data and reporting still resides within your existing systems.

For more information of MinuteLender digital business strategies, visit

RCGILTNER Digital Lending Business Strategies

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