Process innovation has been everywhere since the pandemic began in March. Technology innovation is coming next, and it will transform the way that lenders work with their borrowers.
The rally cry I’ve seen from lenders in the last six weeks has been incredible. There are so many stories about lenders working around the clock to service PPP loans. Stories about banks leading through innovation in the way they act. Things like overdraft protection, drive-through banking, and more have all made news in the last few weeks.
Among the good news, one thing has really stood out to me. I’m surprised by how hard it has been for lenders to review their portfolios of business loans. While banks have all of the information they need to understand a given borrower, it’s often not in the right set of tools to allow anybody to triage the portfolio with fresh information. Similarly, a person from a different corner of the bank will be challenged to quickly understand the company’s financial profile.
These problems are easily solved by Fincura. With the right set of tools and modern software, these problems can be fixed as intuitively as the apps we all use every day outside of work. Every lender should be able to create any report they can think of in a couple of clicks. Any set of financials, any ratio, even trends, common sizes, and growth rates.
We’ve never seen times that require such deep knowledge of every borrower. Today’s tools are not capable of serving lenders’ needs, at least not without staying late, working overnight and through weekends.
This pandemic has forced banks to move more quickly than before, driving innovation throughout the organization in ways that leaders would have never thought possible a couple of months ago. The trend will continue over the coming months as banks are being forced to reckon with their existing processes and older technologies. Short-term innovation in the organization will translate to adopting newer technology. Newer technology will translate to bankers that are more knowledgeable and have more time to spend with their customers, which is really what everybody is after in the first place.