Workflows, Integrations, Digital Marketing -our Other Spring Projects
With Spring we have finally seen the last of the snow, but unfortunately as the weather gets warmer the project list starts to grow. I have spent enough time landscaping to give a good dissertation on proper edging and mulching techniques, but today let’s talk about spring projects to entertain at the loan manufacturing plant.
How is the Workflow Looking?
It seems every time we have turned around for the last few years there has been a major regulatory or investor change that has significantly altered your processes. With each change we examine where the process needs to be changed, and how to implement controls to make sure we adhere to the new requirements whatever they are. And the hits keep coming – HMDA, UCD and a new URLA. We will again make changes to the workflows to adapt to these, but…
When was the last time you reviewed the overall workflow? With all of these significant but incremental changes we have made, what has been the cumulative effect to the overall loan manufacturing process? We have made sure our technology has adapted to comply with the required changes, but we probably haven’t stepped back and looked at the entire process form the macro level.
Reviewing the entire process every few years is beneficial to your overall costs and efficiency. We usual ly think of doing this when implementing a new LOS, but I think a regular checkup is prudent - even when you are extremely happy with your existing technology. Take the time to document the entire process from initial customer contact through loan onboarding (or beyond – this is a good exercise for your servicing area too), identify the bottlenecks, and implement changes. The time and expense involved in this project is a wise investment.
And how about the Integrations?
The well designed LOS sits at the center of your loan manufacturing technology environment. The ability for these platforms to connect with your other business unit or enterprise has evolved significantly. We mostly look at integrations when we purchase a new LOS, but I believe these tools should also be reviewed on a regular basis.
Whenever we can move the loan data from system to system through an automated process, we increase efficiency, decrease costs, and remove data integrity risks. The overall goal is to enter a piece of data only once, and remove re-keying wherever possible.
Take the time to inventory your entire suite of LOS integrations. Review their feature/functionality, and see if you are using the integration to its fullest. If staff is going to the web for a service, review your LOS to see if direct integration is possible. Automate loan onboarding to your servicing system – if you are already doing so, review the configuration capabilities to see if you can add any fields you are manually inputting now. Remove the keystroke wherever and whenever you can.
Maintenance is done - Let’s grow something!
The previous two Spring projects are not glamorous – more akin to those pesky maintenance and construction jobs. The fun part about Spring is getting things to grow, and what can be more fun than growing our customer base!
Marketing for community lenders vs. the big banks has historically never been a fair fight. Traditional media goes from expensive to unreachable (depending on the channel) for most of us. Measuring results through these channels is not an exact science either. You, therefore, need to get the most customer growth out of every marketing dollar spent. Thanks to the internet, the playing field is leveling.
The effectiveness of the internet as a marketing tool is profound – there are enough obvious examples of this. There is also an entire demographic just beginning the home buying process who were raised on the internet. It’s not just the millennials either. About a month ago, the quote of the night at the dinner table was “I just saw that on Facebook”. Not remarkable unless you consider the source - my 93 year old mother-in-law. (Note: Get your favorite senior an iPad – I highly recommend it.). Combine this with the whole ‘local’ movement – ‘eat local’, ‘shop local’ and …. We have a tremendous opportunity to integrate bank local into the mix.
Effective digital marketing has the potential to help us attract and keep new customers. The combination of a revolutionary marketing channel and the renewed appeal of the local business has presented a rare opportunity.
I recently had a long conversation with Robert Ferzoco and John Martin from American Financial Services about their “Bank On Community” program. The have developed a digital marketing program that is tailored to the community lenders. They are offering 2 webinars this month on their services. If you are interested in learning more in-depth about the digital marketing options available, or signing up for one of the webinars, contact Bob at 781-424-6174 or rferzoco@americanbus.com.
Enjoy your Spring projects, and please reach out if I can help at pbates@scapartnering.com.
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