Infographic Compares Traditional Commercial Lending Journey vs Crowe CX with Dynamics 365 – CRM Software Blog

When it comes to commercial lending, closing loans is the most important thing, right? Not necessarily. There’s a difference between the traditional lending process and a method that streamlines the lending experience and turns borrowers into satisfied and loyal customers.

The Commercial Lending Experience

Borrowers are motivated because they need the money for their projects. However, they have choices about where to borrow. To keep prime customers from going elsewhere for loans, you’ll want the process to be as simple and straightforward as possible. You’ll also want to streamline your procedures for the sake of your agents, who probably have several irons in the fire and need a clear view of the status of each account. Crowe CX for Commercial Lending gives lenders the tools to transform and simplify their borrowers’ experiences. Built on the Microsoft Dynamics 365^TM platform, Crowe CX for Commercial Lending can revolutionize how your teams interact with each other and your customers.

Let’s compare two paths – the traditional lending journey with the more forward-looking approach of Crowe CX for Commercial Lending.

Download the infographic: The future of the commercial lending experience

Here are the highlights.

Path 1 – Traditional Lending Journey

Both lenders and borrowers face obstacles in the conventional lending journey.

Step 1: Begin the loan process by gathering customer information.

• Perhaps the borrower is confused about which documents to submit.
• The borrower sends the wrong documents.
• The lender misplaces the password to access the customer’s records.
• The lender can’t locate the customer’s email (maybe it went to spam?).
• The lending team member leaves for vacation, and the borrower’s documents languish in their inbox.
• The customer has no idea of the status of the loan application.

Step 2: Credit analysis and underwriting

• The underwriter can’t locate the customer’s documents.
• The team must track down incomplete or erroneously submitted information.
• The lending and underwriting teams don’t know who is responsible for the next step.
• The customer has no idea of the status of the loan application.

Step 3: Loan committee approval

• There is no central location for customer information, so document specialists must hunt down and organize data.
• The lender’s email with closing and funding updates goes to the borrower’s spam.
• The borrower calls repeatedly for updates.
• The customer has no idea of the status of the loan application.

Final destination:  The commercial loan is funded (maybe!).

Let’s consider a better approach to Commercial Lending

The lending journey of the future offers a much more efficient and intuitive process, simplified and made transparent by technology, with lending teams and borrowers benefiting at every stage of the process.

Path 2 – Lending Journey of the Future

Step 1: Begin the loan process by gathering customer information.

• Both customer and agent benefit from a self-service, mobile-friendly borrower portal.
• The borrower sees precisely which documents they must upload, and the straightforward process eliminates document collection mistakes.
• The borrowers can track the status of their loan, eliminating the need for status update emails and calls.
• The borrower contacts the lending team and schedules online meetings, avoiding phone tag or back-and-forth email chains.
• Both customer and agent have a clear picture of the loan application status.

Step 2: Credit analysis and underwriting

• Workflow templates automate the loan process, consolidate completed activities, and standardize checklists.
• The CroweCX real-time dashboards ensure that the lending and underwriting teams are on the same page as far as transparency, collaboration, and accountability.
• Status indicators and automated notifications keep loans moving in the right direction.
• Both customer and agent have a clear picture of the loan application status.

Step 3: Loan committee approval

• A shared, secure location for documents gives the lending team access and clear visibility for a speedy loan decision.
• With repetitive, manual tasks automated, agents can return to what they do best – strengthening borrower relationships and serving their communities.
• Both customer and agent rate the transaction as successful.

Final destination:  The commercial loan is funded; the customer is satisfied.

Crowe CX for Commercial Lending gives lenders the tools to transform and simplify their borrowers’ journeys.

With access to forward-reaching features such as self-service borrower portals, built-in workflow templates, real-time dashboards, and automated notifications and status updates, commercial lending teams can deliver the fast, seamless experiences that borrowers want.

Are you ready to streamline your commercial lending process for your customers and agents?

Contact our experts at Crowe, and let us show you how.

By Ryan Plourde, Crowe LLP, www.crowe.com