The Power of Incremental Changes

In recent years, your institution has most certainly put a lot of new technology to work, and I'd bet the results are impressive.

Troy Allen
June 10, 2022
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In recent years, your institution has most certainly put a lot of new technology to work, and I'd bet the results are impressive. Things are probably going so well, there doesn’t appear to be a strong case for even further change. I know I felt that way many times during the 16 years I spent working at banks and credit unions that were continuously transforming.

But in today's environment, I've adopted a new attitude about change. I've learned that important change doesn’t necessarily need to be big or disruptive. In fact, moderate, continuous change seems to be a recipe for sustained success.

Steady Progress Means Compounding Gains

Our goal with the LenderClose platform reflects this strategy. Our aim is to make the lending process digital, fast and convenient. If you have made strides in these areas, it's tempting to question the need to add technology that pushes the needle further. For example, automating your lending process to make it even faster and more efficient.

It's more important than ever to keep the flames of innovation burning – and don’t worry, it doesn’t require chopping down the biggest tree in the forest to stoke the fire.

Don’t forget the power of “small" things. Ask yourself the following three key questions:

Can we do more with less?

It seems that every institution could use more help, but it's more difficult and expensive to hire additional employees these days.

Aggressively pursuing efficiency through automation steadily increases the amount of time and energy staff can redirect into personal, attentive service.

I haven't yet encountered a financial institution that wants to make fewer loans. For any lender to build its book, they must win business away from tech-savvy competitors. This requires keeping pace with fast, convenient offerings while finding other ways to distinguish the brand.

Can our employees be happier?

What's the cost of overburdened, unhappy employees? Job stress makes employees more prone to error, poor work performance, burnout and conflict in the workplace. It also drives 40% of job turnover, something no lender needs more of during the Great Resignation.

Introducing automation is quite possibly the fastest, simplest way to decrease employee workload and mental burden. It alleviates many of the aspects of the lending process that feel like chores, allowing staff to spend more time on activities they find more rewarding and meaningful - like building relationships with their borrowers And, it's been documented that happier employees perform at higher levels and actually increase the loyalty of members and customers.

Can progress be amplified?

Don’t underestimate how advancing lending speed affects the bottom line. Automation amplifies every result – even modest ones – by driving consistency and scale. Progress in each area is leveraged to grow loan capacity and bring loans onto the books faster, adding up to attention-getting effects on profitability. (It goes without saying that borrowers will also be happier and more likely to return.) Even better, LenderClose solutions are designed to complement and improve the processes institutions already have in place.

Remarkable change often doesn’t result from singular, drastic moves, but from continuous and steady progress. If you are always looking for the next step forward, you will already be miles ahead by the time your competitors notice.

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