Not long ago, a platform wasn’t much more than an inanimate object to stand on. Today, platform-based services are one of the biggest trends driving change in the financial industry.
Digital platforms are enabling financial institutions to access innovative technologies so they can deliver the fast, convenient service customers now expect. Community-based lenders, facing competition from the resource-rich big banks and the forward-looking technology companies capturing growing market share, are finding value in fintech partnerships that help them meet the rapidly bending digital curve.
Consumers are regularly exposed to messages from competitors that shout, “no paperwork!” “approval in minutes!” and “turn-around is less than two weeks!” This continually shapes their standards for what to expect from every financial institution.
LenderClose’s integration with MeridianLink’s LoansPQ is a perfect example of the power of platforms. With a single sign-on, lenders can access to every vendor needed to approve, underwrite and close a real estate loan. Through one vendor, one integration, (and one invoice!) lending teams realize multiple points of efficiency. LenderClose puts a suite of reports and services at their fingertips – from flood certification and valuation products to title reports and e-recording services.
The LenderClose integration with MeridianLink LoansPQ means loan officers and processors have less data-entry tasks and fewer tools to manage. Forms and other documentation that come through the LenderClose platform are automatically uploaded to LoansPQ, saving repeated upload and download time. In addition, loan officers have access to real-time data and reports across both platforms and a digital archive of forms for quick retrieval from anywhere.
The result is a streamlined and vastly accelerated underwriting process, an increasingly essential capability for all community lenders.
Without using digital platforms to enhance efficiency and speed, it’s incredibly difficult for any financial institution to simultaneously provide instant, accurate, and reliable customer service. And then there’s the questions of time, money, and human resources.
It would take enormous investments in all three areas for community lenders to develop and maintain their own technology, in order to achieve the same competitive advantages LenderClose provides. It makes great business sense to let a focused team of tech experts continually innovate and enhance their platform, while lenders pay as they extract the value.
At the end of the day, digital platforms go beyond providing a competitive edge. They importantly make lenders’ lives easier, too. In turn, they can spend more time making life easier for their customers.