Originally published at CUInsight.com
When interest rates drop, savvy consumers and business owners gather up their financial information and rush to refinance. Any typical refinance boom can cause stress on credit union staff, but this time it’s paired with a variety of stimulus programs that financial institutions are also responsible for facilitating.
The overwhelming demand this has created for some Business Services teams has slowed down processing times which has the potential to create brand detractors even when you’re working your hardest. While it’s not realistic to scale your team overnight, creating more efficient business loan processes should be a top priority.
Focus on making the most impactful improvements first. The most time-consuming touchpoints for loan officers and members are things like:
Collecting initial application information
Submitting supporting documents, such as income and asset verification
Preparing cash flows
Once the application is submitted the next point of contact is going to be one of the most important touchpoints of the whole process. If the borrower finds that receiving a loan decision is taking too long they will assume they are not approved and move on to look for a different lender.
Credit unions are so loved because they are agile and willing to get creative with the resources available to them. Now is the perfect time to step up and show your local business community how much you care by providing them with the same world-class service credit unions are known for, even during hectic times. If you’re interested in scaling your current capacity to better serve your members, Lucro Commercial Solutions can quickly set you up with a custom, software-free, online business loan portal created to assist with automating and centralizing the collection of applications and documents. We’ve even included tools to help prepare real estate project cash flows. Visit www.Lucro.org/DBLC to learn more or contact Heather Bosenko at email@example.com.