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Amir Khan By Amir Khan • April 20, 2018

Digitization is Leaving a Permanent Mark on the Commercial Lending Industry -- But What Comes Next?

The digital revolution we are currently experiencing allows anyone from anywhere to connect with people all over the globe, brimming with potential to raise income levels and improve quality of life worldwide. Today, many banks are using digital technology and consumer insights to stand out in the competitive marketplace. For the commercial lending industry, the migration to digital is marked by efficient and cost effective solutions that save brokers time and keep borrowers loyal.

The rise of digital automation allows banks to do away with repetitive manual processes that soak up far too much time and energy from their lenders. Automating commercial lending processes enhances loan servicing productivity and executing customer portals. Prior to digital automation, bank employees found themselves drowning in paperwork daily, rendering the loan application process impossible to scale to meet customer demand. As we progress further down the path of digital revolution, commercial lenders who embrace technological advancement will soon leave others in the dust.

As the impact of digital becomes increasingly more tangible in our industry, several clear benefits have emerged. Reductions to overhead cost per loan help increase loan origination numbers. Pricing flexibility and accelerated interest arise via improved closing time frames and rich loan data. Developments in technology enhance biometric security and language translation abilities, ushering financial institutions to a more efficient, scalable future.

The speed in decision-making is rapidly improving as banks join the movement. Technological advancements allow lending businesses to swiftly achieve their goals. Now they are able to become more efficient by increasing loan portfolios without hiring more staff members. Profits increase tremendously with decreased barriers to business.

As banks adopt technological advancements and solutions, they enhance client services while also making processes more agile. When streamlined operations and superior customer service align within modern banking business models, financial institutions secure a stalwart role in the lives of on entirely new generation of borrowers.