IDC PeerScape: Consumer Loan Origination — Practices to Ensure a Successful Loan Origination Replacement
This IDC study introduces five practices that can help business and technology executives leverage their investment to either replace or upgrade existing consumer loan origination platforms. IDC Financial Insights recently researched consumer loan origination platforms and conducted numerous interviews with bank and credit union executives who had replaced or upgraded their platforms, including notation of best practices. This study is intended to help IT and LOB executives understand the necessary steps for a successful project and provides specific examples of how financial institutions have been successful with their implementations.For many financial institutions, their consumer loan origination platforms are key solutions for taking account applications, underwriting and decisioning loans and, finally, closing either at a branch or through digital channels."Today's customers continue to demand having them at the center of the experience, not when it is convenient for the bank," says Marc DeCastro, research director at IDC Financial Insights. "As institutions review new platforms and implement or upgrade existing ones, being able to hear best practices from their peers is as important as the due diligence in selecting a solution.""Consumer credit offerings are an important piece of driving profitability, for both retail and small business customers in the branch and through digital channels," says Karen Massey, senior research analyst, IDC Financial Insights. "Utilizing the latest advances in mobility, big data, and analytics will allow institutions to spend more time focusing on how to grow their loan portfolio and less time on the administrative aspects of closing on a loan."