Software for managing the loan portfolio can range fromspreading and credit analysis through impairment analysis or saleof the loan. In most cases, the adoption of such software requiresa change in process as well as an investment from the credit union.In addition to total cost of ownership, what other considerationsshould credit unions have for evaluating potential software and itsvendor?
Software Functionality
Functionality requirements will vary widely depending on theneeds of the credit union. However, these questions can be astarting point for functionality review.
- Does the vendor provide a live software demonstration or allowthe credit union to use the solution hands-on prior topurchasing?
- Does the vendor have a solution to manage each stage of thelife of the loan, including:
- Tracking interactions with existing and prospectivemembers;
- Credit decisions, end to end;
- Loan portfolio management;
- Portfolio risk management; and
- Allowance for loan and lease losses?
- Easy to use?
- Flexible in its analysis and reporting to meet theinstitution's current procedural needs?
- Customizable in terms of institutional defaults andsettings?
Integration, Implementation and Support
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