Automating Loan Renewals to Add Efficiency & Reduce Costs

Small business owner.

Today’s member business loan renewal process takes too long, costs too much and results in lower client satisfaction. This is not a winning approach in an increasingly competitive future. In fact, those that maintain the status quo will miss earnings growth as members move their business relationship to an institution that can renew their loan quickly and easily, and with no credit interruption.

Technology adds significant workflow efficiency gains and a reduction in labor investment to the process of renewing performing member business loans. Incorporating technology to shrink the labor- and paper-intensive steps in a loan renewal process can reduce the labor investment per loan by more than 90%, or $2,159. Multiply this by the number of renewals a credit union does each year and the magnitude of opportunity for earnings and efficiency gains is staggering.