Automation and other forms of digital transformation may seem overwhelming at first glance for Community Financial Institutions like Credit Unions, Community Banks, and Non-bank Lenders.
The term ‘Digital Transformation’ has become a cliché, with software vendors and consultants beating the DT drum without defining exactly what it means or acknowledging that digital transformation comes in stages, rather than being a single event. It seems as though either you have digital transformation or you don’t.
From our experience working with local financial institutions, we have observed that lending automation comes in sequential stages, starting with totally manual processes and advancing through total automation without any human involvement.
To that end, Luna Connect is pleased to launch our innovative Lending Automation Assessment. This free tool enables lenders to complete an online set of questions from which we’ll determine the level of automation you are at today. We then will provide recommendations to get you to the next level of automation. If you are Level 2, for instance, we will explain what you need to do to get to Level 3. We can even provide you with a roadmap to get you to the highest level of automation that is reasonable for your organisation.
In our recent industry article titled, Benchmark Your Lending Operation Using the 6 Levels of Lending Automation, we define the Levels as follows:
- LEVEL 0: No digital lending or automation capabilities
- LEVEL 1: Digital loan application capabilities for borrowers, no automation for lender
- LEVEL 2: End-to-end digital capabilities for borrowers, process automation for lender
- LEVEL 3: End-to-end digital capabilities for borrowers, process automation and decision support for lender
- LEVEL 4: End-to-end digital capabilities for borrowers, process automation and automated assessment and decisions, with human intervention
- LEVEL 5: End-to-end digital capabilities for borrowers, process automation and automated assessment and decisions, with no human intervention
The end objective is not to have the highest level of automation possible, but rather to grow your loan book as cost effectively as possible while complying with banking regulations. Luna Connect can provide you with expert advice on how to navigate the automation process.
About Luna Connect
Often local lending institutions want to be online but don’t know how to go about it. Luna Connect has taken conscious steps to empower lending institutions by assisting them in their digital transformation journey from start to finish. Through Luna Connect, local lending institutions such as credit unions, banks and asset finance firms can leverage AI-driven insights, automate repetitive tasks, and provide a personalised customer experience in just a few weeks. They automate key aspects of the lending journey using our digital platform and provide AI-driven analytics for better-informed decisions and dashboards for performance. In addition, with Luna’s professional services division, clients can get started with customer journey mapping and ensure success with project implementation advisory services.
See more at www.lunaconnect.io
Contact us at email@example.com or +353 91 398117