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Where You Should Automate Your Loan Origination Processes

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28 April 2023
Craig Focardi

Digital Banking Panel Survey

Celent has released a new survey-based report specifically for retail lending channel owners that covers digital loan technology adoption by banks, credit unions, and consumer finance companies in the areas of digital loan shopping, selection, and loan application; data aggregation, lending process customer communications; compliance automation; electronic signatures; digital funding; and digital onboarding.

The survey-based report, State of Digital Lending: Automation Is Accelerating, also examines automation levels for each institution type by loan type: auto loans, BNPL, credit cards, home equity loans, personal loans, and student loans.

Where to Automate and Why

One of the most challenging decisions that business units and their IT departments need to make is what to automate and when? Is customer satisfaction the primary goal, is it cost, or is it increasing loan pull-through rates? At Celent, we hear this concern more often now from our credit union and bank clients as they allocate technology spending across multiple systems to origination many types of loans. This concern has increased with today’s new worries about higher interest rates, lower loan demand, and more restrictive underwriting guidelines.

Our New Report Dives Deeper

Some high-level surveys focus on loan origination in aggregate without examining the major steps and technologies that comprise the end-to-end loan origination process from the point-of-sale, to loan application, to underwriting, contract signing, and onboarding to the loan servicing system.This survey drills down into all of these issues.

Loan Origination Processes

This report analyzes:

·IT adoption levels by institution type for 10 specific loan origination IT functions.

·Adoption levels for banks, credit unions, and consumer finance companies.

·How automation levels vary for different loan product types: credit cards, auto loans, BNPL, etc.

This survey will be of keen interest to financial institutions needing to prioritize where to automate their consumer loan origination processes, and to vendors with loan origination, digital channel, electronic signature, and account aggregation solutions.

Take Part in Celent Digital Banking Panel Surveys

This report joins a series based on Celent’s Digital Banking Research Panel. Results reflect a total of 66 responses to our most recent survey completed in February 2023. The purpose of the ongoing effort is to look deeply into the objectives, priorities, risks, barriers, and likely outcomes of retail digital banking and lending in North America.

Panelists were recruited from Celent clients and non-clients alike. Celent is accepting additional requests for membership in the panel and expects to field additional research in 2023. To request a place on the research panel, apply online. Participants, regardless if they are a Celent client, can receive the aggregated survey results at the close of the survey.You can also direct message us at cfocardi@celent.com and bmeara@celent.com.

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