Powering Smarter Construction Finance

Overcoming Legacy Systems with Built

Posted by Built Team on Mar 4, 2021 at 9:16 AM

Going digital is no longer a nice-to-have in 2021—it is an imperative. The issue, however, is that many of the systems implemented years ago cannot keep up with the ever-evolving technology landscape. The consequences of avoiding it, or worse, doing it the wrong way, have the potential for drastic impact. So, how do you combat this? We have two questions: 

  1. Are you ready to combat a competitive landscape that has already committed to digital transformation?
  2. Are you willing to partner with a solution that shares your vision for better construction finance?

 

Being ready is the first step. Those who are willing to do the hard work—and do it first—will see benefits faster. Your team can avoid potential obstacles to real change by committing to a single platform to manage workflows. First, ensure that your entire company is on board with making the effort toward overcoming legacy systems in favor of more modern solutions. Then, use Built, a digital platform designed to empower the entire construction finance ecosystem with the tools necessary to simplify the way work gets done. Once you’ve implemented Built’s Construction Loan Administration software, a process made simple with our dedicated Implementations team, you’ll be well-positioned to avoid unnecessary expenditures and lift the burden off of your valuable internal resources. It is now not enough to merely turn your manual processes digital. Rather, use Built to transform the way your lending institution does work, which will transform potential obstacles into potential gains for your business—whether that be in speed, quality, or even revenue.

Built is the leading provider of construction finance technology, in part because we recognize that adjusting to change takes time. As you work towards digital transformation, we’re ready to walk alongside you every step of the way. From implementation to success to ongoing support through your day-to-day workflows, we’re committed to ensuring that Built not only digitizes your processes, but enables you to bring them into the future so that your business can keep up with the banks already benefiting from Built adoption. 

Romi Stein, CEO & Co-Founder of OpenLegacy, poses a question in their recent Forbes article on overcoming legacy structures: “Where do enterprises run into stumbling blocks when they try to roll out such a strategy, and what strategies can they adopt to solve for these obstacles?” Bridging the gap between your existing systems and new, more modern solutions is incredibly difficult. It’s also worth noting that he asserts, “legacy systems are often essential pieces of infrastructure, but maintaining them comes at a steep price.” Integrations will enable you to fill the gaps in information without ever having to worry about manual data entry—and, ideally, enabling you to focus on your future strategy with the goal of leveraging technology to exceed business goals. Stein continues, “Ultimately, integration with legacy assets like mainframes and midrange systems is just the first of many challenges that these organizations must overcome in order to build a true legacy strategy: a systematic plan to leverage the value of the information housed in legacy systems to accomplish a set of business objectives.” 

According to the American Banking Association (ABA), nearly 40% of consumers “now report using mobile apps as the primary source for banking, a 3% increase from pre-COVID levels.” Just as consumer banking customers have shifted to app-adoption through the pandemic, so too have lenders as they adapt to their changing circumstances. It’s not just your bank’s customers—it’s your peers, too. Senior Lender at The Village Bank, Andrew Franklin, shares, “The ability for me as a senior lender to see the status of projects, particularly while working from home due to Covid-19, is great.” In 2020 alone, Built helped facilitate nearly 130,000 loans, touching approximately 500,000 transactions, which means that each of those transactions were more streamlined as a result of technology adoption. 

You have the opportunity to take the step into the future—you’re not the first, but you certainly should not be the last. As the lending industry digitizes, be sure that you’re moving forward with the right solution in your toolkit: Built

Topics: Technology, FinTech, Implementation, Construction Technology

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