If you’re in the lending space today, it seems like you can’t go a day without reading an article about the ways technology will improve your life and the lives of your borrowers. It’s clear we can’t ignore the impact technology has had on how we all expect to be treated as customers. That’s apparent in few places more than in the financial world; more time, energy, and money are put into improving the customer experience today than anything else and technology is at the heart of most of these efforts.
The traditional construction loan administration process requires loan administrators to manually gather portfolio data from various spreadsheets and paper files when assembling reports. Without digitization, this highly manual and inefficient process can cost credit departments days, or in some cases weeks, of valuable time, and as a result, many financial institutions only review comprehensive portfolio data when deemed completely necessary.