Legacy technology preventing some businesses from accomplishing more

Real Time Loan Origination Software

In today’s hyper-sensitive lending environment, more financial institutions place a high priority on securing high-level information about credit applicants. Loan origination software plays a crucial role in this initiative, particularly as businesses make use of alternative data sources in their efforts to accrue more applicant information.

Such software is just one example of the new technology banks are using to improve productivity and maximize profitability. However, some financial institutions lack this sophisticated technology, and others are not yet equipped with the hardware needed to support software investments, according to a report.

A survey from Ricoh Europe revealed 79 percent of European businesses are held back because their legacy systems are unable to accommodate investments in new technology. It stands to reason that these difficulties could carry over to American businesses, and banks in particular, given the results of a September report from Hammerhouse, a recruitment firm.

That study of loan officers showed 32 percent of financial professionals felt their business lacked the sophisticated technology needed to improve business initiatives. Many surveyed loan officers described their businesses’ existing technology capabilities as “inadequate.”

Given these surveys and others that demonstrate the growing pains of business technology adoption, more financial institutions may need to consider an evaluation of their existing systems. Loan origination software, for example, can be a worthwhile investment, but without the hardware to support this technology, businesses will be unable to maximize the value of this purchase.

Web-based financial software offers a useful option to many financial businesses today, and it may be beneficial for financial IT executives to consider an investment in software that offers a SaaS platform option.

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