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Key Elements to Ensuring the Success of Your Commercial Lending Transformation
We’ve known for some time that business lending needs to modernize its technology and plan for a digital, fully integrated platform to not only be successful, but to have any hope of remaining competitive. So while change is inevitable, we understand that it is not easy. Fortunately, there are some key basics you can put in place to ensure success in your business loan transformation.
Clearly define your business case. Think of transitioning to managing your commercial debt the way you might set a personal goal. Visualize what you’re trying to accomplish, identify what value it will bring, and create a detailed roadmap to success. Focus on where you are now, where you want to go, and how your organization will benefit after the project is completed. Remember worth The project will bring organizations important to move forward.
Get Executive Counsel. Everything becomes easier when the people in charge are advocating for change, whether you’re playing on a team or modernizing your bank’s technology. With both, the buy-in of the “head coach” is critical to each step of your process. Assertive, sustained support from bank executives is critical not only for the initial investment, but also for subsequent communication and project decisions. Expect your leaders to advocate for your digital commercial lending transformation – proactively, consistently and persuasively.
Build a consensus for change, Now that we’ve got “Coach” on board, we need the rest of the team! We’ve heard it from every customer. No matter where, how, why, or when the change happens, it’s always easier when everyone is on board. Successful projects are ones in which the entire organization feels invested and involved. Make sure you build the project core feature accountability, knowledge sharing and best practices from key advocates across each of the key silos in your organization – including heads of each line of business and any other areas the project will materially impact.
Find a reliable technology solutions partner. You want to get in shape, you find the right trainer. You want to make sure your technology modernization project is successful, so find a partner who has experience, a proven, agile plan, and is invested in taking you beyond your “end goal” for continued growth.
We all know that change is not an option anymore. We are now in real time, 24/7, anytime, anywhere in the world, and your customers want services that are fast, accessible, transparent and easy. But afs, we help our clients to promote and achieve the changes they need. We provide solutions with the scalability and flexibility to reach our clients’ goals, with a proven, successful transformation and implementation strategy that is always on time, on budget and in scope.
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