Numerated Blog

Building a Modern Loan Origination System for Business Banking

Written by Sal Trifilio | March 01, 2022

When it comes to business banking, financial institutions have never had greater opportunities and challenges in front of them as they do in 2022.

Indeed, many community banks and credit unions see business lending as a key source of growth this year. But with the way the pandemic has shifted customer behavior towards digital channels, lenders aren’t just competing with similar institutions in their local footprint, but against every online lender in the nation.

Loan origination systems are a key piece of technology community banks and credit unions can adopt to eliminate work, expedite lending, and provide a better customer experience, making the institution more competitive in an increasingly digital-first marketplace. But not every LOS is built to drive business banking, and solve for the segment's unique challenges, at its core.

Business loans are cumbersome, time-consuming products. Banks and credit unions can be forced to forgo relationships with businesses seeking smaller credits, to free up the resources necessary to underwrite the larger loans that produce greater returns.

The status quo will see stagnating growth and customer attrition to more digitally-mature competitors.

Many banks are working with loan origination systems like Numerated to increase efficiency, allowing them to widen the range of businesses they lend to and grow.

Over the last four-and-a-half years, we’ve worked closely with our customers and banking partners to create these outcomes by building an LOS that makes business banking easy and allows financial institutions to compete on customer experience in a digital-first world.

Our goal is for Numerated’s digital loan origination system to drive out the unnecessary work legacy lending processes demand of lenders and their customers, allowing for a frictionless experience.

Numerated’s SaaS digital loan origination system accomplishes this through a unique use of data. The platform pulls in data at each stage of origination, saving time for both lenders and borrowers. Efficiencies include pre-filling applications, automating spreading, aggregating data and scoring applications, and fully automating the time-consuming preparation of document packages. Today, more than 140 lenders have used the award-winning platform to process more than $50 billion in lending for over 400,000 businesses.

And we’re not stopping there. Over the next year, we’ll be investing tens of millions of dollars into our platform as a part of our mission to build the future of business banking.

Learn more about our constantly improving loan origination system, and get an inside look at the next 12 months of our product roadmap, by watching our on-demand webinar, “The Future of the Digital LOS: Numerated Product Roadmap Review,” today.