Issues and opportunities in the commercial lending process are unique from one customer to the next. But in general, financial services organizations often struggle to keep pace with evolving customer expectations and new products and services offered by fintechs.
Lenders might think they’re providing exceptional customer service and building strong relationships, but how can they make sure customers think so too? Delays, miscommunication, and burdensome manual paper trails can frustrate customers who want a straightforward and smooth lending process.
The issue is that commercial loans defy standardization due to a variety of factors and circumstances that change from customer to customer and deal to deal. But rather than treating commercial lending as a flexible, holistic service that can be optimized to improve customer experiences and grow new business, many organizations think of the commercial lending process as an assembly line churning out units of product.