Optimizing the Loan Origination System Using CRM to Improve the Agri Business Workflows

Abstract

The implementation of Customer Relationship Management (CRM) technology within agri-banking has radically improved the time-intensive process of lending and diminished the disadvantages of manual credit application processes and inadequate customer engagement. Prior to CRM, loan volumetric processes were manual and excessive including multiple entries of the same data, reams of paper related to the loan application process or tied to physical aspects of loan approvals, access to supports for subsidizing agricultural loan payments and manually processing all parts of the loan decisions which resulted in taking several weeks. During loan decisions taking weeks to months, customer financial needs were always delayed. CRM has improved/automated processes related to loan work- flows, application data integrated directly into the CRM, live data monitoring to expedite and build customer rapport, services to track thy days until approvals to build timeliness/delays to improve loan origination workflows. CRM enables better processes to engage and connect with customers including automatic prompts for documentation needed by customers, e-signature, and engagement questions for feedback without waste of time. Individualized dashboards help representative prioritize loans or loans with customers and provide the needs necessary to fast-track and complete documents timely as to not unnecessary bottleneck workflows. The automatic reminders and check-ins for customers whether it is during loans or customers needing loans but do not have everything in place to strengthen relationship with the bank or credit union. At the end of the day, optimizing the bank’s systems through CRM ensures loans are completed accurately with speed and communicated to customers during the transition thus providing them excellent customer service and bank value. Ultimately, the systems installed through CRM improves productivity ensuring Agri banking institutions in the marketplace understand and provide value back to the farmers - having access, timely responses to those that banks or credit unions produce relational value which further enhance the value proposition of Agri banking institutions.