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Workflow FAQ in FINPACK+

by | Mar 24, 2022

The workflow feature in FINPACK+ helps lenders standardize the decision process from loan request to closing. Here are some of our most Frequently Asked Questions (FAQ) about using a workflow:

We’ve never used a workflow before. Is there a steep learning curve?

You probably are already using workflows in your bank, even if you don’t use that term. Every process – from opening new accounts to processing credit decisions – involves completing certain steps in the right order and at the right time. When you train new employees by coaching them on how to complete recurring tasks following a step-by-step process, you are using workflow. You regularly evaluate your processes to ensure you are maximizing the productivity of your team, avoiding unnecessary expenditures of time or money, and improving the customer experience. Part of that process involves assessing who does what and when, so effectively evaluating your workflows. Using workflow software to expedite the processing of credit decisions is just another route to a more efficient use of your resources.

We’ve read workflows speed up the loan approval process. How exactly?

Credit decision workflows help you identify bottlenecks in your processes. Set up your workflow templates, apply them to a credit decision, then evaluate to see how closely the reality of the process matches what you thought it would or should look like. An integrated system like FINPACK+ keeps a detailed record of who does what and when, maintaining a rigorous record for regulatory and audit tracking purposes. But it also means you can easily identify and examine any slowdown in the process, isolate the ‘speedbump’ and correct for it. Adjust the workflow for the next credit decision, deploy, and you can very quickly eliminate inefficiencies and speed up the loan approval process.

Does using a workflow mean we have to change the way we do things?

The short answer is, only if you want it to. Workflows do not dictate your process and credit culture; they reflect it. A good workflow system allows you to craft workflows that are not only unique to your organization, but also give you the freedom to match different workflows with different scenarios. Whether that means creating different workflows for different types of loans, different locations, or different amounts, you need to be able to customize the templates you use. A system like FINPACK+ allows unlimited workflows and workflow templates, giving you the freedom to make the tool work for you. If you decide to change the way you do things, workflows can help you manage that process, but they do not impose new approaches.

How can I learn more?”

  • Contact us today if you haven’t yet started using workflows to streamline and accelerate your credit decision process.
    We would be more than happy to show you the simplicity of Workflows in FINPACK+
Relationship Manager at | 612-301-1413 | dmaguire@umn.edu | + posts

David Maguire became the FINPACK Relationship Manager in 2021. He helps Ag and Commercial lenders across the country understand the value of using FINPACK for credit analysis and loan management. David has worked in the marketing, training and education fields in Minnesota, Ireland and Germany.

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