There are many examples of workflow in daily life, for me cleaning up after a meal, feeding animals, or doing laundry are all examples.
But what is workflow?
Workflow is defined by Wikipedia as “an orchestrated and repeatable pattern of activity, enabled by systematic organization of resources into processes that transform materials, provide services, or process information”. Meaning, it’s those tasks or activities that have a definite sequence in order to perform them correctly.
Example: treating stains after washing clothes isn’t an efficient use of my time. Instead, pre-treating stains should happen prior to washing clothes to be most effective.
What about workflows at a bank?
There are likely many workflows already in place at the bank on a daily basis.
Think of processing night drop deposits. There is a definite sequence of events and procedures that take place to ensure this is done correctly. These steps may not be formally written down for all banks, but there is a systematic process at play.
How can workflow help loan operations?
A series of events take place whenever a loan request is received at the bank. Financials are spread and analyzed, creditworthiness is determined, and ultimately the loan is approved or denied. That is a simplistic view of this but basically sums up the process.
Workflow allows you to dig into the details and define the specific chain of events that should happen each time a loan request is received. No matter which loan officer receives the request.
Where do I start?
FINPACK+ offers a customizable Workflow tool as part of its complete credit management solution. This ensures each task is completed for a loan from request to closing, ensuring your underwriting team is working at peak performance. Workflow templates keep your lending team on track, ensuring every step to the loan underwriting and servicing process is completed for every loan, every time, by every lender. Learn more about how FINPACK+’s Workflow tool can improve the efficiencies of your credit team.
Pauline Van Nurden is currently the Associate Director for the FINPACK Team. She has been with the team since 2017 as an Economist.
Prior to joining the FINPACK Team, she worked as a lender. This provides her valuable industry experience and knowledge in her work with FINPACK. Pauline holds a Master’s Degree in Agricultural Education and Bachelor’s Degree in Applied Economics, both from the University of Minnesota.