(800) 234-1111

FINPACK News

Workflow – What is it? Why do I need it?

by | Jul 6, 2021

Illustrated image of a bank or office which depicts work flow

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.

+ posts

Pauline Van Nurden joined the FINPACK Team as an Economist in 2017.

Prior to joining the FINPACK Team, she worked as a lender. This provides her valuable industry experience and knowledge in her work with FINAPCK. Pauline holds a Master’s Degree in Agricultural Education and Bachelor’s Degree in Applied Economics, both from the University of Minnesota.

Latest News
New and Improved: Financial Ratios in FINPACK

New and Improved: Financial Ratios in FINPACK

This post highlights the updated financial ratios in FINPACK. The ratio updates are based on the recent updates to the Farm Financial Standards Council's Financial Guidelines for Agriculture. The 2022 release of the Farm Financial Standards Council's (FFSC) Financial...

FINPACK News – November Digest

FINPACK News – November Digest

The FINPACK Lenders Conference is around the corner, the FINPACK 2022 update is live including new monthly Commercial Cash Flow capabilities, and the FINPACK team at the ABA Ag Bankers conference in Omaha! Register Now for the FINPACK Lenders Conference...

The New Monthly Commercial Cash Flow Capability of FINPACK

The New Monthly Commercial Cash Flow Capability of FINPACK

What's New in the Commercial Cash Flow Tool in FINPACK? The 2022 Fall Release of FINPACK adds the capability to complete annual OR monthly cash flow projections for commercial clients. These projections can be for a few months or multiple years. This replaces the...

What’s New in the 2022 FINPACK Update?

What’s New in the 2022 FINPACK Update?

The 2022 FINPACK update brings changes to Tax Forms, incorporates new Financial Standards Measures, introduces a new Cash Flow Projection into our commercial tools and more! Farm Financial Standards Update The FINAN Financial Analysis and FINFLO Cash Flow Projection...

FINPACK NEWS Digest – October 2022

FINPACK NEWS Digest – October 2022

FINPACK lenders conference registration is open, the updated Farm Financial Scorecard, lender training, and looking forward to the ABA Ag Bankers Conference Register for the FINPACK Lenders Conference The FINPACK Lenders Conference is back in-person! Join us...