Building on the Lending Industry’s Rich History of Innovation

Innovation in lending is about so much more than technology. It’s mainly about developing and nurturing a mindset of constant improvement.

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Over the years, the best lenders have approached innovation from a borrower lens: How can we make this process easier, faster, simpler or more affordable for the people we’re lending to? Answering that question is what drives them and their business forward.

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The technology partners that help these borrower-centric lenders achieve their goals have to share that same mindset. By thinking about the end-consumer, they innovate in a more meaningful way for their lender clients.

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Many of the industry’s loan origination software solutions have been on iterative, consumer-centric tracks since inception. Among the most notable innovations was the migration of LOS solutions to the cloud. That evolutionary milestone helped credit unions and banks achieve unprecedented speed and efficiency, not to mention unparalleled access to business intelligence and data.

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Several other technologies have been introduced to the lending ecosystem over the years. Open architecture solutions that give lenders API access to advanced technologies they may not otherwise be able to afford have been monumental for the industry’s ability to meet borrower demand. As consumer expectation for speed has ramped up, those streamlined connections to all the vendors it take to approve a loan has been a critical piece of the business enablement pie.

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LenderClose, as a part of the lending industry’s innovation community, is highly focused on iteration. We are continuously improving our platform based on lender input and what we learn about the rapidly evolving borrower experience. We study both group, lenders and borrowers, intensely. It’s our responsibility to continue the legacy of innovation pioneering lending tech firms started. It’s also our duty to accelerate that innovation for the 21st century.

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An internal culture of innovation is how we have set ourselves up to fulfil this duty. Here are just a few of the ways we are working to make sure that happens consistently and well into the future.

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We hold new ideas to new standards. If you measure fresh concepts against traditional or mainstay ones, they will fail. We set custom success metrics for each new idea based on what is measurable, but also reasonable. It works for Microsoft.

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We collaborate and integrate. The community lender community has been a terrific marketplace for LenderClose because it has taught us the value of sharing in a larger mission. Innovation thrives on collaboration. We are also hugely focused on integrating with other technology partners, like the iterative loan origination software providers who are helping to keep credit unions and community banks competitive.

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We fail, and it’s okay. Our team loves happy accidents. To make sure they happen as often as possible, we encourage one another to take calculated chances. They don’t always work out, but with each new micro-failure, we learn.

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This is an incredibly exciting time to be a part of the lending industry. Borrowers are pushing the lenders they do business with to go “next level” with the experience. We are thrilled to be a part of it and consider ourselves lucky to be among the firms who will carry forward the legacy of smart, creative, purpose-driven innovators that came before us.