Much like how consumers rely on quality technical support to enjoy their new computers, tablets, gaming systems or appliances, lenders need the same reliable and efficient support from their loan origination software providers. At the end of the day, consumers are just as loyal to brand names for their service capabilities as they are for the technology – and financial institutions are no different.
We covered a few best practices regarding software support last month, so now’s a good time to take things a step further with three more key considerations that will help your financial institution avoid getting burned -- especially during these hot summer months.
Responsibility for LOS software upgrades
If the loan origination system is licensed and installed within your data center, your organization will likely be responsible for applying software upgrades. However, the system provider is responsible for software upgrades if the system is used as an ASP. These upgrades and the subsequent testing should be coordinated with your organization. Keep in mind that overhead costs can be significantly reduced by offloading this maintenance to a provider.Availability of 24/7 support
Most system providers claim they offer 24/7 support services, and most do; but how? If you contact the provider outside traditional business hours, are engineers on call to help you resolve those issues? Does the after-hours support staff have the skill set to resolve your problem or will they need to contact others? Ask questions about how this type of support will be provided so your organization is clear on what it can expect.Handling of software defects
Ask the provider to walk you through the process of reporting software defects. Will you have to call the customer support desk or send an email? Is there a standard form for reporting defects? Does the LOS provider utilize a tool for the reporting and tracking of the status of reported defects? Understanding the process will allow you to better manage expectations within your organization and will help you understand the maturity of this support process within the provider’s organization too.
Moving Forward with Digital Lending
In today’s rapidly evolving lending and financial market, software support is as important as ever to help financial institutions address challenges and meet their goals. Topics such as compliance or even integrating the latest innovative functionality from a third-party partner go hand in hand with the strength of your vendor partner’s support team.
Our partners at Coastal Credit Union chose MeridianLink’s LoansPQ platform for greater indirect lending success. By implementing LoansPQ loan origination system, Coastal Credit Union increased consumer loan volume by 78 percent, improved pre-approval functionality, and achieved seamless integration of loan origination and account opening by also implementing MeridianLink’s account opening and origination solution, XpressAccounts solution, which runs on the same platform as LoansPQ to deliver even greater efficiencies.
Crystal Robinson, Service and Delivery Manager for Consumer Lending at Coastal Credit Union, added that the MeridianLink support team is available for everyday operations maintenance. Her team gets to work with subject matter experts, she said who are supportive when tackling technical difficulties and compliance projects.
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