The materials available in this article are for informational purposes only and not for the purpose of providing legal advice. You should contact your own advisors with questions regarding the consumer LOS implementation content herein. The opinions expressed in this article are the opinions of the individual authors and may not reflect the opinions of MeridianLink, Inc.
The only constant in life is change. And when that change reaches your consumer loan origination system (LOS), managing it can be challenging.
LOS adoption is an involved process from start to finish. From defining goals to observing features in demos, active participation is crucial to making the best choice for your institution. But the planning doesn’t stop once you’ve made your choice!
That’s when you shift gears to your implementation plan. Thoughtful planning here can help you avoid common pitfalls and minimize service disruptions, easing anxieties for a smoother go-live.
What does this plan look like? Let’s dive into the specifics:
1. Determine your phases, timeline, and resource allocation: Creating a phased timeline for your consumer LOS implementation helps you anticipate staffing needs and align necessary resources. Planning early ensures your team is fully prepared for each phase, improving efficiency and reducing last-minute disruptions.
When it comes to resource allocation, factor in the level of IT support and any additional expertise that may be required. This can further ease staff strain and significantly reduce hiccups, making it easier to hit your go-live target.
2. Explore staff training options: Another great way to minimize hiccups? By taking advantage of staff training options. Look at different training styles like “train the trainer” and certification programs. Well-trained teams are more confident and quicker to adapt, reducing errors and keeping processes running smoothly—even under pressure.
3. Define your User Acceptance Testing (UAT) strategy early: A well-defined UAT plan assesses the technology’s overall efficacy to meet your institution’s needs before launch. Early testing helps to identify bugs, gaps, and workflow issues—before they become costly post-launch problems. UAT is another way to build user confidence by proving the system is ready to support daily operations. That kind of trust is critical to staff buy-in and can-do wonders in easing the transition.
4. Understand the ongoing system maintenance requirements: Knowing the ongoing maintenance requirements for your new system, from software updates to monitoring, can minimize downtime and help staff quickly address issues. If you know what to expect, you can avoid stressful surprises down the road, creating a more efficient experience for all!
5. Review the customer support structure and resources: Having the right support can make all the difference when adopting a new consumer loan origination system. That’s why it’s critical to understand your new vendor’s support availability and resources. Questions you may want to ask your vendor include:
- Do they offer 24/7 assistance?
- How are typical issues escalated and resolved?
- What are the standard resolution times?
Remember to also find out if you’ll have a dedicated account manager, customer manager, or product consultant after go-live. Comprehensive support beyond implementation helps maximize your system with tailored guidance, proactive issue resolution, and continuous product education.
Implementation Made Easy
The right technology partner can help you craft and carry out an implementation process that hits your specific needs. Not only that, but the right partner can also offer step-by-step guidance throughout the process to make it as simple as possible.
For more helpful advice, important questions to consider asking, and best practices for LOS adoption and implementation, download our Evaluating & Selecting a Consumer Loan Origination System eBook.
