Key Elements to Ensure the Success of Your Commercial Lending Transformation

We’ve known for a while that commercial lending needs to embrace modernizing their technology and plan for a digital, fully integrated platform to not only succeed, but to have any hope in staying competitive. So while change may be inevitable, we understand that isn’t easy. Fortunately, there are a few key foundational elements you can put in place to ensure success in your commercial lending transformation.

Clearly Define Your Business Case. Think of approaching the transformation of your commercial lending management the way you might set any personal goal. Visualize what you’re trying to achieve, identify the value it will bring, and form a detailed roadmap to success. Focus on where you are now, where you want to go, and what benefits your institution will see once the project is complete. Remember: the value the project will bring to the organizations is key to moving forward.

Get Executive Advocates. Everything is easier when the people in charge are advocating the change, whether you’re playing on a team or modernizing your bank’s technology. With both, the “head coach’s” buy-in is critical to every step of your process. Bank executive’s vocal, ongoing support is key not only for the initial investment, but for later communications and project decisions. Expect your leaders to advocate for your digital commercial lending transformation—consistently, persistently, and persuasively.

Form a Consensus for Transformation. Now that we’ve got the “coach” on board, we need the rest of the team! We’ve heard it from every client. No matter where, how, why, or when change happens, it’s always easier when everyone is on board. Successful projects are ones where the entire organization feels invested and involved. Make sure you build into the project core feature accountability, knowledge sharing, and best practices from key advocates of every major silo of your organization—including the head of every line of business and any other area the project will materially effect.

Find a Trusted Technology Solution Partner. You want to get in shape, you find the right trainer. You want to make sure your technology modernization project is successful, find a partner that has experience, a proven, agile plan, and is invested in taking you beyond your “end goal” to continued growth.

We all know transformation is no longer not an option. We’re now in a real-time, 24/7, anytime, anywhere world, and your customers want services that are fast, accessible, transparent, and easy. At AFS, we help our clients foster and achieve their necessary transformations. We provide solutions with the scalability and flexibility to reach our clients’ goals, combined with a proven, successful conversion and implementation strategy that is always on time, on budget and in scope.