It is important for financial institutions (FIs) to create a balance between the need to make decisions faster and the need to make the decisioning process better. Through cutting edge decisioning software, FIs can increase the efficiency of their review processes by being able to easily switch from automated to manual processes, adding a review queue, and creating application screens that organize data and coordinate manual review processes.
When an application needs to be taken out of the automated system for manual review, it should be a smooth and easy process. Outdated legacy systems will pull the application from the automated system so the reviewer can clear any stipulations, but it won’t allow for the application to be put back into the automated system. This means the manual reviewer will have to finish the process by hand, or the application must start again from the beginning of the automated system. Cutting-edge decisioning software allows the manual reviewer to clear any stipulations and put the application back into the automated workflow right where it left off. This avoids extra manual labor and also saves time by allowing the application to continue in the automated system from where it left off.
Cutting edge decisioning software has a review queue which gives manual reviewers an easy way to efficiently clear stipulations. When an application has an unmet stipulation, the system will seamlessly drop that application out of the automatic workflow and into the review queue so the manual reviewer can easily see how many applications there are to clear and what the stipulation is. Once the stipulation is cleared, the application then disappears from the review queue and is sent onward in the automated process.
New decisioning software allows the business user to design the application screens that the manual reviewer will use to clear stipulations. This allows them to create a screen that will give the manual underwriter the information they need to be efficient and to clear stipulations faster. Users can add attributes and organize them and they can also use color schemes and logos to make the application screen professional and engaging. Application screens also allow manual reviewers to schedule manual tasks, such as a house drive by to assess equity. These features allow the manual reviewer to have all the information needed in a well-designed format so they can quickly send the application back into the manual workflow.
Updating decisioning software will allow banks to make their manual processes efficient and effective. When manual processes are effective it increases the speed of the decisioning process while encouraging good decision making.
