A recent study funded by Wells Fargo and performed by the Urban Institute, highlights what we’ve known for a while – software has a direct effect on the profitability and growth of lending institutions.
The research shows the right software investments help CDFIs serve small business clients effectively and efficiently. “Technology solutions to improve CDFI efficiencies — both on the operational side and the borrower experience side — can help ensure CDFIs remain competitive and trustworthy alternatives to mainstream banks and other lenders in the small business space,” said Brett Theodos, senior fellow and director of the Community Economic Development Hub at the Urban Institute.
According to the findings, Construction Loan Control System (CLCS) software can be considered the “gold standard” for CDFIs, as it is a single platform that works seamlessly across the entire lifecycle of a loan.
Automating loan portfolios with CLCS allows CDFIs to do far more with less internal resources. The XT dashboard gives small businesses real-time access to their loans, providing a seamless borrower experience.