Digitization is Essential for the Future Success of Any Commercial Lender

Digitization is Essential for the Future Success of Any Commercial Lender

We live in a world with unique concerns in the construction lending industry. While there are options that can help you move forward as safely as possible – and with as little risk as possible – none of the available options are as important as digitization. Read on to find out more and then contact a fund control software developer who has the answers you are looking for.

Lessons learned? Consider the global financial crisis

The global financial crisis may be a thing of the past but only if we truly learn our lessons. According to the International Monetary Fund, banks and financial institutions suffered more than $4 trillion in losses and nearly $3 trillion of that included loans and assets from the U.S. – this is according to the New York Times.

Other outlets, including the Wall Street Journal, have reported global losses much larger – as much as $15. Regardless of which numbers you believe to be accurate, it is clear that if just a small fraction of those losses could have been avoid, everything would have been very different.

Digitization could have made a difference during the financial crisis

The fact is that though the world has become increasingly digitized, too many in the construction lending industry are sticking to self-made spreadsheets and even paper values. Decisions must be made by individuals who do not have access to the most updated data. Mistakes can be made as individuals must enter the same statistics over and over again.

There is no excuse not to use as much data as possible

Today there are programs that can store and analyze data to a degree that we could have only dreamed about a decade ago. ECL Software offers one such fund control solution. It offers instant access to all the numbers and data you need. What’s more, it can be accessed from anywhere you have a secure internet connection. You can also add users at a position level, which means that all people with a certain job title can be allowed access to the same documents.

What’s more, data only has to be entered into one program. This reduces redundancy and allows your employees to focus on more important tasks. It also helps to reduce errors because the numbers are not being entered time and time again.

These are just a few of the ways that our innovative software can improve the way you do business. Are you curious to learn more? Reach out to ECL Software at 800-625-5972 or send us an email at info@eclsoftware.com. We look forward to helping you find future success thanks to the world of digitization.