The following is Part 1 of a 3 Part Series to help wealth management institutions build a business case to use Supernova TechnologyTM as their securities-based lending solution. Click here to download the full article.
Securities-Based Lending (SBL) is a great product that institutions often struggle to scale. The cause for stagnation can be the limitations of institutions’ SBL systems with manual and cumbersome procedures that are fraught with pain points for users on the front-end as well as shortcomings on the back-end. So how can you grow SBL revenue through increased adoption AND gain operational efficiencies? By working with Supernova TechnologyTM (Supernova), the industry’s leading fully digital, end-to-end SBL technology solution provider.
Supernova’s technology was designed specifically for SBL from the ground up and addresses SBLs’ unique characteristics in a way home-grown systems, adapted from other lending products, cannot. But how do you compel your institution to take action? Inertia can be hard to overcome. Through our work with leading institutions, Supernova has compiled steps to build the business case to convince your company to invest in the right 3rd party technology solution. Below is how to get started.
Supernova’s technology was designed specifically for SBL from the ground up and addresses SBLs’ unique characteristics in a way home-grown systems, adapted from other lending products, cannot.
IDENTIFY YOUR BUSINESS’S BIGGEST CHALLENGES
To get started, take the time to clearly identify the biggest challenges with your institution’s current SBL solution in order to organize your business case.
- Is your application process cumbersome with a high abandonment rate?
- Does it take weeks to complete and approve an application?
- Are your advisors / private bankers in the dark on what is happening with their clients and loans?
- Is your SBL data in silos making it challenging to monitor loan risk with burdensome manual processes?
- Do you have difficulty reporting on business performance?
- Is your operation inefficient and overly reliant on staffing to complete straight-forward tasks?
Supernova’s solution is designed so that private bankers / advisors, their clients, and risk professionals can collaborate throughout the life of a loan with full transparency. Supernova’s solution is fully digital and end-to-end, so that operational efficiencies can be gained during the entire loan journey spanning origination, collateral monitoring, reporting / analytics, and servicing. When implementing Supernova’s technology, you can start with one module, the full end-to-end solution, or scale over time. It is common to have several challenges that you are trying to solve, and by implementing Supernova’s technology solution, you will have the flexibility to solve your biggest challenges in a timeline that works for your institution.
By identifying your biggest challenges, you are on your way to achieving your goal—to get buy-in to partner with Supernova as your SBL technology solution.
Click here to download Steps to Build a Business Case to Use Supernova TechnologyTM as Your Securities-Based Lending Solution. If you would like a demo of what a state-of-the art SBL solution can do for your business, email Supernova or request a demo today.