The challenges that today’s Farm Credit System lenders face range from evolving customer expectations and growing competition to aging legacy technology and an uncertain economic climate. Considering these challenges, agricultural lenders must innovate quickly to generate growth and become more efficient and effective in serving their customers for the coming decade.
Many in the Farm Credit System are also dealing with frustrating back-office inefficiencies compounded by aging legacy loan origination, document management and portfolio risk management systems, leading to lengthy closing times, data entry errors and inadequate communication and document exchange across functions and with borrowers.
These pain points were exacerbated during the COVID-19 pandemic, which highlighted the need for lenders to engage with customers quickly, conveniently and virtually. At the same time, the 69 Associations of the Farm Credit System have long benefitted from a cooperative culture defined by established geographical territories. Farm Credit institutions often partner on loan syndications and participations to better serve the needs of their largest and most sophisticated ag producers. To this end, Farm Credit institutions have an opportunity to create back-office efficiencies at the individual institution level, as well as further their cooperative mission by adopting an industry-wide common platform for loan syndications and document sharing.
Farm Credit institutions can tackle these challenges by transforming the way they do lending through the power of the cloud. Adopting a cloud-based, user-friendly system with pre-built integrations to the most popular cores and loan documentation providers can propel the Farm Credit System toward a future built on efficient service and cooperative success.
To explore the unique pain points that Farm Credit System lenders experience and how they can optimize their business processes and find an agricultural lending solution that allows them to better serve their customers, nCino and West Monroe partnered on a white paper titled, “Transforming Farm Credit through the Power of the Cloud.”
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