Automated spreading technology is changing commercial lending for the better by streamlining financial analysis, reducing errors, and accelerating decision-making. According to McKinsey & Company, financial institutions that embrace automation in their operations can achieve cost savings of up to 30% and improve efficiency and accuracy in decision-making processes.
However, implementing this technology isn’t without challenges. For lenders, ensuring teams are trained effectively to use automated spreading tools is critical to unlocking their full value. This guide explores common obstacles and actionable solutions to help commercial lenders seamlessly integrate this technology into their operations.
Table of Contents
Challenge 1: Resistance to Change
Teams accustomed to manual processes often resist transitioning to automated tools. Concerns about job security, fear of the unknown, or skepticism about the technology’s accuracy can hinder adoption.
Solution: Communicate Benefits Clearly
Educate your team on how automated spreading eliminates repetitive tasks, freeing up time for relationship-building and strategic analysis. Sharing case studies or success stories can demonstrate the technology’s positive impact on similar institutions, fostering buy-in.
Actionable Tip: Host interactive webinars to address concerns, highlight benefits, and provide a platform for open dialogue. Leadership support is essential—visible advocacy from top executives can help build trust and drive change.
Challenge 2: Lack of Training Resources
Effective training is essential, but many lenders face constraints on time, resources, or expertise to design comprehensive programs.
Solution: Partner with Technology Providers
Some technology vendors offer training programs, including on-site workshops, virtual sessions, and self-paced learning modules. By leveraging these resources, you can ensure your team gets up to speed efficiently.
Actionable Tip: Designate internal “technology ambassadors” who receive vendor-certified training. These ambassadors can act as go-to experts within your team, ensuring consistent knowledge sharing and support.
Challenge 3: Diverse Skill Levels Within the Team
Employees often have varying degrees of comfort with technology. While some team members adapt quickly, others may require additional support.
Solution: Tailored Training Programs
Segment training into beginner, intermediate, and advanced tracks to cater to different skill levels. Incorporate a mix of learning formats, such as hands-on demos, videos, and one-on-one coaching, to accommodate diverse learning preferences.
Actionable Tip: Use gamification elements like quizzes or simulated financial spreads to keep participants engaged and motivated throughout the training process.
Challenge 4: Integration With Existing Processes
Employees may struggle to incorporate new tools into their established workflows, leading to inefficiencies or frustration.
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Solution: Map Out Process Integration Early
Collaborate with your vendor to map out how the software integrates with your current lending operations. Provide clear documentation of new workflows and ensure the technology aligns with organizational goals.
Actionable Tip: Run pilot tests with small teams to identify potential roadblocks before rolling out the software across the organization. Use feedback from the pilot to refine the integration process.
Challenge 5: Maintaining Momentum Post-Implementation
Initial enthusiasm for the technology can wane if ongoing training and support aren’t provided.
Solution: Establish Continuous Learning Opportunities
Offer refresher courses, advanced training, or lunch-and-learn sessions to keep skills sharp. Regularly update employees on new features and best practices to maintain engagement.
Actionable Tip: Celebrate milestones, such as faster turnaround times or improved accuracy, to reinforce the tool’s value and maintain team morale.
Challenge 6: Measuring Success and ROI
It can be challenging to evaluate whether training and technology adoption are delivering desired outcomes.
Solution: Track Key Performance Indicators (KPIs)
Define clear metrics to measure the impact of automated spreading technology. Examples include reduced turnaround times, fewer errors, or increased employee satisfaction. Share these results with your team to highlight the tangible benefits of their efforts.
Actionable Tip: Use feedback loops, such as surveys or regular check-ins, to identify ongoing challenges and adjust training efforts accordingly.
Why Automated Spreading is Worth the Investment
The benefits of automated spreading go beyond operational efficiency. By reducing manual errors and accelerating financial analysis, lenders can make smarter, faster decisions—a competitive advantage in today’s market. Furthermore, automated processes help lenders maintain compliance with evolving regulatory requirements, ensuring long-term stability.
Roundup: The Path to Success
Automated spreading technology has the potential to truly change commercial lending, but success hinges on effective team training. By addressing resistance, customizing training programs, and fostering a culture of continuous improvement, commercial lenders can tap into the full potential of this transformative tool.
Training isn’t a one-time event—it’s an ongoing journey. With the right approach, lenders can overcome challenges, drive meaningful adoption, and achieve exceptional results for clients, stakeholders, and employees.Would you like tailored guidance for your team? Reach out to our loan technology experts here to learn more about best practices for implementing automated spreading technology in your institution.
