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Our vision is to revolutionize and automate the loan servicing workflow of the global financial community.
Three Keys to Successful Implementation of New Loan Servicing Software
Successful implementation of new loan servicing software is contingent upon several key factors. There are challenges when implementing loan software that should be considered. It is essential to plan and follow the steps of implementation carefully. The following are three key factors in successful implementation:
Agreeing on a joint project plan
The first key to successful implementation is setting clear goals and expectations. You will want to start by defining expected outcomes. Then identify key features and functionalities that are needed. Lastly, establish timelines and milestones.
Once outcomes, functionality, and timelines are established, be clear about who owns each workstream. When everyone agrees on who is responsible for what, adjusting to unexpected challenges becomes easy with effective communication.
Thorough training and user buy-in
The second key is thorough training and user buy-in. This can be accomplished by understanding user needs and preferences, providing comprehensive training and support, and encouraging user buy-in and feedback.
Training and buy-in often take the form of communicating the vision to the users. This may include establishing phase 1 and phase 2 for implementation. Phase 1 might be going live on the new platform with only what is required. Phase 2 is often configuring the additional features that are value-adds for the business and users.
Ensuring data integrity and accurate migration
The third key is ensuring data integrity and accurate migration. Understanding the importance of data migration is essential because you want to ensure the data is successfully migrated with the least number of issues possible. To do this, you will need to conduct data audits and validations while ensuring the accuracy and integrity of data at all stages.
Your new loan servicing software provider will be able to explain the intention of their conversion methods. During the conversion process, data that cannot be migrated by standard methods should be reviewed by appropriate parties for understanding and accuracy.
The importance of careful planning and implementation cannot be emphasized enough. Thoughtful planning will help to ensure success. You should approach the implementation of new loan servicing software with the three keys above in mind to achieve the most successful implementation possible.
If you'd like to learn more about our loan servicing software, or how we can help you, email us at solutions@shawsystems.com.