• Americas

Supporting Fintech Transformation as Big Banks Digitize & Automate Loan Technology

By Brian Murray, Senior Managing Director, Special Opportunities Group

fintech-bank-automation-diligence

As more people and companies use advancing technology products, our wealth and access to capital becomes increasingly dependent on digital and automated networks.

The same goes for banks with commercial and residential lending. The financial services industry is undergoing massive disruption as our nation’s venerable institutions partner with digital-age fintech firms and software providers to meet changing market demands.

While this collaboration and instant transfer of data should ultimately be good for the business and end-user, it does present complex challenges to ensure technology is used properly, information migrates seamlessly and error-free, and, most importantly, banks comply with a maze of regulations.

Cushman & Wakefield’s Special Opportunities Group is a strategic advisor and staffing solution during this shift in our banking industry. We are a leader in support services for large bank system transformations as they work to build out new commercial and residential loan origination and servicing systems.

Our team, has spent the last three years on data and fintech projects in the banking sector, helping to remediate new technology, origination software, loan documents and more. Our key finding is that once a software transformation is approved and in process, you need to have banking and credit-trained experts during development and implementation who can effectively design and remediate loan, regulatory and data issues to ensure a smooth transition.

The big banks alone will collectively spend billions on this digital transition and we are currently working on some of the largest projects in the industry. Any time a new system is turned on, there can be errors. When you are dealing with big banks, regulatory challenges and commercial loan amounts, these errors can mean big bucks. We work to resolve the issues for our banking clients.

In some cases, we are being brought directly into the technology side of the business to help communicate with the software developers about what the lines of business need and require. Sometimes, the developers lack understanding of banking and credit, while the bankers lack understanding of the tech side. They speak different languages and we work to ensure the loan technology is sound for the line of business.

Our country is entering a whole new phase in banking and commercial lending with software and fintech advances such as digital loan documents, automated technology, blockchain and machine learning. The Cushman & Wakefield team is engaged already in this space, and we are well-prepared to support advancing technology in the future.

biran-murray-diligence-advisoryBrian Murray is Senior Managing Director of the Special Opportunities Group at Cushman & Wakefield. The Group is a strategic advisor to banking clients providing banking and credit-trained team members for regulatory projects, technology transition/migration support, and loan diligence throughout the country.

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