Drivers for Technology Change in Corporate Loan Servicing
The global pandemic halted regular business patterns leading to a nearly 80% increase in new commercial and industrial loans in the US alone.
For the past 5 years, Corporate Loan volumes have fluctuated up and down depending on business, economic and geographical cycles. These fluctuations have been within anticipated ranges, that is, until the advent of Covid-19, when exponential divergence from normal patterns is the norm.
The drivers for change discussed in this paper were apparent and gaining urgency prior to the pandemic; however, the global impacts have exacerbated the problems and accelerated the need for change.