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Characters of the best lending software solutions

Automating and digitizing lending processes is very critical to earn momentum and raise in the ever-expanding lending market. The present lending market is not just restricted to traditional banks. A quick look at the market will display to you the expanding numbers of different lenders, peer-to-peer lenders, and credit institutions that take part in a portion of the market.

To stay ahead and swim above the competition, it is crucial that lenders make sure that their lending software technology is very easier to use both in-house, as well as for the end-users, i.e., borrowers.

Although all lenders key function is same; lending, the market they serve to, the flow of the work they follow, their business size, and other such components controls what kind of lending policy will fit for them the best.

As such, the “one size suits to all” attribute is not a big winner here. The best lending software solutions are ones that reach specific business requirements based on the lenders. In a market, ripe with fintech solutions for lenders providing some of the most cutting-edge lending software solutions, discovering the perfect vendor for your business is not a cakewalk.

Let's discuss 5 features that keep in your mind when you are searching for the best software solution provider for your lending business.

1: Customization

A loan transaction that does not take place between lenders is borrowers. There are various other parties involved such as partners for loan referral, mortgage loan teams, branch bankers, etc. Therefore, for the lender having a single interface and borrower alone will not be sufficient to create the lending policy it's true-to-word digitized and self automatized.

In the lending process, the lending platform interface should be generated such that it can beneficially serve each of the above-mentioned stakeholders. Modified dashboards for every stakeholder can help to make sure that on-time task completion, be it application management, f customers follow-ups, or collaboration with loan referral partners with sufficient transparency.

Lenders should particularly focus on lending software technology that assists such role-based flow of the work that in turn to bring down the turnaround time for loan origination, thus offering lenders with shorter loan cycles.

2: Integration

For a wide siloed procedure like that of lending companies, Discovering the perfect lending software solution that assisting them to pull out the difficulties of multivariate workflows and bring stability through in-house and vendor integration is prototypical.

Like Lego blocks integrating upstream and downstream systems, the perfect lending software solution for your business will suit you which includes core banking systems, CRMs, providers for data verification, LOSs, pricing engines, and providers for document creation. On one hand, they will be modelled to flawlessly suits the legacy systems that were in place early on and at the same time, they create a new foundation that accepts the constant change and improvement through continuous software updates that helps the lending companies keep track.

Yet another type of integration that is crucial when it comes to lenders has the continuous access for providing the data, both financial and consumer, whose data plays an outstanding role in not only underwriting and initiating the terms of the loan, but also, in the implementation of automation using machine learning.

Data is especially important in assisting the lenders to make informed decisions with respect to loan terms, interest rates, and decrease their risk while maximizing the income.

So for your business when you are looking for the right lending platform, look for API integration features/possibilities with data providers you are presently using or the ones you would like to sign up for in the future, as well.

3: Continuous updates

In the world of developing tech, stagnation is not a choice. While as a lender you might be concentrated on executing a robust lending software technology that starts providing you instant results through faster turnaround time, time-to-value, very fewer errors, and more income, you should also take into consideration if the lending software provider is provided to keep up with the demands of changing market and dynamics. Constant updates and improvement is not just a bonus element anymore. It should be actively considered as a key feature when you are choosing a lending software solution.

4: Automation

Automation handles an immense role in decreasing turnaround times and mistakes caused by manual paperwork and also supports the lenders to make informed decisions by seamlessly integrating third-party tools and vendors, thereby bringing all the critical elements to the table, at once. In loan origination streamlining workflows that cause major delays given their dependence on manual inputs is a key issue that automation removes from the lending process.

5: Configuration

If you are using a legacy lending platform or developing one from scratch, Think about these five pointers:

  • Down to what level can you design the platform?
  • How flexible is it to acknowledge the specific requirements to individual needs?

While most lending software solution providers give this multi-level configuration assistance, it is normally the ones that develop their APIs and lending modules from the ground up to reach the requirements of the lenders who can make both configuration and implementation process very easy for lenders. Look for lending platforms that help you to make the changes to dashboards, rules, display fields, menus, access controls, etc.

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