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One of the important features that help to get huge growth is that technology has allowed for a reduction of time in processing loans. So that the people no need to wait for few months to get credit. The report studies about lending models of various companies, and the average time to take processing an application and disbursing the loans, when everything is done digitally, in just 10 minutes.
With such information, it becomes complete that every lending company needs to go digital. It all starts with recognizing a reliable loan management software partner that can understand all the information about your business, and seamlessly mingle with your existing operations.
Though technology has become knowledgeable, same size of the shoe cannot fit all. The software should be able to customize itself based on particular requirements of your business operations and moreover provide the specific needs of all of your user segments.
It must involves modern tech-stack such as API gateway, SOA Enabling, etc. and possess a cloud-based structure for utmost cyber security. It should be able to provides modern technology such as open-bank architecture and improve itself without restricting existing operations.
It should be able to launch the new products/services in a relaxed environment. There has to be a well-defined design of introducing, developing and implementing new products, services, or processes with minimum effort and less time.
In all stages of the lending cycle, the software should be legally compliant. Implementing appropriate taxes, interest rates, invoice discounting, and other rules and regulation has to follow as directed by the RBI.
A good loan management software with all its high-end integrations at the back-end, shouldn’t be complex to be used by the employees and the consumers. The software is built neatly and easy-to-understand user experience and interface are what the software should provide.
The software should be developed to fulfill not just the current requirements of the business i.e short-term goals, It should be built to help the business work upon their long-term vision with data backup facility and intelligent analysis.
The software should include artificial intelligence to start the majority of the manual tasks at a less cost. Automation helps the entire lending cycle secure by removing the scope of errors and frauds. The artificial intelligence-backed analysis will help the company to understand its current and future growth expectations.
Automation will also take care of maximum manual processes, still you need man power to handle the overall management. The software should be built in order to easily introduce, modify, or change the hierarchy and allow for a confusion-free automated delegation of responsibility at each stage of the cycle.
Accounting has always been a uninteresting affair. However, with better lending operations, if the software provides automated accounting solutions, and gives the access for seamless integration of other accounting services that a company might use, it would lead to a transparent and error-free accounting process.
The software must offers scope to introduce automated rules for individual products, services, and stages of the lending cycle through a rule engine that will lead to a risk-free efficient workflow without the need to constantly monitor the operations.
The end of a lending cycle is debt recovery and collection, Various sub-processes involves in debt recovery that can be completely automated. From sending personalized reminders to users about due dates to geotagging to accepting payments digitally and raising receipts, everything should be automated and regulated by loan management software.
Even with all its advantages, the software system might face some issues or errors and you might need guidance with it. The software company should have skilled and able customer service so that they can give quick responses to your queries and resolve them.
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