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10 Important Key Points of the Perfect Loan Management Software

1. Scalability

For any business to extend and scale, they should be well equipped with tools that given access to them to do so. The perfect loan management system should given access to the lenders to not only raise in terms of operations and unexpected service delivery but also gives them access to expand their product demands. This lets the lenders not only enlarge their profit margins but also launch into new markets, provides improved solutions and rapidly launch the new products to fulfil the new requirements of emerging markets. Scalability of the product also helps the business to start small based on their requirements and once they reach the growth curve a scalable system that helps to match the modified expectations.

2. Ease of deployment

Most start-ups and peer-to-peer lenders in this place might they don’t have the access to a respective IT support. To implement, control, and troubleshoot the issues occurring from such an advanced tech solution that is data critical, 24*7 given access to an IT team is very important. The good thing about most loan management system service providers is that they not only offers instant implementation but also offers regular maintenance services, including erros-fixes, regular upgrades, and IT support when required.

3. Integrated solution

In the lending business there are several facets, right from onboarding, credit assessment, origination of loan, underwriting, disbursal, and repayment. Having all these modules developed into one seamless software that helps the lending business to save time, churn out loan requests, and genarate an overall pleasant experience for their customers by decreasing turnaround time and being more systematic. Therefore, when you are looking for the perfect loan management software, look for one that gives the access to you to put together customizable modules into one, seamless, integrated system. To enrich borrower data the system should also support third party integrations. Support to integrate with CRM, ERP and accounting software that helps the business to have a unified view and it will save the time on re-working.

4. Centralized access

Loan management software solutions that allows the lenders to store all the data which is related to customers throughout the lifecycle of the customers at a centralized location. They do away with the bottle neck of storage and recovering the borrower data from different systems. This also helps the lending organization to get a 360-degree view of the profile of the customer, the lending stage they are at, their credit rating and all related information at a glance, from anywhere in the world.

5. Credit assessment

The better and correct the credit assessment, better are the possibility that lenders choose the interest rates and loan repayment terms that reducess their risk and increases their incomes. This is only workable when lenders have a entire view of the credit worthiness of their borrowers. Given the reality that most of the start-ups and peer-to-peer lenders are looking to investigate emerging markets where expected customers do not have any credit history, they will required the access to softwares that gives an alternative methods for credit ratings and database such as social media behaviour, utility bills payment behaviour, tax data or bank statement analysis to lower their risk and make informed decisions on matters such as interest rates and repayment terms.

6. Process Automation

Process automation also called Robotic Process Automation or RPA goes a long way in automating the unexciting tasks thus decreasing the turnaround time and increasing the operational efficiency. It does so by easing routine functions such as evaluation of loans, credit analysis etc. and it also brings down submission of applications and approval times while decreasing the human made errors in the process. The ideal loan management system therefore should have sufficient levels of automation developed into its system along with the capability to customize it.

7. Transparency

Transparency has never been a strong fits for banks and lenders for the longest time ever. New-age lenders have the hope to modify that by adding more transparency to their processes, so that all stakeholders, with all clients, in the lending process they have a better view and more trust. Having an automated dashboard that given an alert to customers, every step of the way, as to the current status of their loan application process and helps them to enjoy better user experience than they have ever done with traditional banks.

8. Responsive interface

Mobile-friendly isn’t a term that is taken only for websites and apps anymore. Tech companies building complicated, heavy-weight software are also looks to make them mobile-friendly to expand the usage and reach to the new markets. This is mainly important for new-age lenders looking at emerging markets where customers they don’t have the access to personal computers and laptops but definitely most of the customers owns a smartphone or a budget-friendly tablet. Therefore, offering a mobile-friendly borrower or field staff interface is no longer an add-on charcterstics, but a business-critical charcterstic that you must look for in your loan management software system.

9. Analytics and insights

In the industry the best cloud-based loan management systems offers lenders with gold in the form of actionable data. By gathering, churning, and processing the data from a variety of sources and applying business intelligence to this data pool, loan management software can give lenders with expert insights on market trends, help assess and launches KPIs, improves the customer acquisition, identify and eliminates the blind spots and bottlenecks, and increases the overall productivity.

10. Seamless yet secure

Loan management software solutions that gives the access to the lending organizations to enlarge and increased by establishing centralized data storage. Stakeholders can be accessed that data with the right permissions from anywhere in the world. It decreses dependency on manual labor, reduces human made errors, and expedites processes thereby increasing the income. While delivering the best of everything, the best loan management software out there, also make sure that they stick to data security best practice and comply with the industry-initiated data security and privacy standards.

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