Why you need a Cloud-Based Loan Management System

Worldwide Financial Services Spent $114 Billion on Cloud, Mobility and Big Data & Analytics in 2015, According to IDC Financial Insights.

Lenders today know the enabler that technology can be to their business. They are looking for modern, agile, fast and yet cost efficient loan management systems. However, not all technologies can provide the edge that your business needs. Old legacy systems cannot match with cloud computing when it comes to speed, scalability, cost reduction and access. Lenders are embracing cloud-based loan management systems for both efficiency gains in business processes and improvements in customer acquisition and experience.

Cloud technology has enabled lenders to operate at a low cost but high volume, providing much needed scalability. It has freed them from the hassle of infrastructure maintenance, upgrades, backups and worrying about disaster recovery. Instead, their technology teams can focus on business innovation and building great customer experiences. All of this results in pricing advantage as many of them pass the lower costs on to customers in the form of reduced rates.

We describe in detail the benefits of a cloud-based loan management system for your lending business:

  • Time-to-Market – Launching quickly is a huge advantage, particularly for small lenders, so your technology has to be ready quickly. A cloud-based loan management system vendor can get you up and running in as little as 1 month, compared to the minimum 10-12 months you may need in case of legacy software built from scratch.
  • Cost of Infrastructure – Cloud computing results in significant cost savings in your overall IT spending when you take into account not just building of a system but also maintenance and upgrades, all of which are fast easier, quicker and more efficient in a cloud-based system, reducing dependence and overheads on IT.
  • Innovation – To stay competent and grow, lending businesses have to innovate with different products, models and geographies. This need for innovation is constantly being driven by competitive market forces as well as customer demands. You need technology that is flexible and agile and remains a step ahead, not behind. Cloud-based technology gives you the wings to grow your business and execute new ideas with high speed, low costs and minimum risks.
  • Automation – Cloud-based loan management systems can provide automation in key processes such as loan origination and credit rating and make loan repayment far more efficient.
  • Agility & Integration – A cloud system can be easily integrated into your existing systems and also be customized to fit your specific lending process.
  • Improved Customer Experience – Customers benefit from reduced costs that lenders can pass on to them as businesses that do not use cloud technology will factor all their business overheads into the customer price. Moreover, with cloud you can offer a consistent experience to customers across multiple channels and touch points.
  • Real-time Analytics – Cloud-based loan management systems such as FintechLabs can provide you with real-time 360-degree view of not only your customers but the status of all the loan applications at any time. This is crucial intelligence for assessing the health of your business at any time. It also gives your business a chance to provide an enhanced customer service experience.
  • Data Security – Cloud computing provides more security than keeping your files saved in your servers in one location. The key here is to opt for a vendor who is certified with cutting-edge security standards.
  • Access & Collaboration – You can provide constant 24 x 7 access to all your employees, resulting in better collaboration, even when they are on the move. This enhances internal communication, removes bottlenecks and ultimately reflects in better customer service.


FintechLabs Cloud-Based Loan Management System – What Makes our Solution Unique?

  • We provide the world’s first Loan Management Software – As – A – Service so lenders can go live in as little as three days with our system and full support. Compare this with 1-3-month timeframe required with other software providers and think of the value of being in business for an extra 3 months!
  • API-based modular software that can be integrated into any system easily and can be used either in parts or as a whole. It is customizable to fit the processes of different lending platforms/lenders depending on the type of products they offer.
  • Bank Statement Analyzer, an intelligent solution based on AI is the first of its kind product in the market.
  • Highly automated product with features not present in other software systems in the market. It makes the loan management process highly efficient, flexible and easy to manage.