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INVENTORY MANAGEMENT SYSTEM

No matter the industry, a decision to purchase new technology is ultimately a decision to enter a new relationship. When it comes to digital lending software, the technology required to offer a modern lending experience is complicated to build in-house and challenging to find in-market. Instead of limiting your focus to point solutions, consider the benefits of a unified platform approach. This superior digital lending software allows lenders to focus on a seamless customer experience across products and channels for mortgage and consumer banking.Thinking about finding the right lending platform is too narrow; think instead about finding the right lending partner. Doing so can improve internal operations, enable improved customer experiences, and position your business for long-term success. The process of finding a new partner, however, can be daunting.

Challenges faced during the lending process:

The major challenges faced by this industry are related to paperwork. It can make or break any application in line for loan approval. Documents often go missing, causing a lot of trouble to both the applicant and the company. Physical files and documents can be easily tampered and made use to one’s advantage. This affects the reputation of a company in the market and leads to the loss of potential customers. Also, when things are done manually, it takes more time and manpower to complete even the simplest tasks.

How loan/ lending management software can help:

Using lending management software can help you in several ways. Let’s look at some of the changes that it can bring to your overall process.

• Improved Transparency : Lenders tend to track their leads and sales activities on paper or in spreadsheets which is extremely difficult to refer for the future reference. Loan management software provides a centralized system for the lenders to write, store, edit and manage information as a database in the system which helps in tracking progress and analyzing the data for future.
• Seamless Operations: A loan when processed from the application stage to closing involves several bank employees, business development officers, credit committee, financial analysts, risk analysts and closing agents. It is impossible to manage their data accurately if you are still using pen and paper. To achieve visibility in the system, it is a necessity to use loan management software. Visibility helps the management to see the status of a loan application and improve pipeline management.
• Tracking Documents: When a document is lost or misplaced, can you imagine yourself searching for that one particular document among the lot of thousands? That is why it is recommended to use loan management software. It becomes easier to track a lost document with the help of a software solution. A centralized system helps trace all points to search for critical documents easily.
• Collecting Customer Information: Loan reviewing is done by every financial institution to identify customers with potential credit risks. For this, updated financial information can collected easily and efficiently with a loan management software. The software can streamline data and track activities to find out the financial record of an applicant and check their eligibility for the loan.

Here are a few features that any lending software you are considering for your business must go through –

• Personalized to your requirements: Though technology has become sophisticated, one shoe size cannot fit all. The software should be able to customize itself to cater to the peculiar requirements of your business operations, and moreover the specific needs of all of your consumer segments.
• Coming-of-age Tech Infrastructure: The software should command the least coding expertise from your end. It must encompass modern tech-stack such as API gateway, SOA Enabling, etc. and possess a cloud-based infrastructure for utmost cybersecurity. It should be able to accommodate futuristic technology such as open-bank architecture and update itself without hampering existing operations.
• Scope for Innovation: It should be able to pilot new products/services in a relaxed environment. There has to be a defined structure of introducing and implementing new products, services, or processes with minimal effort and time.
• Fulfil Legal Compliances: The software should be legally-compliant at all stages of the lending cycle. Implementing appropriate taxes, interest rates, invoice discounting, and other norms as directed by the RBI should be automated.
• User-friendly for Employees & Consumers: A good lender management software with all its high-end integrations at the back-end, shouldn’t be complicated to be used by the employees and the consumers. A neat no lagand easy-to-understand user experience and interface are what the software should provide.
• Comprehensive reporting & analytics: The software should be able to fulfil not just current business requirements i.e. the short term goals, but also help the business work upon their long term vision with data-backed reporting and intelligent analysis.
• Smart Intelligence and Automation: The software should deploy artificial intelligence to automate the majority of the manual tasks at a lower cost. Automation will make the entire lending cycle secure by eliminating the scope of errors and frauds. The AI-backed analysis will help the company understand its current and future growth prospects.
  Integrated Accounting engine: Accounting has always been a tedious affair. However, with improved lending operations, if the software offers automated accounting solutions, and allow for seamless integration of other accounting services that a company might use, it would lead to a transparent and no error accounting process.
• Set pre-defined rules: The software must offer scope to implement automated rules for individual products, services, and stages of the lending cycle through a rule engine that will lead to a non risk efficient workflow without the need to constantly monitor the operations.