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Modern lending systems is going through some major changes. Consumers are expecting exciting deals on their loans and at the same time lenders are trying new methods to deal with it. Unfortunately, many firms struggle to achieve success as they face challenges in meeting the changing trends in the loan processing.
So how to transform your customers lending experience?
For those lenders, who struggle to earn customer loyalty, we have come up with a FREE eBook with 5 easy steps to transform your customer experience in lending through digitization and boost revenue!
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In today’s competitive lending market, firms are looking for ways to offer services efficiently as well as improve their profit margins. By using automation tools, lending firms can improve business process efficiencies and offer more loans and better customer service. Today automation is pushing the boundaries of technology by implementing machine to optimise almost every process from loan processing to better customer relationship
Automation improves the lending process in the following ways:
- Removes paper from the process: The manual paper work is a time consuming process which makes the customers wait for long time depending on the terms of the loan.
- Reduces the cost of loan processing: Automating the loan process reduces the cost of loan officer and business banker time inputting financial information and the cost of training and hiring up needed to service loans. For the borrower, utilizing software that integrates with the most popular accounting programs saves time and money.
- Improves accuracy: Calculation and analysis will be accurate when automating the loan process
- Optimizes all operation : With outdated systems, borrowers were unable to track and analyse past loans and credit line information. Now with fully optimized processes, users can access and check their credit details online.
- Better customer service: When all the loan process are automated and streamlined, banks will have more time to build strong relationship with customers
Financial institutions are increasingly turning to customer-facing software programs to automate the lending process
At Insight Consultants, we specialise in digitizing the lending ecosystem. From general to specialised, prime to sub-prime, we have helped organization evaluate data structures and availability, free up information from siloed systems, and identify the richest areas for machine-fuelled insight and improvement.
Contact Us to know how we can help you automating your loan cycle.
Modern lending systems are all about providing access to funds anytime, anywhere, for customers who are increasingly tech savvy. These empowered customers have no patience for the mounds of paperwork and lengthy processes that was the hallmark of traditional lending.
In person meetings, lengthy application forms, detailed reference checks, physical signatures etc. are all being junked in favour of a seamlessly integrated, fully on-line process that is not only faster, but more secure and compliant than anything the industry has witnessed till date.
“DIGITAL CHANNELS FULFILL THE CUSTOMERS’ NEED FOR CONVENIENCE AND CONTINUOUS AVAILABILITY, WHILE AT THE SAME TIME OFFERING LENDING FIRMS NEW OPPORTUNITIES FOR GROWTH.”
Digital transition: Implications for lenders
Transitioning to a fully digital lending firm is not always easy. Lack of robust software solutions, concerns over compatibility of new systems with legacy systems, costs of transformation, regulatory compliance, and management and budget restrictions have all deterred firms from digitizing the lending process.
Digitization makes multiple demands on firms like:
- User Centric Design
- Data Driven Decision Making
- Flexible Infrastructure
- Organizational Agility
No pain, no gain
While these demands might look intimidating, the benefits, once digitization is properly implemented, are huge. Not only will it give a distinct competitive advantage to the firm in a cluttered marketplace where quality borrowers are spoilt for choice, but also have a disproportionately positive impact on its bottom line.
Digitization can offer immense benefit to lenders in multiple areas
- Reduce lead to disbursement lag
- Better utilization of loan officer’s time
- Fraud reduction
- Relevant, simple and easily bought offers
- Better decision-making, utilizing customer risk and marketing data
- Consistent cross-channel execution
- Better understanding of the customer and his behaviour
- Paperless processes
- Zero compliance slip-ups
- Any-time, anywhere service
The future is here and now
Any lending firm that does not digitize immediately risks falling by the way side. Even as we speak, newer technology like Artificial Intelligence, and Blockchain, the technology that underpins cryptocurrencies currently, is further revolutionizing the space. More importantly, borrowers have actively started demanding many of the benefits afforded by digitization. It is no longer a question of whether to digitize or not, but how fast a firm can digitize and keep pace with the changing demands of its customers.
How Insight Consultants can help
Insight Consultants specialises in digitizing the lending ecosystem. From general to specialised, prime to sub-prime, we have helped firms operating across the lending landscape reap the benefits of digitization. We offer end-to-end lending solutions with digital loan origination platform, credit assessment engine, business process automation and complete loan cycle management systems. We will help you transition from an offline way of working to a digitally streamlined one that include paperless operations, workflow-based automated decision-making, and credit scoring powered with insightful analytics.
Reach Us to know how digitization can revolutionize lending.