Today’s customers expect fast and seamless operations and therefore lending firms are looking for ways to make their services more efficient and profitable to both lenders and borrowers. Technology is the tool lenders rely on most to gain competitive advantages over their rivals. Identify and embrace the right technology is most essential for the lenders to stay competitive.
Here we have put down the top five points to be considered while selecting your lending technology
- Business needs- long or short term
- Deployment choices – on-premise or cloud
- Features and functionality
- Customer service support
- Investment terms
Long- or short-term business needs: The first step is to identify what you want and how quickly you want. As a rule of thumb, you want to start the decisioning process with defining or reviewing your short-term business goals, long-term business goals, the software you currently use, and the technologies you’re using. This will act as the basis for a software and technology gap analysis and will significantly narrow down the list of lending software platforms to pick from. This will mainly depend up on the factors like, whether your current infrastructure support the type of additional functionality you need; do you have a dedicated IT staff to create and manage an in-house lending software system
Deployment choices-on-premise or cloud: It is always best for small and mid-sized lending firms to embrace cloud solution as generally they don’t have a dedicated IT department to develop, maintain, and manage an advanced lending software platform. Cloud deployment is comparatively cost efficient than on-premise set up. Not just that, it delivers a variety of benefits like advanced features and functionality, software upgrades etc.
Features and functionality: The system should be such that it suits the purpose of the company and can manage its objectives and cater to clients. The model should not only suit the present purposes of the company but should be able to envisage the future needs of the company. A good choice for an SME is a program that offers a menu of individual modules. You choose the unit with the features and functionality you need today. And you retain the option to access additional features later.
Customer Service Support: SMBs with limited resources need to focus on revenue generating activities, like expanding your target markets and deploying digital response channels. In this case, 24/7 Technology and Customer Service Support is necessary. The customer service team should be knowledgeable and professionally polished as they will be your brand identity in front of your clients.
Investment terms: Price is a big factor while choosing your lending solution. You need to look for something which is less price and provides more value. Choose a provider who offers a modular or menu approach, where you access the functionality you need today with the option to upgrade as your needs change. Do a thorough review on the service agreement carefully before you make your decision.
Insight Consultants your technology partner for your lending solutions
Achieving efficiency in loan life cycle management has been a challenge. Insight Consultants proved to be an expert in the loan origination software development. We have set a milestone in its journey of technological leadership by successfully developing a flagship Loan Origination Software ‘CreditCore’, for one of our clients. Our solution is completely cloud hosted web-based application which ensure a better experience to its users. It supports decisions across the entire retail lending lifecycle by automating origination and decisioning workflows, assesses credit risks, calculating pricings and manages the integration with third party data providers. Our LOS is very much adaptable and responsive to the extent that organizations can independently run most of the changes without too much dependency on us.
We know that the Banking processes, as well as, the information needed are unique. Compliance is stringent and that the needs of bankers are different. We understand that one size does not fit all and each LOS brings with it, its own set of “quirks”. Each “Off the Shelf” solution will not fully meet the needs of the customer. So, we will collaborate on the best solution that will work best for your business.
The ever-changing, heavily-regulated, and competitive landscape of the mortgage sector demands solutions that are highly flexible and will provide organisations with the kind of operational agility required to not only achieve business objectives, but also ensure regulatory compliance. At Insight Consultants, we recognise and understand the challenges the mortgage industry faces, and we harness our technical expertise and industry experience to build and maintain next-generation lending platforms and business solutions across the mortgage lending life cycle. Our in-depth mortgage industry experience helps us to craft flexible solutions that keep up with industry trends and organisational objectives.
We have technical expertise in building cutting-edge software applications for both small mortgage lenders and medium financial product companies, which uniquely positions us to help deliver desired results. We look at a client’s business problem in a systematic manner that eventually gives both, Insight Consultants and the client, a clear view of what’s required and why, what needs to be done about it, and how its impact in your organisation can be measured for success. We help you get a sense of your business, through Radical Rooting, our home-grown approach to help businesses place premium on the future value of a solution or idea before counting costs.