How to find Loan Origination Software you can rely on in the new age of compliance?
In this modern era most things can be found online. The dark year 2020 has taught everyone how imperative it is to go digital! Banks and the Finance industry have taken a great lesson from 2020 and are now adapting to this digital era much faster.
Digitalization by fintech companies has taken the customer onboarding process, Sales process, Loan origination process and many other services to a next level. People can now avail loan in a few minutes by sitting at any corner of the world, all they require is a smart phone or computer and an internet connection!
What is Loan Origination Software?
Loan Origination Software or Digital Lending Platforms enables borrowers and lenders to borrow or lend money through paperless or electronic means, offering ease of use, enhanced consumer experience, and less time consuming when compared with the offline methods.
There are 8 key features that we need to look out for:
- A strong heritage:
Look for a company that has grown in the fintech industry, robust and scalable technical architecture capabilities and with multiple successful reviews and clients
- Fast loan disbursement:
Disburse loans faster by employing an inclusive approach to the full lifecycle of loan origination. Ensure the platform enables all key stakeholders in the process to use a seamlessly integrated platform.
- Omni channel sourcing:
One platform that provides you access to all other sourcing channels resulting in ease of access – both for customers as well as internal users.
- Seamless automation:
A loan origination software that comes with flawless automation capabilities, like better accuracy of data entry, lesser processing time, proper management and tracking of documents, this all can be an invaluable addition to the overall digital lending platforms of the business. Not only do they help lenders manage processes seamlessly, but they also effectively reduce the overall cost incurred per loan.
- Ease of integrations:
A loan origination software should integrate well with other software like CRM software, Documents management software, Lead Management software and any other software that a company relies on for their daily activities.
- Automated Credit assessment and CAM generation:
It should be helpful in making faster credit decisions through data-driven assessments and a structured credit decisioning framework providing a more secure risk profile along with computer-aided manufacturing (CAM) generation software. A software that shows a machine the proper toolpath in generation of a product.
- Ease of operations:
It should provide — task assignment and management on an individual and group level, agency management, calculators and real-time updates via SMS, mail or push notifications.
- Latest technology:
The platform should be capable of implementing and supporting the latest technologies, especially in the area of Artificial intelligence and machine learning. This will enable intelligent customer profiling, automated approvals and much more as your business grows.
Choosing a loan origination solution (LOS) is a long term investment for a lending business. Mentioned above were some of the factors that one can rely on while finding a Loan origination software in this new age of compliance.
Celusion Technologies — Digital Lending Platform is a Loan origination software made efficiently considering the needs of a lender and a borrower. It disburses loans faster by employing an inclusive approach to the full lifecycle of loan origination and credit underwriting.