In today’s transforming financial landscape, lenders are on a quest for a modern, technologically superior loan management system that automates key processes. The need of the hour is for systems which are scalable, fast, flexible, and agile while being cost-efficient to manage the loan lifecycle end-to-end from origination to servicing and from processing to collections. The functions of lending management solutions include loan refinancing, restructuring, disbursement, credit scoring, and account processing. And since lending solutions automate the loan portfolio lifecycle, typically through electronic software, this eliminates the need for a paper workflow. At the same time, this minimizes manual error when tracking and reconciling loans across enterprises and stockholders.
To overcome multiple-platform clunky and disparate systems, more and more financial lending institutions are set to adopt a centralized platform approach to effectively accommodate all facets of the lending exercise, including the lending team and the borrowers. Today, lenders are focused on offering an intuitive lending experience to the borrowers to streamline the process of loan disbursal and compete in a rapidly evolving marketplace. They are also adopting new technology partnerships and collaborations for efficient lending lifestyle management. In the times ahead, lenders are keen on harnessing the prowess of artificial intelligence (AI) to extract greater insight from the borrower’s portfolio to gain advanced notice of potential delinquencies. Whether the lender is a community bank, credit union, or captive auto lender, they aim to deliver top-quality customer service while boosting efficiency and reducing transaction costs.
At this juncture, there is a wide variety of solution providers entering the industry with a set of advanced lending management solution offerings. To help companies navigate through the best-of-breed lending management solution providers, Banking CIO Outlook has compiled a list of ‘Top 10 Lending Management Solution Providers– 2020.’ The enlisted organizations offer loan management solutions that enable lenders to assimilate information and launch lending applications across various channels and categories. The magazine also comprises insights from thought leaders in the sector on the industry trends, best practices, recent innovations, and their advice for the aspiring CIOs.
We present to you Banking CIO Outlook’s, “Top 10 Lending Management Solution Providers– 2020.”