You’ve probably heard about our Visitor Management System. But what about our fintech services such as Loan Servicing Software? What exactly is that, anyway?
What is Loan Servicing Software?
Loan Servicing Software is a digital platform that helps automate every stage of the loan lifecycle, from application to closing. It is an automation of the traditional, paper-based of Loan Servicing that is time consuming and prone to human error. With a software solution, human error is minimised. Precious time and effort is saved when tracking and reconciling loans. Loan servicing software can also provide useful analytics and insights for both lender and borrower.
Why use a Loan Servicing Software?
1. Reduce calculation errors
The first benefit that comes from an automated software is less human error. In the finance industry, errors are costly. Software can subtract the opportunities for human errors across tasks by automating repetitive tasks and implementation of rules.
2. Reduce risk and bad debts
Loan servicing software allows you to better manage your cash flow and avoid unnecessary losses. Not only can this keep your business in the green, it frees up resources for re-allocation. With automated software, tracking and setting payment schedules becomes easier, such as no longer needing to manually alert or text each borrower.
3. Save your team time
The automation of some manual tasks: posting unpaid, partial or late payments, tracking and production of notices to customers in default, charging of fees, recalculation of payment schedules that have been modified can reduce manual labor and manpower costs. As a support tool, loan management software simplifies many aspects of day-to-day work allowing your team to focus their efforts on what’s really important.
4. Reduce time required to create accounting and other essential reports
Monitoring loans and ensuring their collection is only one aspect of management work. Creating and generating the accounting reports and often invoices and statements for borrowers and investors is also critical. Quality loan management software ensures the accuracy of the data and make it easy to extract the right information in real-time or pertaining to any specific reporting period.
5. Raise revenue
Software makes it possible to do more with less. By accurately tracking outstanding loans, identifying risks, resolving issues via automation, you can reduce overhead costs on manpower. Loan management software with analytics features can also give you a clearer picture of your short, medium and long-term revenue projections. The system allows you to predict your cash flow which consequently advises strategy.