(STL.News) Why should banks accelerate lending? There’s an outdated opinion that clients will be waiting for credit approval as long as it takes since they need money. In the decade of digital transformations, lenders and credit unions following the same point will go bankrupt.
The latest insights show that customers are no longer ready to wait for loan approvals for up to 7 days. Understanding the power of online services, they’d rather switch to another company ready to issue a loan in fewer days or even minutes. Efficient application processing and fast loan granting are the keys to increase the customer base and win out more loyal clients. The ability to control the whole lending process from customer onboarding to debt collection manually is a must for lenders who strive to generate income and outperform competitors. To provide such a high level of services, banks resort to tech-savvy loan management software.
The automation of manual tasks, such as sending notifications to clients, tracking late payments or missed ones, charging fees, managing payment schedules, recalculating payments, credit scoring, and others, saves your time since you no longer need to do it manually. And this is only a small amount of tasks that can be simplified.