5 Lending Business Tools for Smooth Operation
Lending business tools are used by fintech companies that are offering financial help to people to assist them in taking their leading business to a new level and also help in issuing way more loans than with paper and Excel. For any lending company to elevate their business, they need to integrate various lending tools into their business.
A lending business will easily give you a good return on investment. The demand for credit is high whereas the supply is low. By providing credit services that are easy to obtain, have affordable interest rates, and are processed fast, you are the lender every borrower wants to work with. To have an effective business there are some tools you will need to have and here is a look at the 5 must-haves.
Reliable Lending Management Software
As a lender, you need to always be in the know about who your borrowers are and how much you are expecting from each of them, plus the due date. Whether you lend to a hundred people or thousands of people, it is impossible to remember all of them. Good lending software will help you keep track of everything from issuing loans to following up on payments.
Loan processing software will reduce the amount of time you take processing requests. This tool needs to access the credit listing database, all the data of potential clients, and other useful information to compute the amount of money to give to a particular borrower.
When choosing a loan processing tool choose one that gives you the option to customize loan offers to specific clients, business types, and geographic locations. Look for a loan processing tool that will help you create your products with ease, sell them and collect returns in one place.
As the head of the business, your signature will be needed on many documents. Signing each of them by hand can be tiring and when the business grows it will be impossible. Get a digital signing solution that will ease this burden. With this, you can sign documents electronically by pasting an already created signature.
Hellosign by Dropbox is a great digital signing tool that works with any web interface seamlessly. With this lending business tool, signing digital documents will be super easy and fast. You can even sign multiple documents at the same time.
Automated Communication Systems
Can you imagine your secretary calling a thousand clients in a day? That would be hectic and chaotic! With automated communication channels this can be easily avoided. Choose a communication system that combines both SMS and email.
Automated emailing will help you send out bulk images be they for marketing purposes or reminders to borrowers. A good lending business tool will enable you to customize the emails according to the recipient’s name, debt details, and other particulars. Automatic messages should be sent out to remind borrowers about upcoming deadlines as well as market the business.
Customer Service Automation
Automating customer service will reduce your payroll and confer many other benefits. Clients will get fast responses and help without having to wait in a queue. They will only need to talk to the customer support staff about matters that require the human touch.
This means your staff will be serving fewer people and are therefore more likely to do a good job at it. There are many benefits of automated customer service that any business stands to gain. This is not just for those in the lending business. If you have other businesses, consider applying this as well.
The entire process from loan application to payment involves a lot of paperwork. With a lot of duplication involved, you may end up with several copies of the same thing. To avoid this, have document imaging in your business.
Imaging documents is similar to scanning. You can easily create a copy of the same documents without having to make a hard copy. The initial document may even be created online to save on paper. Combined with digital signing, document imaging can help you operate a paperless business. This is good for you and the environment.
Operating a successful lending business needs proper preparedness. This is what the above lending business tools will enable you to achieve. Include them in your initial planning and later execute them to have a smooth-running business.
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