Commercial Lending Software: The New Crediting Era

Digital transformation

The financial sector is moving towards the digital revolution when almost all the services are available online.

Business owners don’t want to wait for hours in financial institutions waiting until their banking assistant fills in the documents. Why should we go to brick-and-mortar if everything can be done online?

Digital transformation in the lending domain entails the offering of consumer loans, mortgages, pay-day loans, auto loans, etc. in the online format, as well as a great number of back-end changes significant to straightforward the workflow and support the transformation. Instead of managing the lending process using a set of programs, modern developers create solutions that can run the whole process from onboarding to debt collection.

The success of digital transformation half depends on your software developer. Many SME lenders and credit unions make mistakes by hiring development teams specializing in a wide range of solutions and business domains. As a rule, they might have lack of knowledge in the lending domain, so you risk getting software with poorly established processes. Project launch with narrow-focused developers like HES FinTech allows avoiding such problems and going to the market in the short term.

Being a relatively young scope of development, lending software appears to be the most demanded one among banks, credit unions, and financial institutions. Fully-automated lending software is a new way of managing commercial loans. Unlike traditional software, modern solutions are fully configurable that performs all the needed functionality according to the project’s scope. Imagine that a developer has ready-made modules that you can just add and remove. It’s a set of tech-savvy components like CRM, credit scoring, statistics and reporting, online marketing, notification center, and mode modules that can be adapted to consumer needs. Want more? The software is easy-to-integrate with any third-party solutions, such as payment systems, BI solutions, KYC/AMC, and others. The main benefit of such a development approach is a reduction in time-to-market. While some companies spend up to two years developing software from scratch, narrowly-targeted agencies can launch products within 3-4 months with the same set of functionality and scalability.

The modern fintech market offers a whole complex of bespoke fintech development solutions and provides loan origination and servicing, debt collection solutions, loan management, commercial loan servicing software, and others.

As was mentioned, the main challenge for users who want to enjoy digital lending is to find a dedicated team. Choosing a company, draw attention to the feedback on the developers on Clutch or GoodFirms. Explore their previous projects and contact the team to get information on their experience. Having made the right decision, you’ll get a huge advantage in work. This will help establish long-lasting relations with partners and avoid possible issues.

Commercial software development is the path to success in the world of lending operations. It straightforward lending processes and automates back-end operations. You get software designed to fit your business processes. Using it right, you get a huge competitive advantage and a reliable vendor that can move a company to an entirely new level.