The banking industry is in a state of disruption. Progressive non-bank lenders are making great inroads in commercial as well as consumer finance, and are forecasted to generate around $1T in loans. Banks are hampered by their necessary focus on regulatory compliance and lack the time and resources to drive innovation. As a result, they are falling behind in adapting to changing market conditions and at the same time are looking to augment their lending capabilities in order to drive efficiency and profitability.

Until now, lenders worked with multiple vendors and disparate technologies including licensed software, in-house solutions and legacy systems to meet all their loan management needs. These multiple systems have to regularly exchange data and are frequently out of sync. This means that lenders are unable to view their records in real-time, adding to the inefficiency, errors and the cost of operations. What lenders need is a technology that not only covers the entire loan life-cycle but also provides a unified view of data so lenders can close high-quality, compliant loans more efficiently.

A single integrated platform allows lenders to originate and fund both commercial and consumer loans while improving operational efficiency and quality. It ensures data integrity while lenders easily restructure loans, change interest rates and modify payoff options with just a click of a button. With a real-time integrated solution, lenders can view all the loans associated with a customer and greatly improve customer service across all channels. A single system of record also helps in creating custom reports and dashboards to analyze loan products and borrower profiles to improve risk management.. For example, fraud detection can be greatly simplified if lenders can get a composite view summarizing a customer’s transactions and activities. Lenders can easily monitor the data, and focus on patterns and analyses that provide insights into customer behavior.

Cloud technology changes the game for lenders by providing a clean, agile and unified system that can easily integrate disparate applications and consolidate data so that lenders can see the big picture. Every stakeholder is on the same page with respect to the status of a loan or an application. Additionally, cloud-based lending solutions have an open architecture enabling lenders to add their own “secret sauce” per their unique business needs. Lenders can easily integrate any ancillary application in their solution and still manage everything through a single system.

For a lender, a single source of truth removes complexity from the loan management process and facilitates real-time and clear operational visibility. Cloud loan management systems uniquely provide a single system of record and that critical single source of truth.

Taming the True Cost of Collections

Costly. Complex. Time-consuming. These are just a few of the challenges companies face when trying to collect on non-performing loans and leases. Collections are a major strain on finance businesses worldwide. In the US, a company with a 5% net profit and $100,000 in...

Small Business Lending: A For-Profit Business

There is nothing small about small business.  There are 28.8 million small business in the United States, and small businesses make up 99.7 percent of all businesses in the country.  Small businesses are the engine that drives our economy, so ten years ago when our...

Winning Over Resistance to IT Changes

Finance organizations worldwide are struggling with aging lending and leasing systems. They have read much data and various case studies showing how new systems can improve operational efficiency, increase competitiveness and integrate with the third-party solutions...

Hebrew Free Loan – Lending A Hand To Our Community

As a nonprofit interest-free lender, our practices, collections and repayment policies and systems fall far outside of the norms of the lending industry, so it was imperative that our new lending software is adaptable. We found CLS to be highly customizable, and it...

Two Readily Available Solutions to Expand Funding for Smaller Businesses

Small and mid-sized companies are vital to the prosperity of the U.S. economy. Yet many struggle to secure the financing needed to grow their businesses. Access to financing has improved to some extent in the recent years as have the options with the influx of online...

SME lending: “Application to funding must be digital”

Traditional lenders have steered clear of the SME market in recent years – but that’s changing. Bobsguide spoke with William Wagner, vice president of marketing at Cloud Lending Solutions, to find out more.
Load More

Get help from the industry's lending experts

For more information, ask a question or to request a demo, contact us.
Please Complete All Fields