5 Essential Bank Loan Management Software Solutions


 

If your bank is looking for a loan servicing and credit management software, bank loan software solutions can help. A good loan and debt collection management system should allow financial institutions to run at a profit with minimal risks. It should also facilitate loan processing while adding the value of lending.

Banks and other financial institutions generate most of their revenue through issuing and processing of loans. That is why it’s essential to have some of the core loan processing solution optimized and ensure the loan process is a breeze. Here are examples of bank loan software solutions.

Loan tracking systems
Loan tracking systems increase the efficiency and profitability of your bank’s loan procedures by eliminating the bottleneck loan servicing process. When using bank loan software such as auto loan software, banks can review and respond to loan applicants swiftly. Although some banks still opt to use the automated scoring method when servicing their loans. But for smaller and simpler loans, automated decisioning for loans will go a long way to simplify the entire process. The main functions of loan tracking systems include:

1. Credit tracking and collection of credit files documents
2. Updating customers of present and future credit documents.
3. Developing credit score and determining interest rates.

Loan Exception Tracking: A loan exception tracking tool simplifies loan process and makes it much more efficient by use of flexible reporting tools. What it does:

1. Underwriting exception loans and documentation.
2. Offer a detailed audit report for increased accountability.
3. Determining loan exemptions at either account or relationship level, or both.
4. Helps the institution managerial and administrative scalability.

Relationship- based pricing Financial tools and loan calculators are meant to enhance customer’s relationship with the bank while maximizing the bank’s revenue flow. This bank loan management software ensures consistency on your pricing model construction and helps add value to customer loan through cross-selling opportunities.

1. Relationship loan tools help establish and justify loan pricing decision.
2. Ensuring banks profitability during loan negotiation and policy reviews.

Loan Portfolio Analysis An integrated suite of loan portfolio helps capitalize on revenues and reduce risk in the loan decision-making stage. A bank loan software as this not only facilitate loan processing but also ensure your asset’s integrity is preserved. Other functions it helps with include:

1. Risk analysis and management, collateral valuation and documentation and credit tracking.
2. Type of loan, parties involved, customer, bank, loan department and executive directives.
3. Auditing, analysis, tracking, approval and compliance automated data.

Floor plan financing Customers take loans for various reasons. Some are financing loans for assets, such as houses, vehicles, machinery while others are investing the money back into their businesses. Whatever the reasons, a floor plan lending software is an ideal solution for streamlining loan application, tracking and billing functions. With this solution, you can have multiple onboard loan application while handling different repayment rates.

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