loan servicing software community bank small business


The defi Team Automation, defi CONNECT, defi INSIGHT, defi SERVICING, Digitalization, Loan Management, Remarketing

loan servicing software community bank small business

Looking ahead to 2021, banks, credit unions, and fincos are reevaluating their ability to effectively respond to unexpected economic conditions. In 2020, these institutions were challenged to quickly adapt their lending practices. For many, their lease and loan management software lacked the flexibility to support a work-from-home, completely digital lending process.

The experience is motivating lenders to look for lease and loan management software solutions that not only provide greater flexibility in implementing lending procedural changes, but also deliver the lending experience that today’s consumers expect. If you’re among those comparing lease and loan management software solutions that will support you in 2021 and beyond, cloud, mobile, and configuration capabilities are three of the most important factors to consider.

What to Look For Why You Need It 
Cloud-based lease and loan management platform Reduced IT operational costsImproved functionality and productivity via frequent software updatesEnabled work-from-home accessibility
All-encompassing mobile capabilities Meet consumers’ expectations for anytime, anywhere access to account informationReduce call center volumesLower printing and mailing costs
Menu-based configuration Update nearly every aspect of the platform easily to tailor it to your unique lending needs

It Must Be Based on a Cloud Platform 

Cloud-based lease and loan software solutions have proven value. By moving to a cloud-based solution you eliminate operational costs associated with procuring and managing hardware and IT infrastructure. Frequent software updates are immediately available to employees, regardless of location, to continually improve process efficiency.  

A fully integrated cloud solution centrally manages user access permissions and role configuration across all servicing activities, allowing quick and auditable changes as lending practices and processes evolve. Real-time updates regarding payment transactions provide borrowers and servicing agents with accurate account information. 

Your cloud-based lease and loan management software should be a fully-integrated component of a platform that supports the enter lending cycle—origination, decisioning, servicing, and remarketing—allowing current and accurate borrower data to be maintained throughout the life of the loan. 

It Must Be Digital 

Modern consumers expect mobile commerce capabilities across every industry, but the events of 2020 have accelerated the demand for a completely digital, mobile lease or loan management process. When comparing solutions, look for lease or loan management software that runs on the leading mobile operating systems. 

Digital lease or loan self-servicing should allow the borrower to:

  • Set up automatic payments easily for the life of the lease or loan. 
  • Initiate one-time payments to accelerate loan payoff. 
  • Obtain accurate account information and statements 24/7/365. 
  • Update personal information. 

Giving borrowers greater control over their accounts reduces the number of call center inquiries, allowing servicing specialists to spend more time with customers who truly need assistance. With mobile servicing, printing and mailing costs are also significantly reduced.   

It Must Have Configuration Capabilities

Lenders need flexible lease and loan management software solutions that can be easily configured to evolve with changing process needs. Look for lease and loan management software solutions with extensive configuration menus that enable lenders to quickly make modifications across the entire platform. 

Configuration menus should cover a wide range of activities including user interface, workflow and queue management, decision rules, payments, delinquencies, defaults. Configuration capabilities allow lending professionals to make needed modifications to the lease or loan software in minutes, providing exceptional flexibility in responding to changing market demands. 

Planning for 2021: Compare Cloud, Mobile, and Configuration Capabilities

Lease and loan management software is advancing at a rapid pace due to technologies that make it easier than ever to implement, configure, and continually improve them. Lenders looking for software solutions that enable them to deal effectively with the 2021 economic climate and beyond should focus on cloud, mobile, and configuration capabilities. These three features will supply the flexibility needed to quickly make modifications and incorporate new capabilities in an effort to continually improve productivity, reduce processing costs, and provide an exceptional customer experience. 

Getting Started

defi SOLUTIONS provides a configurable, scalable, end-to-end lease and loan management platform that includes loan and lease originations and servicing systems. If you’re struggling to meet the rapidly changing demands of the lending market, take the first step toward realizing the benefits of modern, cloud-based lease and loan management software solutions. Contact our team today or register for a demo.

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