Successfully transitioning to remote work should be a top priority for all business owners navigating the COVID-19 crisis. With many travel and quarantine restrictions in place designed to minimize the spread of coronavirus, working from home simply isn’t an option. As remote work becomes commonplace, the lending sector is one of many industries seriously considering the transition from working in-office to working via video chat apps.
For that reason, cloud-computing companies have gone the extra mile to provide high-quality, user-friendly software to ease the transition. These companies provide cloud-based lending solutions to make it easier for lenders to service, collect, and manage their loan portfolios.
These next-generation loan software platforms help automate, streamline, and simplify loan management systems. Here’s how SaaS lending companies support their clients when transitioning to remote work.
Provide advanced features
Many SaaS companies like LoanPro provide automation loan features that make work from home a breeze. They strive to provide a platform that benefits both the lender and the borrower, alike. An automated loan processing system facilitates effective communication between employees and their clients. These systems keep us connected in the face of CDC regulations rooted in social distancing.
The automation of lending systems of operation also helps provide advanced loan feature notifications to keep customers updated on the status of their loans. Yet another incentive is that you can access these notifications anywhere, whether you’re working in-office, on-the-go, or even on the road.
These automated loan processing systems are also programmed with alert features that enable companies to set loan alerts, allowing other collaborating team members to review crucial information on loan status. Flag notifications, in particular, will allow you to quickly track different loans to see if they meet the set criteria. These features are particularly important, as they help you decide about offers and collections. For greater convenience, you can customize your notifications, so you receive automatic texts, in-house software alerts, or email alerts as soon as an event occurs.
Data management
Regardless of the industry, data compilation and data analysis are essential to any business. The ability to quickly collect, access, and implement data is necessary for the success of any business, especially within the loan industry.
For this reason, automation solutions provide innovative tools to record and store a company’s data. These solutions also provide seamless data backup solutions around the world, so companies can operate without fear of unexpected data loss. With automated systems, a client benefits from live amortization and can access an instant breakdown of loan processes. This client can, then, monitor planned transactions, observe how they happen, and predict future trends.
The company in question should also offer advanced verification tools to ensure their clients are always working with the right data. These advanced verification features are particularly important, as working with the wrong data can be detrimental to your company.
Data security is a fundamental tenet of a data management strategy. When companies use TLS to secure access to the server, this data security is guaranteed. More importantly, a data security system provides advanced reports and queries that allow for easy data access and data comparison.
Customer interaction
Customer satisfaction is an essential part of any business in any industry. Every business requires a loyal customer base. Unfortunately, securing and nurturing these business connections is daunting for most companies, especially when keeping in touch with their customer base isn’t convenient.
Most SaaS companies provide advanced tools to help simplify and enhance customer interactions. These tools range from automated phone calls to a customizable website. Lenders can automatically send text messages to their borrowers for offers and remind them about their loan payments. As a lender, you can also automatically send customizable emails to potential prospects and current customers.
At the peak of our Digital Revolution, a customizable website is a great option. It provides your customers with a platform to make payments online and view their loan details. Automatic mailing services is another fantastic feature that enables a company to send mail via USPS to its customers. With automated mailing services, you can trigger mailing manually or set-up automatically. The platform also allows you to send pre-recorded calls and monitor each call’s response rate automatically.
Software access
Easy access to your loan data is essential for streamlining loan workflows. Cloud-based companies provide up-to-date software that provides continuous online data access and advanced tools to simplify the process. Online access that helps you manage your loan process from the comfort of your home or on-the-go is an essential tool. Through this software access, you can also create several user accounts with personalized restrictions that allow only specialized staff to access pertinent information.
Advanced payment solutions
If poorly managed, your payment records can be a hassle to track. To know what borrowers owe your company, you’ll need to pinpoint out the best way to collect and record this data. For these purposes, automated solutions equip you with automatic billing and multiple payment methods. All these features allow for simplified payment solutions for title loans, auto loans, and consumer loans.
Conclusion
Most SaaS companies collaborate with card payment providers to enable companies to process their debit cards efficiently. These SaaS also partner with different eCheck processors to grant lenders access to money directly from a borrower’s account. Similarly, these companies join forces with multiple cash payment providers for easy cash payment. Overall, secure payment solutions can contribute to the success of your lending company.