A comprehensive end-to-end loan management software solution that automates the loan management procedures for better customer experience.
Banking and financing industry is one of the earliest businesses that jumped into the computerization bandwagon. However, by now, almost all of the earlier systems and programs are finding it difficult to handle the higher volume and the speed requirement of the present day. The following is one such example where we assisted an NBFC by providing a custom built loan processing software.
Our client is a Non-Banking Finance Corporation providing financial solutions with a range of customized product offerings. They have a widespread network with over 3000 dealers in India. Our client has over 1.5 lakh customers and has disbursed loans worth more than Rs.800 crores.
As the customer base increased, servicing loans became complex. Every customer has different terms and payment dates. It is cumbersome to keep everything in order and to keep track of all. The legacy loan management system was making the lending process unduly tough because it involved significant amount of manual processes. Our client needed a solution that can omit the tedious paperwork and can also make the loan management process efficient and cost-effective at the same time. With a digitized system, client also wants to cater to the newer generation of customers who are more tech-savvy. Coherent was chosen to provide a fresh solution that is easy to use, fast in function, and that has provision for latest and future technology upgrades.
Every loan is different: they have different interest rates, payment dates, and more. Our aim at Coherent was to design loan management software that can result in multi-faceted benefits for our client, right from easing the workflow to improving overall customer experience. We have designed and developed a sound loan management system that speeds up the process, reduces human errors and creates a clear workflow. Our loan management software stores customer data in a centralised place for ease of retrieval. This provides a 360-degree view of the customer’s profile. With this software, clients can track all the loans, and calculate interests, fees, and more. It provides an integrated overview of all the different processes of the lending lifecycle like customer onboarding, the credit assessment, loan disbursal, and loan repayment. It also offers scope for creating custom report generation.
Our loan management solution can cater to a broad range of use cases and adds significant value to the client’s day-to-day operations. In addition to significantly improving the quality and turnaround time, it offers the following additional benefits.
Addition benefits include:
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