The financial services industry has many complex processes out of which loan processing is the most tedious one. It involves many aspects such as regulation, internal processes, greater numbers of players and channels when compared to other processes and a strong IT infrastructure to support it. This is why more and more financial services are looking to come up with a platform that will simplify this process.
The latest in this series is the ComplianceOne manager solution launched by Wolters Kluwer Financial Services. This is a Software as a Service (SaaS (News - Alert)) tool that complements the existing ComplianceOne software and can be integrated seamlessly into ARTA lending and other loan solutions available in the market today.
With this new software, senior managers can get a better insight into their company's lending process because they can monitor loan portfolios in real time. Also, they can have a better control over the lending process, which means they can identify possible risks and take action before it erupts into a big problem. Such comprehensive software has become an absolute necessity for any financial services company to prevent another financial meltdown like the one in 2008.
Another advantage with the CompliaceOne manager tool is that it allows employees to collaborate better. Lending officers, underwriters and loan processing staff have access to the same information, so they can work together more effectively. It reduces redundancies in the process, thereby speeding it up for a better customer service.
Further, the amount of time spent on documentation will reduce drastically because different employee groups will be using the same system. Such a streamlined business process helps the organization to save time and costs. All this means the banks and credit unions that use this new software will be able to offer a faster and more efficient loan service to customers.
Edited by Alisen Downey