Best Solutions for Problems Faced by the Current Online Lending Practices - PowerPoint PPT Presentation

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Best Solutions for Problems Faced by the Current Online Lending Practices

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Here in this document, we aim to propose some valuable insights, solutions to be precise, for the problems faced by today’s lending industry. Enjoy the read. If you are interested in getting a Lending software for your business contact our website: – PowerPoint PPT presentation

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Title: Best Solutions for Problems Faced by the Current Online Lending Practices


1
Best Solutions for Problems Faced by the Current
Online Lending Practices
2
  • There was a time, not so lately, small and medium
    businesses, even aspiring idea persons relied on
    the traditional banking systems to get funding
    for their ideas.
  • The criterion and the procedures were not only
    complicated but werent designed to serve the
    needs of progressing organizations.
  • At the same time, small and medium-level
    businesses were constantly being left behind.
  • However, with the prominent inception of the
    internet has changed the course of the game.
  • Today, the size of businesses doesnt matter
    much for they can now take advantage of the
    digital possibilities and reach a wide range of
    audiences.

3
  • In fact, the need to depend on traditional
    banking scenarios for funding has thoroughly
    diminished, rather businesses have opted to grab
    the online lending opportunities to bring their
    ideas to bloom.
  • And guess what! The idea is now considered a
    massive success and a multitude of organizations
    and even individuals are adopting the same as an
    effective funding strategy.
  • Here in this document, we aim to propose some
    valuable insights, solutions to be precise, for
    the problems faced by todays lending industry.
    Enjoy the read.

4
Improving the Transparency of the Process
5
  • This you can relate to without any doubt if only
    you are familiar with running a Lending
    institution.
  • One of the major parts of the whole process is
    tracking the outstanding opportunities and sales
    activities.
  • And they often utilize spreadsheets, notebooks,
    accounting software, and calendars for the same.
  • Even though this is the case, things are much
    complicated than it seems for sometimes to
    extract a single piece of information can steal a
    significant period of time and effort.

6
  • Luckily, this can easily be resolved with the
    help of a centralized system to keep track of
    progress and offer forecasts.
  • A Lending software gives you access to the
    customer information, which offer lenders a
    contact database and a centralized spot for
    logging conversations.
  • In a nutshell, a comprehensive lending software
    can drive transparency and quick loan processing,
    thus help the business provide fast and quality
    service.

7
Streamline the Loan Origination Process
8
  • Another crucial aspect of the lending process is
    nothing other than processing and closing loans.
  • In fact, being the most important phase, or may
    be called as the sole idea of the process, this
    demands utmost attention.
  • However, manually managing this process can be
    tedious and confusing, while with the help of
    online borrowing software, things are a bit
    easier, at the same time, efficient.

9
  • So, why an online software instead of a manual
    process? If having a software solution, lenders
    can monitor and track the progress of the loan
    process at any time.
  • They can utilize their productive time to improve
    the business and its profitability rather than
    wasting it on tedious loan processing process.

10
Track Post-closing Documents
11
  • The loan management phase begins immediately
    after loan closure. Besides, it also involves
    tracking the documents relevant to the process.
  • In case of not have a proactive process to
    identify and track the relevant documents and
    paper works, it will seriously affect the
    credibility of the organization. No business can
    afford that happening.
  • However, by employing an automated, centralized
    system can streamline the whole process, minimize
    human interaction and possible errors too.
  • By properly organizing and managing the
    documentation part, one can elevate the
    efficiency of the complete process.

12
Setup an Efficient Loan Review System
13
  • Imagine if you are running a business dealing
    with lending funds. Isnt important to have an
    efficient system to review the loans,
    particularly to identify loans with credit
    weaknesses.
  • To ensure the smooth functioning of your online
    lending business, the centralized system you
    employed must identify trends that affect the
    collectibility of the companys portfolio, also,
    assign risk grades based on the data in the
    system.

14
  • The fundamental purpose of lending software
    involves optimizing the loan processing and
    collection process too.
  • Moreover, it notifies the business owner if a
    borrower fails to update his/hers financial
    information, which allows the lender to take
    appropriate action.

15
Move Watch-list Credits to Special Servicing
  • Upon the occurrence of some unexpected events,
    specifically a breach of the convent, the
    administration of a loan should be moved from the
    banker to Special Servicing.
  • In actual, if the loan or the relationship is
    been considered or above a certain, defined risk
    level, the loan file, also the collateral and
    credit documents will be passed on to the special
    assets group.
  • In other words, the advantages of an automated
    process do not end with underwriting or even
    servicing, but continue into portfolio management.

16
Why Partner With Agryia?
  • Agriya has been an integral part of the global
    software market since the year 2000.
  • Since then, we have been serving the technology
    needs of businesses, in fact, we have deployed a
    wide array of niche-focused ready-made solutions
    to address the unique needs of various markets.
  • The Lend crowdfunding software from our premium
    business line is not an exception as well. It
    incorporates everything a millennial online
    lending business seeks for and is designed to
    adapt to the market needs.
  • Also, because the solution is open for
    customization, businesses can modify the script
    to meet their specific goals and objectives.

17
  • Agriya
  • For more information, Visit our website
    www.agriya.com
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