Though your Decision Engine and Loan Management Software (LMS) can offer great benefits individually, the best benefit to your business and your customers comes when they are well integrated.
If your decision engine fails to communicate well with your LMS, you will have great decisioning that isn’t actionable. Your customer experience will become disjointed and longer.
If a customer gets approved for a loan through your decision engine, your LMS should be able to immediately start the origination process and get their loan funded within minutes of starting the application.
When you match fast and accurate decisioning with an LMS that can quickly act on the information, your benefits are massive.
With an integrated decision engine, your loan process will be significantly easier for the customer. They can apply on your website, and immediately start the origination process should they get approved. With such an easy process and less work for your employees, your loan volume will increase. You just have to get the word out on how easy your process has become.
By integrating the loan management software and decision engine, many of your customers will be able to experience the entire lending process in a matter of minutes. Should they have good credit, their application will get approved without additional employee input. Then you can automate the origination, servicing, and funding process so your customers could get their money within minutes of starting the application.
Your customers will be better because your accurate decisioning will ensure your customers have a higher likelihood of paying their loans back. If your customers were better and easier to work with, you would have more time to take on even more customers.
Less Room for Errors
To get this level of customer service and speed, you are going to need to automate some of your processes. Luckily, by automating the processes, you have significantly less room for error. Once you have set up your automation rules, your software will take care of the rest of the process perfectly every time. Everyone is happier when there are fewer errors.
Less Work on Employees
When you have better customers and better-automated processes, your employees have more time to handle the issues that arise in lending that need personal attention. When your employees can better work directly with the customers that need the attention, your customer’s experience will improve drastically. Your employees will be able to provide better service without an overwhelming workload.
Less Stress Over Defaulted Loans
A risk with lending is always loans that don’t get repaid. When you have an effective decision engine, your customers will already be more likely to repay their loans. Should someone still fall behind on repayment, by automating your processes, you are able to keep your customers engaged and are more easily open channels of communication to resolve any issues.
Mitigated Fraud Risks
A risk that arises with online lending is the risk of fraud. An effective decision engine will ensure those applications that are approved come from real people. When you are confident every loan going out is reaching the hands of a real customer, you have the confidence to focus your efforts on growing your business.
One of the greatest benefits of this type of software approach is the significant time you save. Time is something you will never get more of. When you can automate the entire lending process for customers that have good credit and repay back their loans on time, you have more time to continue to grow your business.
Lastly, and most importantly, these systems will increase your revenue. All of these different benefits directly affect your bottom line. By automating your process and having a system you trust to provide you the best customers, your business will only grow.
Equipping your business with better technology
Your LMS and Decision Engine should equip you to make your customers’ experience better. If your systems don’t meet the needs of your business or customer well, your business will start to fall behind as better technology continues to raise your customer’s expectations. If your systems are lacking in these areas, start looking for better software today.
We at Vergent LMS and iQDE understand the pain you feel. We were lenders like you.
We believe you should have a decision engine and LMS to better your customer experience and equip your business to thrive. That’s why we partnered to provide you the effective systems you need. We have measured ourselves against this list to ensure we are providing you with the right technology to equip your growth. You know you need a system to grow your business. Request a demo today to see how we can equip you with the tools you need to make any loan, any time, anywhere.