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How to Choose the Right Lending Automation Software

The landscape of traditional lending, characterized by in-branch origination and manual paper-based processes, has crumbled in the face of social distancing norms. In today’s context, digital credit is not just a luxury; it’s a vital survival imperative for lenders. Pre-COVID, 57.1% of credit decision-makers digitized to meet fast credit demands, as per a survey of 40+ executives. The old way of filling out forms, meeting officers, answering questions, and waiting for loan approval is unacceptable. The digital money revolution will have global implications, affecting private sector participation, innovation, and the financial landscape. Customers now demand high standards for financial products and services.

Lending automation providers, exemplified by Vergent LMS, have played a pivotal role in creating intelligent Software as a Service (SaaS) solutions. These solutions lower entry barriers in the lending industry, enabling banks and retail providers to provide user-friendly, low-risk financing. Vergent LMS’s core team has been at the forefront of automating lending and banking operations globally. With expertise, they’ve streamlined lending platform criteria, emphasizing business needs, functionality, user-friendliness, customization, and a proven track record.

The article stresses a thorough gap analysis, considering factors like software users, existing solutions, features, infrastructure, and IT capabilities for business needs. It encourages collaboration with a provider acting as a strategic partner. Unified Lending Management (ULM) underscores the essential need for a gradual, seamless platform covering the entire lending process. The article discusses the advantages of cloud-based solutions, citing reduced costs, accessibility, and security.

Comprehensive built-in origination, underwriting, and servicing functionality are essential, and the article stresses the need for customization capabilities in business logic. User-friendliness is crucial, enhancing the experience for employees and borrowers alike. Despite common misconceptions, advanced functionality can effortlessly coexist without requiring a complicated interface. This dispels the misconception that sophisticated functionality necessarily entails a complex interface.


The article emphasizes the importance of smart automation and proprietary credit scoring, emphasizing the role of technology in increasing efficiency and reducing risks. Ease of deployment and learning, along with a proven track record, round up the criteria for choosing a lending software.

Don’t struggle with loan management any longer. Schedule a demo to discover how Vergent can automate your lending processes and simplify your workload.