Retail lenders/ financial institutes are currently operating in paper-based loan processing that cause chaos in overall TAT, resulting in early customer drop outs. To sustain the stiff competition in retail lending or rather in financial digitization, the financial institutions & retail lenders are realizing that there is a need to invest in managing their business & systems.

Modernizing requires innovative & disrupting solutions that make it easy to match the compliance & new regulations in lending, banking & obviously enhancing customer experience. Paper-based processes involve error-prone, manual data entry as well as manual document validation and storage resulting in longer turnaround compared with digital processes. 

Despite the deployment of Server-based applications by banks and NBFCs, the required results are not achieved as such legacy systems are operationally inefficient and low on performance while handling huge amounts of data, which leads to customer dissatisfaction, data access from multiple systems, delays in loan disbursements, and the system slows down with the scalability of the business.

In the loan processing process, financial institutions such as banks and NBFCS have to maintain piles and piles of paper-based documents. These documents hold confidential & crucial information of an individual customer that needs to be kept safe & secure. 

This is not for 1 or 2 customers, banks  & NBFCs are having a very large customer base, which requires physically large space & updating them from time to time is a challenging task.

Slow or ineffective management of this paper-based information will slow down business growth.

It is very important for financial businesses to have a comprehensive solution that can provide scalability, relevance, and performance while improving efficiency and decreasing loan approval times.

Today, cloud-based technology is having the greatest impact on financial services.  Financial institutions can use cloud computing to assist with increased data protection, fault tolerance, and disaster recovery for financial firms 

The government is promoting digital banking, electronic loan applications & authentication to bring transparency between lenders & customers. So the cloud-based paperless loan process includes online account origination by collecting pre-qualification documents like PAN, Adhaar, Credit score, bank document, etc. Loan Applications, processing, underwriting, and all the loan process step, are turned online & hence paperless. 

The government has taken multiple initiatives to emphasize the importance of electronic transactions and processes, including AADHAR authentication, UPI, Identity Validation, Credit Bureau Checks, and DIGI Locker.

Adopting Paperless  i.e. cloud-based loan origination software over paper-based loan processing will give, 

  • The lenders must record initiatives to improve processes and build systems.
  • There will be very little chance of losing any important information or mishandling documents when using such advanced cloud-based loan management applications.
  • The quick access to documents & transparency in process builds better customer relationships & enhances customer satisfaction. 
  • Going paperless improves overall performance and increases the bottom line.

There is a  demand for paperless loan processing software in India and “AnalyticsFox Software’s Digital Origination Software” is the optimum and comprehensive IT solution for financial institutions that want to go paperless so that businesses can run at peak performance.

Digital Origination System provides financial businesses with a cloud-based platform that is hosted on secure servers capable of hosting large volumes of data efficiently, allowing them to improve the agility, straightforwardness, and productivity of their lending agreements.

Contact us today, & go for paperless loan processing with the security & agility of the cloud. 

Request free demo: sales@analyticsfoxsoftwares.com