Both lenders and borrowers are stressed during the lengthy loan origination phase for their own selfish reasons. The time and resource-consuming phase of loan processing often leave borrowers impatient and desperate. However, lenders loathe loan origination for the painstaking amount of time that goes into paperwork assortment, document verification and manual evaluation.
The new wave of digitisation allows lenders to usher an era of streamlined loan processing and faster closing. Automation in loan application evaluation procedures guarantees happier borrowers due to shorter loan turnaround time. Besides this, lenders benefit from computerised onboarding of the customer and easy processing opportunity. Loan personnel can access documents, files, and data remotely, at any time. Enhanced access, better convenience, and excellent user experience are what define the new age lending solutions.
For example, Finezza’s 360-Degree suite allows loan evaluators to look at all the critical aspects in a clear format. It processes a number of reports and charts to help evaluator get a realistic view of an applicant’s financial standing. It takes into account credit bureau reports, alternative data and other financial statements of a borrower before it generates customised reports for them. Powered by Artificial Intelligence and Machine Learning software mimics a loan evaluators understanding of the process and gives realistic stats about the chances of successful loan repayments in the future.
What Constitutes A 360-Degree View Of The Prospect?
Credit Bureau of Data Analytics
The Finezza software comes with an in-depth understanding of Credit Bureau data and scores. It brings along a proprietary analysis system for Credit Bureau data. The framework churns out a number of reports after evaluating many combinations of various data points that are taken from multiple credit bureaus.
These custom reports go a long way in assisting a lending company’s credit evaluator visualise and understand verbally encrypted Credit bureaus reports. Credit Bureau Data Analytics minimise human error in evaluation.
Bank Statement Analysis
Finezza’s Precisa offers a unique Bank Statement Analysis(BSA) functionality.
The analysis displays the deep topical domain that helps in credit evaluation and making the final lending decisions. The product boasts of understanding and analysing formats from more than 400 banks across the country.
In addition to grasping the insights on transaction history and data of a borrower, the BSA feature of the software creates multiple visualisations and pertinent reports. Active analytics help the credit evaluation teams at the lending company get a better understanding of a prospect’s creditworthiness and predict chances of successful loan repayments in future.
The feature also allows the detection of regular and recurring transactions. It red flags any fraudulent statements, circular transactions, irregular patterns, transactions, and other such discrepancies that might occur.
CAM Generation
With Finezza, it becomes simpler to accurately assess an applicant’s creditworthiness in more ways than once. Loan evaluators can also create custom eligibility criteria for each borrower after looking at the insights served by the system.
Through the CAM generation process, the lending company gets a unified view of all the loans that an applicant might have raised previously. They can see detailed reports from bank statements and credit bureaus on a single tap. This helps a great deal while final decision making.
GST Analytics
The GST Analytics feature of the Finezza lending lifecycle management solution uses tax filings on GSTN as a data source. Modern businesses and startups rely heavily on cash flow-based lending, where they intend to borrow money based on the projected future cash flows of the company.
A financial lending company can grant a loan backed by the recipient’s past and future cash flows. The money is lent based on expected revenues they anticipate to receive in the future. GST Analytics help a loan evaluator be a better judge of an applicant’s loan application in case flow-based lending.
Loan Eligibility Estimator
The Loan Eligibility Estimator is a magnificent Finezza software tool that can assist a financial lending company with creditworthiness assessment of borrowers. The unique analytical tool provides an all-round view of a customer’s eligibility for a loan.
It counts in various data points across transactions like bank account statements, financial parameters, GST, IT and Credit Bureau data providing a credit evaluator with a wholesome view of an applicant’s financial standing. Powered with AI, the estimator mimics the credit evaluator’s understanding of the business into its algorithms.
If the software features mentioned above are not enough to convince you into buying the software for its various virtues, we can tell you what makes Finezza stand out in the massive crowd of lending software management platforms.
Finezza is Reliable
We offer a quality product and pledge to strengthen long term relationships. Trust is the foundation of all our business associations. Besides modern technological tools, salient features and simple usability, our team is made of experienced techies and business relationship managers who work in close association to offer an end-to-end lending management solution to ease the vows of lenders.
Very often, businesses struggle to find management solutions that suit their business model. But what if we tell you that there is a lending lifecycle management tool that will adapt to your business model? Finezza is a highly customisable software solution that can mimic a loan -evaluator’s understanding. Our product promises accuracy and compliance. It is a scalable solution that can accommodate the needs of the fast-growing financial lending business. This is what fosters a competitive edge into companies that adopt Finezza. Not only does the software accelerate growth, but it also helps you achieve economies of scale.
We strive to be more than just a software vendor to the businesses we associate with. We don the hat of a committed partner in growth and hold their hand through success. We determine the business requirements and loop-points of the financial lending companies we work with and work on creative solutions to ease the pain points of loan processing.
Our team helps the lending company with easy integration of the software into the system. We also conduct specialised webinars and discussions to ease the staff onboarding procedure at the lending firm.
To know more about Finezza, get in touch with us!
[…] Using systems that focus on all stakeholders helps deliver as promised. One great way to do this is to visualize individual consumer journeys. […]