The traditional process for disbursing commercial loans relies heavily on manual workflow, making it time-consuming and prone to errors. As the demand for credit by businesses and MSMEs increases rapidly, lenders seek contemporary solutions such as commercial loan management software that help them improve their efficiency and meet customer expectations. As per Statista, the value […]
Say Goodbye to Spreadsheets: Learn Why You Need Loan Management Software
When spreadsheets were first launched in 2006, this brand-new innovation revolutionised the way businesses processed and stored financial data. In particular, financial institutions benefit because spreadsheets automate several tasks With the acceleration of digital transformation over the last three years, the amount of data being generated has increased exponentially. For instance, the number of digital […]
Decoding the Importance of NBFC Loan Management Software for Lending Business
Non-Banking Financial Companies (NBFCs) are making a behind-the-scene yet significant impact on the Indian economy. Despite not having a traditional banking license, they promote financial inclusion, support economic development, enhance innovation, and deepen financial markets. A report by the Reserve Bank of India (RBI) reveals that the share of NBFCs in the total credit extended […]
How Commercial Loan Management Software Powers Digital Transformation
The demand for rapid access to credit in business is continually growing. Businesses across all segments, but especially in the Micro, Small & Medium Enterprise (MSME) segment, seek access to funds to accelerate business growth. Experts predict that business loans to MSME borrowers will rise by 20% in the festive season, especially as consumer spending […]
Decoding the Right Loan Recovery Software: On-premise vs SaaS
Salesforce changed the course of the enterprise-grade loan recovery software industry when the company rolled out a software-as-a-solution (SaaS) CRM in 1999. Over the next few decades, cloud-based SaaS solutions garnered immense popularity, replacing on-premise solutions across various sectors. A Gartner study projected that global SaaS spending will likely reach $195 million by the end […]
How Automated Loan Processing System Is Helping Lenders Cut Costs
The lending industry has grown exponentially in the last few years. A mix of automated loan processing system, banks, and Non-Banking Financial Companies (NBFCs) are aggressively growing their loan verticals. On top of that, several payment platforms and eCommerce companies are also entering the highly competitive lending space. In the third quarter of 2023, digital […]