Signs Your Loan Management Software is Out of Date

If you’re using outdated Loan Management Software solutions, chances are you, your employees, and your customers are more frustrated than you realize.

Every year there are situations in a community that disperse employees from working in the office.  2020 produced the most prolonged worldwide disbursement of the workforce in history.

It’s usually during times like these that companies begin to reevaluate their contingency plans.  In 2020, most of those contingency plans were being penciled in . Sometimes week-by-week decisions and changes were being made based on the latest circumstances.

2021 is a new year and a unique opportunity for your teams to thrive in a remote environment.

Your loan management software and the way your employees access it is important, but now, it’s critical to the way you do business. How do you know if your software is adequate to not only support your typical business operations but your long-term, “new normal” operations?

Here are some questions you should be asking yourself about your software needs:

Can your employees work from the Cloud?

If your employees are remote and/or rotating between in-office and remote work, you need to be able to support them wherever they are and whenever they need to get online.

Are you using less paper or able to go paperless?

The forms that loan management companies use are complex.  The ability to integrate them into a paperless environment seems daunting, which may be holding you back.  However, it’s not as hard as it looks if you’re using the right solution that can be customized to meet your specific needs.

Are your teams siloed off from better borrower data?

Much older, out of date systems create barriers to improving the loan process for everyone involved.  Your teams need better analytics to make faster and better loan decisions.  If your customer data is blocked, you’re working harder and achieving fewer positive results.

Not sure how your organization’s technology measures up?  Don’t feel like you have to go it alone.  The software challenges that hold you back can be addressed systematically if you have the right strategy. One of your best approaches to correct the challenges you face may be customized End-to-End Loan Management software that fits your specific needs. Don’t feel like you have to replace everything to achieve better performance.

For example, IvyTek’s end-to-end loan management software was designed to be compatible with other tools.  That provides an advantage because the implementation of new solutions can move quicker.  If you have questions about how to address your loan software challenges, feel free to contact us.  There’s no obligation. With over 25 years in the FinTech industry, we can point you in the right direction to solving your specific loan management software challenges.