• Eitan Frailich

6 Benefits of SaaS Software for Property Lenders

SaaS Software to Accommodate Digital Transformation

Digital transformation has been an ongoing process for a number of industries but the recent pandemic has accelerated it. Travel and quarantine restrictions forced speedy transition into working remotely to suppress the spread. And to some businesses, the remote work business models proved to work better.


The lending sector is one of the industries that is seriously considering staying remote. And that’s due to more companies entering the digital age. This leads them to discover the effectiveness and benefits SaaS software has for property lenders.


Cloud-computing SaaS Software for Lenders

Based on rapid growth in demand, cloud-computing software developers have gone an extra mile. To accommodate the digital transition via upgrading digital tools.

For example, Hypercore.ai created a SaaS fintech software platform specifically for property lenders. It is a lending platform designed to help them manage their loan portfolios and comes with a free trial.

The SaaS model loan platforms such as Hypercore.ai help to simplify loan management systems by automating and streamlining the process. Below are 6 benefits SaaS platforms can offer to property lenders.


1. No Software Maintenance/Update Costs


One of the key advantages of SaaS digital technologies is their ability to save operational costs. Unlike traditional software, there is no implementation process. There is no hardware specifically designed for running it and no need to hire an IT specialist. Being cloud-based, SME lending systems are accessible via the browser.


What this also means is that you won’t need a specialist to maintain and update the software either. Installation of upgrades and regular maintenance is the responsibility of the SaaS vendors and is already included in your subscription.


2. Improved Access


One of the key factors making SaaS loan management systems particularly suitable for financial services organizations is their security and accessibility. Especially if the business plans to move on to a permanent remote working model. Usually having a remote workforce or several locations calls for extra investments in the business process to facilitate access to data.


With the accounting software set up on the cloud, it can be easily accessed from anywhere at any time. Additionally, SaaS applications work flawlessly on different devices: desktop, tablets. Operating systems don’t make a difference either - whether you’re a Windows, Apple or Linux user. Accessing your loan management system will be the same.


3. Data management


Even outside the loan industry data collection, processing and analysis are crucial. However, the stakes are higher when operating in a competitive market such as lending. In a data-driven industry, it is even more important to be capable of collecting, accessing, and implementing the data.

This is what makes SaaS loan platforms ideal for property lenders. It offers automation solutions and machine learning for recording and storing data. On top of that, it processes and presents it in visuals that are easy to access and analyze.

This allows users to view a breakdown of the loan process starting at loan origination, thereafter monitor transactions and predict trends. The cherry on top is seamless data backup across the globe, taking away the anxiety of data loss.

Finally, data security is a top priority in any data management strategy and should be the cornerstone of digital transformation initiatives. Usage of TLS within SaaS loan systems when accessing the server is a guarantee that the data is secure.


4. Improved Speed to Completion


As discussed above, the usage of artificial intelligence allows automating the process that could otherwise take a lot of time. It would also be susceptible to human error. From data population to document verification, a handful of processes can be sped up using SaaS for loan management.


Successful digital transformations can also help to avoid pivotal mistakes such as in handling applicant evaluation. Taking repetitive manual tasks from the process only requires human expertise where it works best.


5. Reliability of Cloud-based Loan Management System


Since we have briefly touched upon data backup earlier, it calls for further explanation. Lending firms tend to face high demand and that’s when they often find their systems crash. For a small business, this may mean great losses they won’t be able to recover from.


The possibilities of what causes the failure are countless: overload, power failure, hardware failure, or anything else. It’s the result that matters because it has a negative impact on any business: data loss.


Cloud services that host loan management systems are backed by powerful data centers. This means the data is stored on a centralized server you can access anytime from anywhere. The said data centers take away the need for hardware or failover clusters on your side.


They have backup generators and dedicated communication links on their side. This ensures that SaaS loan management platforms based on their cloud servers provide businesses they service with reliable options.


6. Effortless Compliance


Moving back to process automation, there is a particular area to be highlighted. Regulatory compliance is absolutely mandatory and without modern technology, it’s time-consuming, complicated, and causes a lot of unnecessary stress. The consequences of regulatory non-compliance, whether intentional or accidental, can result in big fines and disciplinary actions.


Automated lending solutions come to your aid when dealing with regulatory compliance. The traditional process includes having your team go through all stages of the pipeline reviewing data manually.


With automation in place, it gets a whole lot easier as only a few stages require human comprehension. Plus, it eliminates the human error factor. All data entered into the system is guaranteed to be accurate (unless incorrect when entered) and can be accessed within minutes.


Key Takeaway

SaaS software for property lenders solves many long-term issues the industry has been facing. It offers automation of time-consuming processes and eliminates the chance of human error. Additionally, it is self-sufficient and easily accessible, focusing on enhancing customer experience.


This makes it perfect for companies that have multiple locations. Or to those that have decided to stick to the remote work model post the pandemic. Atop of all, SaaS platforms offer data security - the top priority of any business.


Are you ready to embrace digital transformation? Try our loan portfolio management system for free.