Businesses selling high-value items, such as car dealerships and electronics stores, can partner with lenders to provide financing to customers. Or they can skip the traditional financing and offer in-house loans directly to their buyers. Keeping finance in-house can help you increase revenue and improve the customer experience, but setting up loan processes and managing […]
Around 80% of small businesses reported financial challenges in 2020, up from 66% in 2019. So it’s not surprising to learn that many of these businesses relied on lenders for help—about half took out debt to address cash flow issues, capital investments, or other needs. This widespread need for credit creates never-ending opportunities for lending […]
Manual processes have been the norm across industries for decades. Finance and banking especially deal with extremely sensitive data, and, until recently, these industries relied heavily on manual processes to complete work accurately. Today, automation has become a buzzword within finance and banking. It makes sense — after all, automation solves inefficiencies, increases productivity, and […]
Big banks typically lend $500,000+ to businesses seeking commercial loans. But these large loans are risky and complex, so they often entail lengthy credit risk evaluation processes and lots of paperwork. Furthermore, loan approval and the delivery of funds can take a long time, which can be problematic for small and medium-sized businesses (SMEs) that […]
The global management software market is expected to grow to USD 2.43 billion in the next few years. Driven by consumers who want quicker, better, and simplified processes, the loan servicing market relies on software solutions to address increasing expectations. Investing in the right loan management software can help respond to this consumer demand. It […]
Using loan servicing software can empower private lenders, credit unions, and other financial institutions to keep track of and collect debt more efficiently. However, these opportunities won’t come to fruition if you don’t know how to use the software correctly. It doesn’t matter how much better or more powerful the loan servicing software may be. […]
The Covid pandemic continues to have lasting effects on the consumer market. According to the Federal Reserve Bank of New York, consumer debt rose 2.1% in the second quarter of 2021, the biggest percentage in 7 ½ years. Debt consolidation platforms are growing rapidly as they fit the critical need of consumers, to get their […]
The 2008 financial crisis left the U.S. economy in shambles, and some of the biggest losers were lending departments. As a response to the crisis, the Federal Reserve cut interest rates to try and stimulate recovery, but this didn’t spur lending or economic activity as hoped. Bank lending finally started growing again in 2011 but […]
In the auto lending industry, numbers are everything. The more customers you lend to, the more revenue you can bring in. But, if you’re not working with a seamless loan management process, you’re never going to sustain a large number of borrowers, which means you’re not going to grow. The reality is that there are […]
