There are a long list of reasons as to why you should use a loan management system, however for the purposes of this blog we have selected 5. Our 5 reasons include improving efficiency, maximising revenue and reducing risk.
1. Improve reporting efficiency
Keeping track of loans and ensuring loan payments are collected, accounted for and reported on correctly is a time consuming task. CREDITONLINE’s automated loan management system can help improve your business’s efficiency by automatically generating invoices, statements and monthly reports leaving you and your team to focus on other more important tasks.
Our system comes with a range of reporting options and outputs allowing you to customise your reports to meet your business’s needs as well as your client’s. Your reports can then be exported in your chosen format or directly imported into your accounting system. We are proud to offer integration with more than 300 popular third party platforms. Our main goal is to make your job easier whilst making your business more efficient.
2. Maximise revenue
As a financial institution, much of your revenue comes from your loan repayments, with our software you can track and monitor active loans in one place. Our platform can also be integrated with communications and marketing platforms, as well as offering our own communications module, to simplify and automate customer communications. This means you can automate late payment reminders, in turn resulting in faster payments and an increase in revenue.
3. Reduce risk and bad debts
Our loan management software allows you to keep track of all active loans in one place so if a client is late in paying, you can automatically send a reminder. Furthermore, our system can automatically add late payment fees to an account, reducing admin time. Our system can also integrate with KYC and CAAS systems to better assess an applicant’s suitability.
4. Minimise errors
CREDITONLINE’s software helps minimise human error due to the high level of automation. The ability to minimise errors will improve efficiency and prevent any errors in reporting or communications with clients.
5. Save time
Managing loan applications, approvals and payments is a time consuming process that requires a lot of work hours. Our automated software removes the need for your team to spend time on manual tasks such as tracking late payments and calculating fees leaving them to focus on other aspects of the business. It also allows your business to grow without the expense of recruiting a larger team.