SaaS-based lending automation is critical for the hybrid workplace

As the world shifted to remote work in 2020, auto lenders were quick to shift business functions to online models simply because they had no other choice. Cloud technology was no longer just a favor; it became an immediate necessity for survival. This has helped lenders continue to do business as they move from office to home office.

Fast forward to the present and the industry has learned that employees can run at least part of their business remotely. Lenders have used their experience during the pandemic to assess which tasks can be handled remotely and which are best suited to traditional traditional settings. Many lending activities benefit from being managed remotely with the right technology.

© Can Stock Photo / Sergey Nivens

While many senior executives are demanding a return to the physical workspace, most workplaces are developing new rules and regulations that allow part-time remote work for most employees. This is due to the fear that companies, including lenders, will lose the best talent without retaining some of the work-from-home flexibility that employees are accustomed to.

Enter a new hybrid workplace where on-site staff interact regularly and consistently with remote colleagues. Technology plays a huge role in the efficient functioning of these environments.

For example, one major global lender is implementing a detailed corporate business plan for its hybrid work structure, including a dedicated employee training program to adjust to the launch of this new “agile model.” The plan includes helping employees manage their devices and home networks so technology doesn’t get in the way of hybrid collaboration.

SaaS based software is vital for hybrid operation

To seamlessly transition to a hybrid workplace, the lending software used by employees must work just as easily out of the office as it does in the office. Lenders cannot afford to lose efficiency or compromise customer experience in any environment.

Not every auto lender is ready for this shift. Many software solutions for the automotive industry have been created for local use. And while various updates and quick fixes have been implemented during the pandemic, the patched solution, hastily redesigned for remote work, often offers a worse experience than software-as-a-service apps that are designed from the ground up to work anywhere. . In order to create a streamlined and efficient hybrid work environment, ideally with custom workflows tailored to individual lender needs, companies should look to flexible, sophisticated LOS and LMS systems built into the cloud to ensure they deliver appropriate functionality across all places and anywhere in the world. situations.

Cloud lending automation

So how does a lender differentiate between multiple industry software solutions, especially since many technology vendors claim their solutions are cloud-ready? An effective SaaS-based offering will provide the same end-to-end tools whether users work at home, at Starbucks, or on the high-speed commuter train. Similarly, cloud software tends to more easily adopt APIs for integration with other cloud partners, allowing for a single, seamless interface that seamlessly incorporates the latest best-in-class tools for compliance, data analytics, security, identity, and revenue. . validation, alternate data, optical character recognition and many other features. The ability to use a lending platform with advanced third-party services is essential to long-term success and viability. In this way, lenders can take advantage of industry-leading opportunities while maintaining compliance and profitability.

The software that lenders depend on to originate, close, and manage loans is critical to facilitating a hybrid work environment. An integrated solution developed in the cloud provides much more flexibility than traditional on-premises systems that have been upgraded last.

Looks like hybrid work isn’t going anywhere. Lenders must invest in the right lending automation software, designed for optimal flexibility and performance, to ensure that all stakeholders are properly served in this new environment.

Bob Methodiev is the head of business development in Inovatec Systems Corporationwhich provides cloud-based loan dispensing and loan management solutions for cars, power sports, equipment and other lenders.

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