Finastra Reveals Loan IQ Simplified Servicing Solution for Bilateral and SME Loans “Corporate and commercial lenders often face challenges in managing their loan portfolios due to siloed operations, a lack of digitization, outdated and fragmented technology, with isolated systems supporting different product types and offering little integration. This can lead to operational inefficiencies, risk exposure, difficulties in attracting and retaining the best staff and the prospect of losing customers to competitors,” explained Patricia Hines, Head of Corporate Banking at Celent. “The ideal lending platform creates an integrated end-to-end customer journey, with seamless integration from origination to servicing.” https://lnkd.in/eDQSYHxj Veena Rao Simon Paris Helen Cook Carissa Kell Elona Ruka-Wright Caroline Duff (née Beer) James McKenna Kaila de Leon Joerg Klueckmann Emma Diver #fintech #finance #banking #paytech #payments #fintechnews #paymentsnews
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Finastra have announced its Loan IQ Simplified Servicing solution at Sibos 2024! 🚀 💰 🏪 The solution takes the RICH functionality available in Finastra’s Loan IQ and combines it with a STREAMLINED user interface that’s optimized for servicing high volume bilateral and SME loan portfolios. 🌐 🏦 As a result, Finastra are bringing together the functionality that FIs need to service their entire loan portfolios in ONE integrated system! FIs who adopt Simplified Servicing will benefit from unified portfolio management with a single, efficient modern lending platform that simplifies the user experience and improves the speed and transparency of loan servicing to customers of ALL sizes. 🔁 ⚙ By automating previously manual and disjointed lending processes, the solution delivers CRUCIAL efficiencies, resulting in improved data accuracy and shorter lead times. This integrated lending journey functionality breaks down silos AND reduces operational risk. 👩💻 “Historically t he loan market has been slow to innovate, making the loan servicing function reliant on manual processes that are inefficient and error-prone – particularly when it comes to servicing high volumes of smaller loans,” said Veena Rao, Head of Corporate Lending at Finastra. “The Simplified Servicing solution provides a way to service SME loans within Loan IQ, opening more routes to finance for small and medium-sized businesses. The move reflects our commitment to Open Finance and helping smaller businesses access the banking services they need to prosper.” Read more on the link below! 👇 Emma Diver Simon Paris Carissa Kell Elona Ruka-Wright Caroline Duff (née Beer) James McKenna Kaila de Leon Joerg Klueckmann Patricia Hines Celent #finastra #openfinance #SMEs #businessbanking #sibos #celent #digitallending #SMEloans
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Significant progress has made on AMP Bank's development of a new loan origination platform, with the first applications using the system successfully submitted and approved during an internal pilot phase. The new platform incorporates advanced income verification tools to validate borrower income early in the application process, reducing the need for manual documentation. AMP Bank director of lending and everyday banking Michael Christofides and head of lending origination Melissa Christy say the new technology will be a gamechanger for brokers and their clients and broker feedback has been central to its development: https://lnkd.in/gKm4c9mU #lending #homeloans #mortgagebrokers #mortgageindustry #bankingindustry #financetechnology
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The loan industry is undergoing a digital transformation, enhancing processes from origination to repayment. Technology enables faster, more accurate loan approvals and personalized lending experiences, offering significant advantages to both borrowers and lenders. #iworkforComcast #Finance #LoanIndustry #Banking https://lnkd.in/gn_eZ_Nh
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The loan industry is undergoing a digital transformation, enhancing processes from origination to repayment. Technology enables faster, more accurate loan approvals and personalized lending experiences, offering significant advantages to both borrowers and lenders. #iworkforComcast #Finance #LoanIndustry #Banking https://lnkd.in/dvgyVC_A
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🚨 52% market share in personal loans? Are fintechs rewriting the lending rules? With ₹2.48 trillion in personal loans and ₹28,607 crore in business loans extended to New-to-Credit customers, fintechs are expanding access to credit, especially in rural and semi-urban areas. This growth is fueled by innovative approaches that are reshaping the lending landscape. For instance, FinBox is helping lenders with- ✅ Alternative data-driven credit risk assessments that unlock credit for underserved segments ✅ Streamlined loan origination processes tailored for first-time borrowers ✅ Seamless integration of credit products into everyday financial experiences Behind the scenes, FinBox’s embedded finance stack and data intelligence suite are empowering 50+ partners including NBFCs, banks, and fintechs to make smarter lending decisions. By providing the infrastructure and insights, we help lenders reach new markets and serve customers like never before. Talk to us today to learn how we can help supercharge your lending organisation. #Fintech #LendingInnovation #CreditAccess #EmbeddedFinance https://lnkd.in/gvKVBZQQ
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Traditional loan origination poses various challenges for financial institutions. However, 𝘁𝗵𝗲𝗿𝗲 𝗶𝘀 𝗮 𝘄𝗮𝘆 𝘁𝗵𝗲𝘆 𝗰𝗮𝗻 𝗲𝗻𝗷𝗼𝘆 𝘀𝘁𝗿𝗲𝗮𝗺𝗹𝗶𝗻𝗲𝗱 𝗽𝗿𝗼𝗰𝗲𝘀𝘀𝗲𝘀 𝘄𝗶𝘁𝗵𝗼𝘂𝘁 𝘁𝗵𝗲 𝗺𝗮𝗻𝘂𝗮𝗹 𝗼𝗽𝗲𝗿𝗮𝘁𝗶𝗼𝗻𝘀 𝗮𝗻𝗱 𝗲𝗿𝗿𝗼𝗿-𝗽𝗿𝗼𝗻𝗲 𝗰𝗼𝗺𝗽𝗹𝗶𝗰𝗮𝘁𝗶𝗼𝗻𝘀. 👌💥 Read the full story here 🔗 https://bit.ly/3RBXY9S #QUALCO #QLO #banking #lendingTraditional loan origination poses various challenges for financial institutions. However, 𝘁𝗵𝗲𝗿𝗲 𝗶𝘀 𝗮 𝘄𝗮𝘆 𝘁𝗵𝗲𝘆 𝗰𝗮𝗻 𝗲𝗻𝗷𝗼𝘆 𝘀𝘁𝗿𝗲𝗮𝗺𝗹𝗶𝗻𝗲𝗱 𝗽𝗿𝗼𝗰𝗲𝘀𝘀𝗲𝘀 𝘄𝗶𝘁𝗵𝗼𝘂𝘁 𝘁𝗵𝗲 𝗺𝗮𝗻𝘂𝗮𝗹 𝗼𝗽𝗲𝗿𝗮𝘁𝗶𝗼𝗻𝘀 𝗮𝗻𝗱 𝗲𝗿𝗿𝗼𝗿-𝗽𝗿𝗼𝗻𝗲 𝗰𝗼𝗺𝗽𝗹𝗶𝗰𝗮𝘁𝗶𝗼𝗻𝘀. Read the full story here 🔗 https://bit.ly/3RBXY9S #QUALCO #QLO #banking #lending
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We know fintechs are stealing YOUR business through embedded lending. Here's some great information from TruStage based on their research. This is an area where #creditunions must play catch up! https://loom.ly/cZRwtDI #embeddedfinance #embeddedlending #smalldollarloans
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Banks and FinTech Forge New Paths in Evolution of SMB Lending This article explores the shifting landscape of small business lending, where traditional banks are increasingly partnering with FinTech and alternative credit providers. Amid declining approval rates for loans from traditional channels, new collaborations are emerging to bridge the gap, leveraging digital platforms and alternative data sources. These partnerships aim to enhance access to capital for small and medium-sized businesses, reflecting a broader trend towards innovative financing solutions in a challenging economic environment. #SmallBusinessLending #Fintech #FinancialInnovation. https://lnkd.in/egsye324
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US-based Gate City Bank has teamed up with Lama AI to deploy the vendor's loan origination tech to enhance its business lending operations. For daily news and analysis subscribe to the https://lnkd.in/gyZxyrAP newsletter. #CFO #FinanceLeadership #Business
