Bank Loan Management Software

By June 3, 2022Blog

Bank loan management software can help you streamline the lending process, eliminating the need for manual spreadsheet entry and paper loan files. With Construct, the complete suite of loan management features can be accessed from a single dashboard, allowing administrators to instantly view outstanding exceptions and information needed to close more loans. By integrating loan management and customer portals into a single platform, bank loan managers can increase productivity and reduce compliance issues. 


Customer portals

Bank loan management software can offer a number of features to make the customer experience more seamless. One of those features is the customer portal. These portals enable borrowers and builders to submit inspections, request draws, and communicate with lenders instantly. These tools are becoming more common and are often driven by industry needs. Other features of customer portals include an effective mobile presence and a convenient user experience. 

Security is also an important feature. Security is of utmost importance for both consumers and lenders. Banks value the backend security features that Construct offers. Customer portal software can unlock another layer of security for the organization. Be sure that the software you choose has the necessary safeguards in place. For example, check whether the software allows for encryption, which is essential for security. Lastly, consider how the customer portal will be used and by whom. 

Construct also offers something that other bank loan management software does not – personalization. Construct offers the ability for each bank to display their logo to borrowers and decide exactly what each borrower and stakeholder is able to access and view within the program. Lenders love being able to customize and personalize each user’s experience and access.

Automated customer portals can simplify the entire process. An automated client portal can be integrated with other tools in the tech stack, allowing borrowers to access and request payments without having to visit an office. Furthermore, these systems can reduce documentation. No more need to spend days collecting paper documents. A good customer portal can be the key to improved customer service and customer satisfaction. 


Integration with other software

Today, lending processes are becoming increasingly customer-centric, making integration with other software for bank loan management software vital. Integrated cloud lending solutions enable seamless integration across various applications and departments. Furthermore, a well-integrated solution can cover loan origination, loan servicing, and reporting. And thanks to APIs, the integrations help save resources and time. Additionally, cloud lending software offers multiple system integration, which allows for improved data accuracy. Gone are the days of relying solely on your bank’s core system. Now, the majority of bank loan management software is part of a complete stack of programs and services used daily.


Benefits of bank loan management software

Using an automated bank loan management system streamlines manual processes and provides automatic calculations and posting. Administrators can track the status of each loan document, and the system notifies them when a document is in need of attention or approval. This means less manual work and more time for the loan administrators to close loans. With bank loan management software, loan administrators are able to manage more loans in less time. Some users have found that their loan administrator is able to handle 250 loans with Construct, whereas previously they were able to take on 100 loans at a time.

The system also allows the lender to manage customer information, track collateral, and supporting documents, and segment them according to status. Many lenders have experienced greater efficiency with bank loan management software from Banklabs. 


Improves quality

A perfect bank loan management software would generate analytical reports, streamline the entire lending process, and increase overall productivity. 

The most basic features of a good loan management software are its ability to automate tasks. It can automatically update and alert administrators when new information has been entered by outside stakeholders, so funding cycles move quickly. Bank loan management software can make all of these tasks easier and more accurate. In addition, a high-quality solution will also make it easy to extract information whenever needed with customized reporting.

The next feature you need in bank loan management software is centralized access to customer data. Centralized access will remove the bottleneck of data storage for each customer. This way, your lending organization can instantly see important customer data. It will also streamline workflows by eliminating duplicate data entry. Being able to view your construction lending portfolio from a high-level view will give administrators a more well-rounded look at the current state of the portfolio, and identify any changes that need to be made in their strategy. 


Reduces turnaround time

The use of good loan management software will reduce turnaround time and expenditure while increasing profitability. The software will streamline the loan process. It will automatically identify at-risk loans and produce accurate data-driven reports. It will reduce the number of errors in math calculations, ensuring faster decisions.

A well-designed bank loan management software will also allow employees to work more efficiently. Digital workflow can accelerate draw cycle times which can help provide approvals days faster. Automated inspections can provide bankers with the information they need to fund a draw request faster. 

Whether you’re running a small bank or a big corporate entity, the right loan management software can help your business run smoothly. By automating manual tasks, the software makes the entire process more accurate and efficient. Not only does the software eliminate manual errors, but it also helps you manage risks better. And it makes it easier to extract information when you need it. So what exactly can loan management software do for you?