From Traditional to Tech-Savvy: Redefining Loan Advisors in the Digital Lending Industry
With the change in the way loans are being processed and disbursed, it is equally important for the Loan Advisors to stay updated with the latest trends in the lending Industry.
Traditionally, the loan advisors were receiving and managing data manually, with huge amounts of paperwork, managing the distributors and agents as well as direct customers, and keeping up with the changes in the bank’s process of lending. Now with digitalisation of banking and hence, lending process, the advisors no longer need to rely on papers and forms to extend advisory.
What should you do, as a Loan Advisor with experience and expertise, in order to stand the competition against the tech-first loan businesses?
Start with evaluating your current customer base:
Who constitutes the majority of your clientele? Depending upon various factors like demographics, literacy, adequacy with usage of technology, and connectivity, you can understand what will be the best route to transform digitally.
Deploy custom BRE and LOS systems:
A BRE automates decision-making based on predefined rules set by lenders and regulatory bodies.
In the context of a Loan Advisory Business, a BRE can help by:
Automating eligibility checks
Quickly assess if an applicant qualifies based on income, credit score, debt-to-income ratio, etc.
Standardizing bank-specific requirements
Different lenders have different rules; a BRE ensures compliance without manual intervention.
Reducing human errors
Ensures loan applications don’t get rejected due to incorrect documentation or missing details.
Speeding up application approval
Decisions on which bank/loan fits best can be made instantly.
An LOS manages the entire loan application process from submission to disbursement. For a Loan Advisory Business, an LOS can:
Integrate with Bank APIs
Fetch real-time data and auto-fill customer details in loan applications.
Loan management system with AI features
Use AI and OCR to scan documents and verify authenticity.
Provide a customer-facing dashboard
Let customers track their loan status and manage their applications.
Streamline loan submissions to multiple banks
Allow applications to be processed across different lenders, directly from the app with the power of connected APIs.
Connect with the leading loan lending mobile app development company in India.
Discuss your idea now!
Read this dedicated blog on the compliances in Fintech development.
AI recommendation system
Build an AI system that takes inputs like income, debt to income ratio, loan amount, current EMIs etc and gives out recommendations on the banks best to opt for. This way the onboarding process will be faster, and secure, making sure the customer reaches the team directly once he finishes this flow.
Get your loan app development done by the expert Fintech Developers.
Discuss your vision now.
Gamification
Don’t limit yourself to just loan advisory. You can retain customers using gamification of his current financial health, his loan process updates, a dashboard showing how he can opt for other loan options available from the business while maintaining the current loans, in how much time etc. These features would help with customer retention.
Reports
Who wouldn’t like a personalized dashboard that shows all the loans they have taken from your support, the EMI calendars for each, the financial health score, the credit score and the next available options? This would help them come back to you for any future needs, because now they know you take care of everything related to the loan!
Get Started Today!
Are you a Loan Advisor ready to transform your business with cutting-edge technology? We’re here to support you every step of the way. Whether you want to enhance your loan advisory services with a BRE and LOS system, integrate AI for better customer recommendations, or retain clients with gamification features, we have the expertise to help you succeed.
Partner with us today to develop a custom fintech solution that will set your business apart from the competition and help you scale in the fast-evolving digital lending landscape.
Contact us now to discuss your vision, and let’s build the future of loan advisory together!