Finastra launched its Loan IQ Simplified Servicing solution, bringing together the functionality that financial institutions need to service their entire loan portfolios in one integrated system.
According to a press release, the financial services software applications provider take the rich functionality available in its Loan IQ and combines it with a streamlined user interface optimised for servicing high volume bilateral and SME loan portfolios.
Financial institutions adopting the solution will be able to access 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, breaking down silos and reduces operational risk.
"Historically the 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," says Veena Rao, head of corporate lending at Finastra.
She notes that 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.
