SaaS-Based Lending Automation Critical to the Hybrid Workplace

As the world shifted to remote work in 2020, auto financiers quickly moved their business functions to an online model simply because they had no other choice. Cloud-based technology was no longer just a convenience. It has become an urgent necessity for survival. This has allowed lenders to continue their business while moving from an office environment to a home-based location.

To date, the industry has learned that it is possible for employees to conduct at least part of their business remotely. Lenders used their experience during the pandemic to evaluate which tasks could be handled remotely and which were best suited for a traditional brick-and-mortar setting. Many activities within lending can be managed remotely using the appropriate technology, resulting in significant efficiencies.

While many high-profile CEOs are demanding a return to physical workspaces, most workplaces have adopted new rules and norms to make some part-time remote capabilities available to most employees. is being formulated. This is due to concerns that companies, including lenders, will lose top talent without retaining some of the work-from-home flexibility employees have become accustomed to.

Enter a new hybrid workplace where onsite personnel seamlessly collaborate with remote colleagues on a regular and consistent basis. Technology plays a big role in making these environments work effectively.

For example, a large global financial institution has implemented a detailed company-wide business plan for its hybrid work structure, including a dedicated employee training program to accommodate the launch of this new “flex model.” This 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 essential for hybrid work

For a harmonious transition to a hybrid workplace, the lending software your employees use must work as easily in offsite locations as it does in the office. Lenders cannot afford to compromise efficiency or compromise the customer experience in any environment.

Not all auto financiers are prepared for this change. Many automotive industry software solutions are built for on-premises use. And while various updates and quick fixes were implemented when the pandemic hit, patched solutions that have been hastily redesigned for remote activities often provide a worse experience. Software-as-a-service base An application inherently designed to work consistently everywhere. To establish an optimized and effective hybrid work environment, ideally with customized workflows that cater to the individual needs of the lender, the company will use a flexible and sophisticated LOS built in a cloud environment and Focus on your LMS system to provide the right functionality in all places and situations.

Cloud-native lending automation

So how do lenders differentiate among the many industry software solutions, especially when so many technology vendors claim their solutions are cloud-ready? Effective SaaS-based offerings provides the same comprehensive tools whether users work from home, Starbucks, or fast commuter trains. Likewise, cloud-based software tends to readily support APIs for integration with other cloud-based partners, providing modern, best-in-class tools for compliance, data analytics, security, identity, and revenue. Allows for a single, seamless interface that is easy to embed. Verification, Alternate Data, Optical Character Recognition, and various other features. Being able to use your lending platform with cutting-edge third-party services is critical to your long-term success and viability. In this way, lenders can take advantage of industry-leading features while remaining compliant and cost-effective.

The software that lenders rely on to originate, close, and manage loans is essential to facilitating a hybrid work environment. Integrated solutions designed in the cloud offer far greater flexibility than traditional on-premises systems that are retrofitted.

Hybrid work seems to be taking hold. Lenders must invest in the right lending automation software designed for optimal flexibility and performance to ensure all stakeholders are well served in this new environment.

Bob Metdiev Head of Business Development for Innovatech Systems Co., Ltd.provides cloud-based loan origination and loan management solutions for automotive, powersports, equipment and other lenders.