Lending is a complicated and time-consuming process. No matter the line of business or instance is considered. And all complicated things take effort and time, which is a valuable asset in business. It usually takes from three to five weeks for a traditional bank to make a loan decision. And up to three months to disburse cash to a client.

In comparison with a traditional approach, online banking software for lending simplifies the process of decision making and manages loan lifecycles more efficiently by providing automation and paper-free tools. This can enable you to accelerate and streamline the traditionally time-intensive and resource-consuming lending process. The implementation of online lending software greatly affects various spheres of lending, be it a personal loan, credit card, deposit account, or any other consumer banking product.

Digital lending solutions embrace speed, convenience, and agility coupled with high scalability, security, and CAPEX-savings of the cloud. To crown that all, banking software solutions for digital lending ensure a fast and seamless customer journey expected by bank clients.

The banks which have already adopted digital lending solutions are already experiencing great success due to service enhancement. Banks with digitalized processes can shorten the 'time-to-yes' down to as little as a few minutes, and 'time-to-cash' to less than a day which is a significant advantage over what the competitors with the traditional approach offer.

Benefits of online lending software

On average, the use of a digital lending solution increases loan volumes by up to 20%. The costs of underwriting, onboarding, and fraud detection can be decreased dramatically for lenders who utilize online lending software.

With numerous online lending solutions in the market, it's sometimes hard to choose the one to meet the evolving needs of financial institutions. There's a list of criteria which should an effective lending platform embrace to help your organization: 

• Level up digital offering across all products for rapid delivery of the lending experience across all consumer banking products, including credit cards, home equity loans, vehicle loans, and deposit accounts.

• Meet omnichannel goals to assist customers to start an application in one channel, and seamlessly finish it in another.

• Offer a consistently better user experience due to responsive, intuitive, easy-to-navigate design; provide simple authentication via any digital device, and real-time assistance.

• Accelerate the application process by allowing customers to connect to their accounts to upload income, asset, and tax information instead of tracing down documents manually.

• Create deeper relationships through freeing up loan officers' time that can be spent supporting customers’ more complex needs creating a personalized customer experience,  fostering higher retention, and improving customer lifetime value.

• Deliver loans faster due to automation of processing tasks, fast pre-approval of qualified customers, management of their accounts remotely.