Hexaview Technologies

How to Choose the Right Lending Software?

If there is one area of finance that’s seen dramatic change due to financial technology, it’s lending. What used to be a trip to the bank in a suit and tie is now a process that can be done at home without ever stepping foot outside. This includes electronic signatures and communications.

For companies that are new or small in size, it can be difficult to select the appropriate software. Issues faced are scalability and cost. As a smaller or new firm, you may not have the resources necessary to implement, service, or even afford a large software program. On top of that, as you scale you may not want to keep changing software. It’s a difficult spot to be in.

In order to understand your needs, you have to take a step back and understand a few things.

  • What are your short-term and long-term business needs?
  • Will this be cloud-based or on location?
  • How friendly is the user interface?
  • Is the technology scalable?

In regards to your business needs, you want something that can scale but also fit your current needs. As you gain more clients you’ll have more reporting needs, more data analytics, and more requirements from a regulatory standpoint. Weighing both options will put your firm in a place to make an informed decision.

If you’re a smaller firm, odds are you don’t have the infrastructure in place to properly maintain on-site serves and technology. It certainly makes sense to outsource much of that, and with that to ensure your lending software solution is cloud compatible, as well as on-site compatible. As your firm grows, hardware may be brought in-house and your lending software must be adapted.

Lastly, you’ll want to ensure the user experience is perfect for both parties. User experience is critical because if the platform is difficult to maneuver, your clients may become unnecessarily stressed. Especially when it comes to an already stressful process, keeping the process moving and streamlined will help alleviate some of the stress. 

If your firm is looking for lending software development services and you need a customized approach, let Hexaview help you out. By working with your current technological infrastructure, we can help implement an easy to use platform. Take a look at what we have to offer and reach out with any questions, we’d love to help your firm take the next step. 

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