The global Loan Servicing market is all set to expand at a CAGR of 14% between 2017 and 2021, predicts a Research and Markets report. Businesses today are paying more attention to SaaS-based loan servicing software and experts who can use it to effectively manage the entire lending cycle.
Here are 5 reasons why organizations today are more in need of trusted professional partners to do so.
(1) Reductions in cost
Expand your business without really investing in infrastructure. By choosing the right loan servicing expert you not only save time but also end up providing better customer service at half the cost of what you would incur if you were to do it in-house.
(2) Meeting customer demands
Today, tech-savvy customers use every channel possible for conducting financial transactions including mobile apps, online banking, and phone banking. According to an ACI survey in 2017, nearly 78% of customers now do loan repayments electronically. A loan servicing partner will have special processes and software in place to keep track of every transaction giving businesses full control. And peace of mind.
(3) Better customer satisfaction
The same ACI survey also found that 22% of customers would switch from phone to paying online if they get simple reminder emails. More customers are also leaning towards setting up recurring card payments for more convenience. Loan servicing experts are well-versed in changing customer behavior, and can boost customer satisfaction through informed and immediate responses.
(4) Regulatory compliance
The introduction of new regulations as well as changes in existing ones has resulted in staggering amounts of paperwork and an increase in the number of processes. By relying on an expert businesses can easily free up their resources, be error-free and continue to function as effectively as before.
(5) Eliminate risk
With a reliable loan servicing partner managing your lending cycle businesses place themselves at a far lower risk of not meeting compliance standards or misplacing customer records or losing data. Develop better relationships with customers through smoother processing, faster turnaround times, and providing a multi-channel approach.
Suma Soft has a capable loan processing services team that enables companies to serve their customers efficiently and optimally. We provide the utmost care at all times that enhances your productivity.
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