One of the major challenges for digital lenders is remaining competitive in an increasingly crowded market.
To stand out from the crowd, lenders need to maintain an extremely high level of speed and performance, both in terms of testing and deploying new loan products, and in terms of their existing loan workflows.
The challenge.
As a lender, building and maintaining your reputation and your ability to compete with your peers depends on an extremely rapid and efficient turnaround.
This means identifying loan customers, accurately scoring a customer, disbursing the loan, and securing repayments quickly and effectively.
But for many lenders, loan workflows are too slow, hindering their ability to grow and scale.
This is typically the result of a core system that struggles to handle so many loan accounts at once, experiencing slow speeds and regular downtime due to inadequate server capacity.
Furthermore, some systems are unable to integrate systems and data sources, relying instead on laborious manual inputs to manage customer accounts. All these systems interact creates a level of complexity that is simply too hard to manage compared to a single source of truth for data storage and processing.
A slow, inefficient loan workflow severely inhibits your growth potential.
The solution.
How does a platform like Oradian’s improve speed, efficiency, and performance?
In short, by automating many of the processes along the loan workflow. Oradian’s platform acts as a central management system for your lending business, utilising multi-channel integrations with on-boarding and applications processes to seamlessly take on new loan customers.
Furthermore, Oradian’s loan origination module includes automated workflows, a configurable rules engine, and document management that streamline your operations, improve your underwriting process, and allow you to make better credit decisions with smart data gathering and analysis.
The advantage of these automated workflows – from credit scoring to loan disbursement – is that processing applications and disbursing loans is fast and efficient, going from days or hours to mere minutes.
Designing new loan products is easier than ever, too. Using a separate testing environment, users can design, configure, test, and ultimately launch fully parametrisable loan and deposit products in ultra-quick time. Oradian is designed to be fully configurable, enabling you to manage every aspect of your range of loan products.
Surely this will have an impact on core system performance? Not so with Oradian.
Oradian’s system is designed for scalability.
Increasing the number of loan accounts from ten thousand to ten million comes at no cost to performance.
Oradian’s architecture is multi-instance and horizontally scaling. It utilises a highly efficiency codebase to reduce the overall server footprint, and separates each customer within its data centres to maximise performance and security.
And to keep all this ticking along, Oradian continually upgrades and updates the service to ensure maximum performance and efficiency.
The benefit.
An advanced, cloud-native core system built for speed and performance, that permits near-infinite integrations, and provides the tools for testing and deploying new products pays enormous dividends for digital lenders.
It allows lenders to assess loan customers, perform credit checks, disburse loans, and collect repayments in rapid time, without decreasing system performance.
This, in turn, supercharges your business’s ability to scale and grow, enabling you to on-board more new customers than ever before.
To find out more about how Oradian helps digital lenders take their growth to the next level, get in touch with us now.
