Digital solutions are transforming the commercial lending space and only gaining more momentum. We’ve compiled a list of the top software for commercial lenders in 2022.
These technologies address multiple aspects of the commercial lending continuum, providing lenders and customers alike with a more streamlined and efficient loan process. Whether you want to streamline financial spreading or leverage an end-to-end solution, this list offers some of the best solutions out there today.
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Finastra – Fusion CreditQuest
Finastra’s Fusion CreditQuest software delivers a seamless credit risk management solution to manage credit approvals, financial analysis, risk rating and portfolio. Already lauded for offering one of the most comprehensive portfolios of financial solutions, Finastra has the experience and know-how to reduce complexity and cost, simplify processes, and give lenders of all stripes a reliable return on investment.
Jack Henry – Loan Vantage
Jack Henry & Associates has developed their own comprehensive answer for the commercial lending space with Loan Vantage. This all-digital loan origination system offers support for loan origination, analysis, underwriting, management and review, allowing banks and credit unions to streamline analyses while also controlling for risk. With LoanVantage, lenders can enjoy a wealth of benefits, including increased efficiencies in day-to-day administration, single pane of glass reporting, and reduced training costs.
Gathering documentation has long been a troublesome pain point for lenders. FileInvite is an innovative, user-friendly way to speed up the documentation process. The software speeds up the time it takes to gather documents, signatures and data by an estimated 80 percent, saving lenders between 2020 work hours per week. This not only significantly reduces time to close but also increases application completion rates by over 30 percent. An intuitive UI allows users to send their first “invite” within 5 minutes, making it a true time saver for lenders of all types.
BankPoint serves as an aggregator for data, pulling in essential information from other systems and then layering workflow solutions on top. Benefits of BankPoint include increased productivity, reduced instances of human error, and improved efficiency in multiple departments. Essential in-built features for lenders include loan pipeline management, loan review, and a loan portfolio management tool.
LendFlow offers multiple products designed to simplify lending. Their credit decisioning engine lets users build out their own credit workflows to start approving borrowers in a matter of minutes. Today’s lenders also need to offer a diverse range of products to stay ahead and need to appeal to a wide array of customers. To that end, LendFlow’s Lender Marketplace works with a variety of funding partners that specialize in specific industries, delivering higher approval rates and better credit options for customers.
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This cloud-based loan management platform from AllCloud was designed specifically for non-banking financial companies, allowing them to simplify operations and automate closures for lenders. Users can glean real-time insights on loans with AutoCloud, too, thanks to its automatic data pull from across the web. Additional features to enjoy with AutoCloud include reporting, document archiving, integrated accounting features and credit risk assessment.
When leveraging multiple solutions at once, API connectivity is a must. NXTsoft’s OmniConnect delivers, providing API connectivity and ensuring seamless integration between solutions. With over 25 hears spent building a data library and establishing connections, OmniConnect can bridge the gap between any solution and your bank or credit union.
An automated financial spreading solution, FlashSpread instantly converts scanned documents and transforms them into comprehensive financial reports and analyses. An increasing number of financial institutions are turning to this solution to streamline and speed up the spreading process. Thanks to its ideal balance between human interaction and automation, FlashSpread allows lenders to make credit decisions more quickly and better ensure their accuracy.
It all happens as easily as possible, too, thanks to a UI that lets you drag and drop scanned tax returns into the application in seconds. FlashSpread then steps in to process the files and extract all relevant data automatically. Tax return and proprietary algorithms ensure that FlashSpread can catch any errors or omissions due to poor image quality, watermarks or incorrectly prepared tax returns, as well.
Finding the Top Software for Commercial Lenders
Digital technologies are ideally positioned to help commercial lenders excel. Some institutions may need an entire suite of solutions, but the good news with the best software solutions of today is that they integrate easily, allowing you to build a software bench that truly answers your needs. No matter what approach you take, these commercial lending software solutions can bring real value to your bank or credit union, and give you the edge you need to attract and keep customers.
To learn more about FlashSpread’s automated financial spreading solution, visit our website to schedule a demo today.