Post-covid is a phrase that seems to move in and out of the public realm. Yet, as we look to navigate to the other side of lockdowns and restrictions, it's interesting to ask what a post-covid finance platform might look like.
With changes to the way we work, came changes to how businesses could operate. This led to the acceleration of tech acquisitions, completing years worth of technological advancement in an extremely short space of time. Yet, for many asset finance providers, lending still involves time-consuming and unnecessary manual processes.To form a post-covid asset financing platform, the latest technology must be integrated for greater efficiency and less fraud. In this blog, we take a look at some of those technologies and practises that will help to automate and scale your lending business in a post-pandemic world.
Software as a Service: SaaS through the cloud
Having reliable and meaningful data is the foundation for successful customer relationships. Using cloud computing, customer information is centralised and can be swiftly and easily shared between finance teams. When the cloud supports a Software-as-a-Service (Saas) delivery model, customers have a living, breathing platform that is flexible, scalable and constantly updated.
The SaaS model supports on-demand services that run on the provider’s servers and are accessed via the internet. This enables end users to focus on delivering great service to their customers and growing their businesses without having to manage an unwieldy IT infrastructure. Another key benefit is the ability to integrate artificial intelligence and other advanced technologies, which increases speed and overall customer service.
Digital pricing and calculation
Powerful pricing and calculation tools can be integrated into the sales process, and lenders can use the data submitted by a customer to find the best deal based on the customer’s circumstances and needs, thus increasing customer focus and satisfaction. If you have a pricing and calculation engine that feeds into your platform, there is no need to rekey information; you can streamline your calculation process with a single source of truth for your whole business; and you can centralise control with full visibility over the contract lifecycle, from onboarding to termination.
Online proposals and documents management
When the best deal has been found, you will need to share and track it between customers and funders. Proposal management tools centralise proposals so you can track them, as well as live deals, in real time. This avoids time wasted on paperwork and manual sharing. With remote working here to stay, all team members can see the same proposal (subject to permission) and work with the same shared and correct information.
Electronic Identity Verification (eIDV)
eIDV uses publicly available data as well as private databases to quickly verify a person’s identity. It complies with know-your-customer requirements, anti-money laundering laws, data privacy and other regulations. Where asset finance professionals once relied on time-consuming manual processing, they now have an instant, easily accessible and dependable electronic audit trail. No more photocopying documents, storing hard copies or distributing documents to everyone in the financing chain.
E-signature and closing
Once a customer has accepted a proposal, you can close the deal by using an e-signature to instantly sign paperwork online. Deals can be closed with clients anywhere, and you have more accountability and traceability for your customers and funders.
Keeping up with changes
As part of a post-covid platform, businesses also need to be aware of changes in legislation that will alter the way they can operate. QV Systems is a UK based business, which provides a local perspective on the marketplace, making it easier for us to adapt to legislative, economic or regulatory changes.
If you’re interested in finding out more about how QV Systems can facilitate a post-covid platform, get in touch with the QV team for more information.
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