How To Find The Best Loan Book Software
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No matter the size of your lending business, tracking every individual loan accurately is nearly impossible. But with good loan book software, you don’t have to rely on manual data. It can streamline your operations, improve the customer experience, and reduce the chance of human error all in one easy-to-use platform. We’ll go through the basics and show you how to find the best loan book software to suit your lending business.
7 steps to choosing the best loan book software
Define your requirements
No two lending businesses are exactly the same, so your first step is figuring out what you need from loan book software. What types of loans do you currently offer? Maybe you’re focused on small personal loans under $5000, or maybe you’re offering more substantial amounts for cars and large purchases.
Then you’ll need to work out how many loans you typically manage monthly or annually. This will help you determine what features will benefit your business, and what could be avoided as an unnecessary expense. The best loan book systems are customisable, so you’ll be able to choose whether you want to include loan origination, servicing, or reporting and analytics features.
It may also be helpful to check compliance requirements, as well as how well any new software can integrate with your existing software.
Compare key features
You probably already have an idea of what features you’d need based on how your current loan book works. But upgrading to software opens the door to possibilities you might not have even thought about before. Think about whether you want your software to be cloud-based or on-premises, and whether or not you’ll need mobile access. Look at key features like compliance tools, the customer portal, and what pricing model they use.
Choose a user-friendly and intuitive interface
Loan book software is something you and your staff will use every day, so it’s important to find something that works for your team. You want something that feels easy to use and helpful in speeding up your day-to-day processes. It might be beneficial to have a customisable interface, so you can tailor everything to suit your exact requirements.
Look for strong security
Lending businesses often deal with sensitive customer information, making strong security features a must-have for any loan book software.
As a cloud-based SaaS (software as a service), Biz Core takes the hassle out of security management. Automatic updates keep your software up to date and ready for anything, while state-of-the-art Azure cloud security protects your data from any potential threat.
Think about support
How much support do you need to keep things running smoothly? You don’t want to get caught with a problem only to find your provider’s support team isn’t even based in the same time zone as you. Similarly, you don’t want to get stuck in a loop trying to explain your problem to an AI chatbot over and over again.
Biz Core has a local Aussie team dedicated to helping lending businesses succeed. Our platform was built to service local Australian and New Zealand needs from the get go, but if anything goes wrong we’re just a phone call away.
Consider price
Pricing models can vary drastically depending on whether you pay per loan, per customer, or via a monthly or annual subscription. Choose a model that suits your business.
Biz Core has a competitive monthly fee, as well as industry low set-up costs to help you hit the ground running.
Ask for a Demo
When all’s said and done, the best way to see if loan book software is the right fit for your business is to try it yourself. Most companies will offer a demo so you can see what it’s like to use the system. Remember to test the user interface and workflows, and pay attention to any automation capabilities that might speed up your loan process.
You can book a demo of Biz Core right here.
Why choose Biz Core?
Biz Core loan book software is designed to make your life easier. It can help you automate the lending process, track your cash flow, and create a better all-round customer experience. Some key features include:
- Automation: reduce human error and take the pain out of all those time-consuming elements like scheduling payments and keeping track of reminders, invoices, and emails.
- Daily reporting: easy data visualisation and reporting means you can keep a close eye on how your business is operating so you can plan for the future.
- Access anywhere: customer onboarding becomes a dream when you can ditch the paperwork and sign documents from any device in any location!
- Simple loan origination: no matter who’s working, your customers will receive the same efficient and consistent service
Transform your business with Biz Core’s loan book software
When you sign up with Biz Core, you’ll get your time back. That’s more time you can spend on building better relationships with your customers or growing business opportunities. And we’re more than just a loan book management tool. Our lending software is designed to be an end-to-end solution that helps your business reach new heights. Book a demo to start exploring Biz Core for yourself, or contact us today.
Loan book software FAQs
What is a loan book?
A loan book is any record or collection of loans held by a financial institution. It can be anything from a physical record, a database of Excel spreadsheets, or a software system that tracks all the necessary business information.
How can automating loan book management help?
Aside from reducing the chance of human error and helping you stay complaint, loan book management software means you can access your loan book from anywhere, anytime. You can also automate payments to streamline your workflow and create a better loan application process for your customers.
