Move will enable financial institutions that lend to smaller businesses to access the same loan servicing technology used by the world's leading banks
BEIJING, Oct. 22, 2024 /PRNewswire/ -- Finastra today announced its Loan IQ Simplified Servicing solution at Sibos 2024. The solution takes the rich functionality available in Finastra's Loan IQ and combines it with a streamlined user interface that's optimized for servicing high volume bilateral and SME loan portfolios. As a result, Finastra is bringing together the functionality that financial institutions need to service their entire loan portfolios in one integrated system.
Financial institutions adopting Simplified Servicing will benefit from unified portfolio management with a single, efficient modern lending platform that simplifies the user experience and improves the speed and transparency of loan servicing to customers of all sizes. By automating previously manual and disjointed lending processes, the solution delivers crucial efficiencies, resulting in improved data accuracy and shorter lead times. This integrated lending journey functionality breaks down silos and reduces operational risk.
"Historically the loan market has been slow to innovate, making the loan servicing function reliant on manual processes that are inefficient and error-prone - particularly when it comes to servicing high volumes of smaller loans," said Veena Rao, Head of Corporate Lending at Finastra. "The Simplified Servicing solution provides a way to service SME loans within Loan IQ, opening more routes to finance for small and medium-sized businesses. The move reflects our commitment to Open Finance and helping smaller businesses access the banking services they need to prosper."
"Corporate and commercial lenders often face challenges in managing their loan portfolios due to siloed operations, a lack of digitization, outdated and fragmented technology, with isolated systems supporting different product types and offering little integration. This can lead to operational inefficiencies, risk exposure, difficulties in attracting and retaining the best staff and the prospect of losing customers to competitors," explained Patricia Hines, Head of Corporate Banking at Celent. "The ideal lending platform creates an integrated end-to-end customer journey, with seamless integration from origination to servicing."
To learn more about Simplified Servicing, visit Finastra at Sibos 2024 on stand G30.
About Finastra
Finastra is a global provider of financial services software applications across Lending, Payments, Treasury and Capital Markets, and Universal (retail and digital) Banking. Committed to unlocking the potential of people, businesses and communities everywhere, its vision is to accelerate the future of Open Finance through technology and collaboration, and its pioneering approach is why it is trusted by ~8,100 financial institutions, including 45 of the world's top 50 banks. For more information, visit finastra.com.
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