Loan providers: how can you become more agile by configuring your products? ⚡️

Loan providers aim to facilitate loan access and provide their customers with more innovative services. To achieve this, they must adapt to the rapid changes in the financial sector and to the new expectations that these changes bring: shorter loan processing times, a smoother experience, compliance guarantees... Financial institutions must develop new offers and better configure their products to remain competitive in a hyper-competitive market. But where to start? This article reveals the keys to gaining agility in your product configuration.

Traditional players are limited by aging technology. 🚫

The credit sector is currently undergoing significant change. These result from technological advances and the arrival of new players who are shaking up market codes. Everything is speeding up, and loan institutions must keep up with the new pace: offering the right loan in real-time, with value propositions targeting specific needs and customers. However, they are often limited by their aging IT infrastructure - Core Banking Systems - which no longer allow them to keep pace with innovation.

Due to their outdated platform based on a monolithic system, adjusting offers requires mobilizing significant human resources on time-consuming tasks. Institutions face a major technological hurdle in adapting to new loan practices, being agile, and improving customer experience.

In today's fast-changing and fiercely competitive industry, loan institutions need innovative solutions to configure their products better. Fortunately, these technologies exist: they can now count on Core Banking Platforms! 

Core Banking Platform: flexibility for a fast-changing industry 🚀

Thanks to Core Banking Platforms, financial institutions can now rely on modern tools to gain agility in configuring their products and meet the challenges of Credit 3.0.            

Modular architecture supported by an ecosystem of partners             

Credit players must rely on a modular and flexible platform in digital transformation. By integrating modern solutions such as Core Banking Platforms, financial institutions can use an evolving ecosystem of partners connected via APIs to meet specific market needs and create ultra-differentiating customer experiences.

This platform integrates the most appropriate solution developed by an industry expert for each loan-related need identified. This architectural flexibility means lenders can quickly add new functionalities, always benefit from specific services at the cutting edge of technology and offer tailor-made loan solutions. 

Data analysis and automation for tailored strategies

Relying on a Core Banking Platform, loan providers capitalize on data collection to provide customers with concrete, personalized offers. With a precise, global view of data, institutions can anticipate expectations and better configure an offer according to a profile.

Access to real-time data, coupled with artificial intelligence, has also made it possible to offer fully automated borrower paths and fairer, faster decisions. By leveraging these automated processes, loan providers can deliver a seamless customer experience and concrete offers tailored to their situation.

At the same time, advanced data analysis functionalities coupled with artificial intelligence enable the development of new loan risk models. By automating the risk assessment process, Core Banking Platforms boost decision-making, improve operational efficiency, and reduce losses. What's more, the scalability of this type of platform enables loan players to constantly adjust their offers to remain competitive in the face of market developments.

Guaranteed compliance          

Core Banking Platforms also play a key role in meeting regulatory challenges. They centralize all the information and reports regulators require to meet compliance challenges.

Thanks to continuous updates and maintenance directly managed by the editor, Core Banking Platforms ensure compliance with the most stringent regulatory requirements.

Thanks to the combination of harvested data and advanced technologies, Core Banking Platforms give loan institutions the flexibility to configure their products in response to technological and regulatory developments. As a result, they can offer a more fluid experience tailored to customers' needs.

With Skaleet, gain agility and autonomy. 🤝 

Skaleet has designed a Core Banking Platform that ticks all the loan 3.0 boxes to support lenders in their quest for agility.

The Skaleet platform enables financial institutions to benefit from an open architecture and Best-of-Breed partners to rapidly implement innovative loan solutions and a secure decision-making framework. The Core Banking Platform by Skaleet enables the entire loan lifecycle to be managed through workflows, from underwriting to repayment.

At the same time, Skaleet orchestrates information flows and relies on automated processes to deliver a customer experience that meets the highest standards of innovation and personalization.

To adapt quickly to regulatory changes and ensure compliance in its environment, Skaleet centralizes all the information and reporting elements that the regulator will require.

Thanks to its flexible, modular approach, the Skaleet Core Banking Platform enables you to launch new products with considerably reduced time-to-market. As a result, today's loan providers can innovate rapidly and launch new offers adapted to market trends in just a few months!

Are you a loan institution interested in finding out more about Skaleet? Contact us