In a world where ‘always connected’ is the new norm, competitive and effective loan and credit repair organizations need top-notch modern software to run their business. Are you running or looking to start a loan or credit repair company? Can your customers view and maintain their information on your systems with 24×7 access? Does your current system provide guided workflows to assist your agents? NerdySoft presents features and functionality you need to consider in your software architecture design for loan or credit software to make your business thrive.
Organizations use loan software to assess the creditworthiness of clients and then extend appropriate loans at appropriate rates to meet the needs of trustworthy clients. Good loan management software covers the entire client lifecycle, from onboarding, needs assessment, and credit assessment to approval, document management, funds delivery, payment receipts, and loan completion. While supporting your organization’s needs to capture information about the clients, you need to provide a positive experience to ensure client retention. Can your current loan software do that?
Your agents need powerful tools to manage your risk and provide good customer service. Here are the things you’ll need to design your application for:
Your loan software cannot be an island. It needs to interact with other organizations and service providers. Start the design process by answering the following questions:
Can your clients access your system? Can they:
There is no reason to dwell too much on this one, as this is a complete hoax. There is actually no explanation to how this superstition emerged on the surface, while facts remain facts. The average hourly rate per one developer in the United States is $150; in Europe, it amounts to €150. Meanwhile, if we’re talking about Asia, Africa, and Eastern Europe (where many countries are still not part of the European Union), the damage will be approximately $75. It seems like the difference is even more than tangible, given that the quality of services might be even better.
When you’ll hear about irresponsible vendors from outside Europe, may you ask yourself a question of how territorial affiliation can be the cause of irresponsibility? While you’re in the IT business, it is quite probable that logical reasoning is one of your core virtues. There are both responsible and irresponsible vendors within Europe and outside its boundaries. Hence, when it comes to choosing a software outsourcing company, think of their tech expertise, portfolio, and clients reviews, as this is where the grain of truth lies.
Consumers use credit repair software to improve their credit scores. They may do so to get a loan, credit, or lease approved or reduce the interest rates they pay. They may work using self-serve capabilities, or they may work under an agent’s guidance. Good credit software supports the entire client lifecycle, from lead management, onboarding, and credit score factor analysis to mistake correction and repayment strategies.
The first step to improve a consumer’s credit score is to analyze why the score is low.
While some organizations may respond quickly and correctly, often follow-up is required. Therefore, people need to manage the lifecycle of each correction step.
In addition to correcting issues with the credit record maintained by credit bureaus, consumers can change their purchasing and payment practices.
If your systems don’t have the functionality, integration, and client self-service capabilities you want, there are various ways to refine them. The options can range from evolutionary to revolutionary, depending on where your systems are now, where you want them to be, and how fast you want to transform them. Here is an example of a more revolutionary project building virtual banking software. Interested in discussing your technical options with experienced fintech software architects? NerdySoft experts will work with you to find the path from where you are to where you want to be.
To get to where you want to go, we need to worry about the current software foundation and the one you need. Suitable software architectures can create appropriate foundations for us to build your new systems. Like a house, those systems will not perform well or last long without a good foundation. Here at NerdySoft, we offer a solution architecture service specifically to design and plan for a scalable software architecture best suited for your loan or credit software before the development process. Here are the specific areas we consider: