Designing Software Architecture for Loan or Credit Software. NerdySoft software development company blog.

Designing Software Architecture for Loan or Credit Software

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.

Software Architecture for Loan Software

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?

Many consumers want confidence that if they proceed to buy something, the loan for the purchase will be approved. A recent JD Power study found that “Ultimately, 60% of customers who shop online for auto financing options end up applying for a pre-approval.” Can you provide that service to your customers?

Functionality

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:

  • Should you quickly configure new loan products?
  • Should you configure workflows to guide the agents through the client’s loan lifecycle?
  • Should you treat commercial clients differently from consumer clients?
  • Should you have strong fraud prevention capabilities?
  • Should you readily report on or analyze your data?

Integration

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:

  • Should you capture information from major credit bureaus?
  • Should you accept payments from a variety of service providers?
  • Should you integrate customer relationship management (CRM) platforms to manage marketing client campaigns?
  • Should you integrate with your accounting systems?
  • Should you integrate with collection and credit organizations if you need to proceed to a collections process?