Embrace the Cloud! Use Cloud-based Solutions for Smooth ABL Loan Process

By | May 15, 2020

In the technology-driven world, more businesses today are expanding services globally than ever. Asset-based lending, also known as ABL loan, helps companies in financing rapid growth and maximizing cash availability. Borrowers seek easy, secure lending options. Lenders can harness the power of modern technology and meet the needs of potential borrowers and stay competitive in the industry. 

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Cloud-based solutions, powered by robust technical tools, help lenders streamline all steps in a loan process. From loan origination to the closing process, these digital solutions help in each step to allow lenders to deliver superior services to their customers. 

Cloud-based Solutions and Their Types 

These are quick, efficient solutions that automate a lending process from start to funding. These types of technologies can be used to smoothen different types of loan processes, including ABL loan, government contractor financing, construction financing, and other loan options for commercial finance industries. 

There are different types of digital solutions that can add speed and efficiency to a lending process. They include:

  • Origination

It is a digital loan system effective for streamlining a loan application and approval process. The system, which can be accessed on all kinds of smart devices, keeps borrowers informed throughout the process. 

  • Underwriting

It is a highly configurable digital solution that automates many steps in a lending process to improve decisions. A lender can use the solution to eliminate manual work and add speed to loan approval time.  

  • Monitoring

As the name suggests, it is a monitoring tool powered by modern technology. It helps lenders track a loan process by connecting them to bank accounts and accounting systems. The system sends automatic alerts to ensure that the process is being monitored in the right way. 

  • Documents

It is a document management system that automates the process of adding information into documents on a digital system. These digital files can be sent easily for electronic signatures to speed up the ABL loan and financing processes.

  • Workflows

This cloud-based solution smoothens the workflow in a lender’s office by improving coordination and communication within a team. During different loan processes, automatic internal email notifications are sent to team members to improve tracking, coordination, and responses. 

  • Decisioning

It is a digital lending solution that helps make real-time decisions by automating analysis through a client, business, and third-party data. Lenders can use the decisioning system to automatically do credit reviews and approve prospects. The digital tool replaces manual credit reviews and other steps that consume a lot of time.

Takeaway

Designed by asset-based lending experts, these are digital applications at a reputed company that allow lenders to speed up the lending process and make it smooth for potential borrowers. Whether it is an ABL loan or financial help for commercial industries, these cloud-based software can automate several steps throughout the loan-approval process.

Lenders can use these technology-driven, configurable, and robust cloud-based platforms to improve efficiency in the lending process and drive revenue in the competitive industry. 

 

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