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According to the U.S. Bureau of Labor Statistics, employee productivity grew just 0.3% annually between 2011 and 2016. Much of the lack of growth can be attributed to legacy systems stifling business processes by resting on outdated technology. The adoption of modern cloud-based technology removes the heavy IT costs that come with on-premise software while offering a seamless upgrade path for future progress. The automotive industry, in particular, is ridden with vast amounts of paperwork, making the process of applying for an auto loan and purchasing a vehicle time consuming for the consumer and cost ineffective for the lender. By investing in a modern loan servicing and collections platform, lenders can automate every stage of the loan process from originations through collections to improve productivity and maximize ROI.
Here are just a few ways a modern auto loan management software platform can benefit auto loan providers:
- End-to-End Solutions: Not all auto loan platforms were created the same. The purpose of a financial platform is to remove the burden from the agent. However, most systems on the market were built on limiting technology that lack the necessary functionality to operate at optimal efficiency. A modern auto loan platform should not only automate the loan process, but also the collections process if the loan goes unpaid. Ensuring your system can handle every step of the life of loan from origination to end of life is essential for maintaining the most streamlined and accurate data trail.
- Automated Credit Decision-Making: Making decisions regarding an applicant’s credit can be incredibly stressful. With underwriting guidelines for credit approval often being vague and complicated to understand, there is a high potential for human error and poor-decision making in most cases. It is for this reason next-generation auto loan platforms take the decision-making process hours to seconds.
- Increased Efficiency: Overall, the most important aspect of selecting an auto loan software is assessing how much the increase in functionality will increase efficiency. Auto loan software is meant to organize and store data while tracking and automating tasks that are traditionally performed manually.
For more information on auto loan management software and its features for the automotive industry, contact CSS at email@example.com or call CSS at 877.277.4621.