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Key Benefits of an Automated Loan Management System

Key Benefits of an Automated Loan Management System

One of the characteristics of modern technology is that just about everything that can be automated, is being automated. From shopping to restaurants to CRM’s, automation is one of the most common changes to come to any business. And the various branches of alternative lending, funding and fintech are no exception. 

An automated loan management system has a number of significant advantages over legacy lending systems. Using a modern cloud platform, these systems provide superior customer experiences, improved decisioning accuracy, and eliminate paper documents. It streamlines the entire process of originating, underwriting, and servicing Alternative Loans and Merchant Cash Advances, or whatever funding vertical you work in. 

Replacing manual steps with automation, transforming paper into digital format, and gathering performance data on all aspects of your lending practice lets you:

  • Provide a better user experience to improve the speed and accuracy of loan applications
  • Process a larger number of loan applications with existing resources
  • Eliminate sources of human error for faster, better-quality evaluation decisions  
  • Establish predictable, repeatable, and auditable processes that support compliance
  • Reduce delays and costs associated with paper processes
  • Analyze process and loan performance with the goal of continually improving efficiency and profitability

Unlike legacy solutions, that are often a hodge-podge of outdated and unconnected systems, each handling only a single element in the funding process, modern, automated loan management solutions helps firms attract and close more deals, accelerate the underwriting process, generate more pricing options, reduce errors, and ensure greater consistency. These funders also earn a more professional reputation among borrowers, brokers, and syndication partners.

Key Benefits of Automated Loan Management Systems:

1. Better Loan Processes and Results

For each origination, loan officers collect a large number of documents and data points, including face-to-face interactions, email, fax, text, or documents uploaded through a site. They all need to be added to the system, carefully tracked and thoroughly reviewed against information on the loan application and from third-party sources. Technology can identically process every document, and easily integrate 3rd party data sources to provide a faster, more reliable and more accurate process. 

Automation also decreases the manual work associated with notifications. Every application, and often the various stages requires a response or notification. A quality system helps lenders create a variety of notification templates, specify triggers for when they are sent, and then populated with loan-specific information before sending the notification. 

2. Improved Speed to Completion

Using intelligent technology options, such as smart content recognition, and automated data population, document review and verification times can be drastically reduced, which speeds up processing and shortens origination time frames. 

Automation improves applicant evaluation and loan decisioning. It eliminates repetitive manual steps that are best executed digitally and allows human expertise to be applied where it works best. Some examples include:

  • Integration with credit data sources and services such as LexisNexis or Experian lets lenders automatically and quickly verify applicant information.
  • No lost or misplaced documents. Paper documents converted to digital images are immediately and securely accessible by the underwriter, so they can review applicant materials more quickly.
  • The combination of decision rules and integration with credit data sources and services lets lenders automatically calculate optimum loan structures and terms.
  • Decision rules provide predictable, repeatable processes that remove the variations associated with human decisions and demonstrate compliance with lending regulations.

3. Better Tracking and Transparency

With just a couple of clicks, automated loan management solutions can prepare a comprehensive view of all documents that have been received, verified or flagged for follow-up, and where the application is in the approval process. In contrast, documents collected and tracked through manual efforts may not be available on various systems, paper-based checklists or a loan officer’s email account.

In addition, advanced reporting options in a CRM give managers essential data on conversion rates, lead sources and more!

4. Scalability and Growth

A better loan management system also greatly reduces training demands and risk, helping lenders quickly and more affordably scale to meet peak seasons. That translates to lower risk of quality degradation and lenders can save on overhead costs associated with ongoing training.

The more you eliminate manual processes and streamline your business, the more volume one person can handle. This means that with your current team, you could dramatically increase your deal volume. Further, adding more resources lets you increase your deal flow just that much more!

Because cloud based CRM’s can be implemented and used anywhere, you eliminate all sorts of restrictions, such as geography or only being able to login from a certain machine. Since the process and data is also shared amongst the team, adding new team members becomes faster and more intuitive, helping you onboard without slowing down the train!


-Ryan and the CloudMyBiz Team


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CloudMyBiz and AI Assist Poised to Change the Alternative Lending Sales Process | PRWeb

CloudMyBiz and AI Assist Poised to Change the Alternative Lending Sales Process | PRWeb

CloudMyBiz and AI Assist Poised to Change the Alternative Lending Sales Process

Conversica Automated Sales Assistant Integrated to Salesforce

CloudMyBiz and AI Assist Powered by Conversica, have teamed up to change the way Merchant Cash Advance (MCA) companies do business with an automated artificial intelligence system that nurtures leads, improves conversion and response rates and increases ROI. Conversica’s A.I. Sales Assistant is a brand new approach to the sales process, and through the CloudMyBiz Salesforce Frameworks, that A.I. will now be custom tailored to the Alternative Lending and MCA Industries.

“As a Salesforce consultant and developer, we are always on the look-out for quality apps and technologies to bring to our clients,” said Henry Abenaim, Founder and CEO of CloudMyBiz. “When it comes to the sales process, we have seen that developing leads and relationships can cause significant pain and slowdown for our clients. The Conversica A.I. Sales technology is something that could dramatically alter the face of Alternative Lending and MCA.”

AI Assist uses the Conversica advanced Sales Assistant A.I. to tirelessly follow up on leads, intuitively develop relationships and then transfer hot leads to real salespeople to close the deal. Built on the idea of humanizing automation, A.I. Assist Powered by Conversica uses proven sales methods and psychology to boost sales and ROI by making the sales process warmer and more personable.

“We have noticed that our Salesforce customers see a higher overall ROI, because of the ease and workflows that the Salesforce and Conversica integration allows,” said Roman Vinfield, President of AI Assist, powered by Conversica. “With the MCA industry being such a big part of our business, we have been looking for a best in breed organization to partner with who will maximize the benefits of our technology for our clients. We couldn’t be happier to partner with CMB, who couldn’t have a greater reputation in the MCA and Lending industries. We are excited to work together and to bring current and future clients a superior product”

About CloudMyBiz

The CloudMyBiz team, via the Fundingo suite of apps, empowers business through the Cloud and encourages streamlined collaboration between departments, clients, customers and partners. CloudMyBiz focuses on Salesforce Implementation, Migration, Integration and Development, Third Party Applications, and Custom App Development, all specializing for the lending industry.

About AI Assist

AI Assist is an exclusive partner of Conversica, and the only provider of the Conversica software for the finance industry. Conversica provides lead management software for marketing, inside sales and sales organizations. Presented as a customized online persona, Conversica engages and nurtures leads through natural email exchanges until the lead converts into an opportunity or opts out. Conversica is used by more than 12,000 sales representatives worldwide and has assisted in the creation of more than US$8 billion in sales revenue.

Contact Information:

Dennis Mikhailov
Business Development | CloudMyBiz, Inc.
P 818.732.4316 | M 818.419.7339

Roman Vinfield
President AI Assist Powered by Conversica
P 917.664.7200

CloudMyBiz at LendIt NYC 2017

CloudMyBiz at LendIt NYC 2017

LendIt 2017 in NYC is over, and what a great event it was. We had a blast attending the conference and talking to everyone! Of course, if you were there, you might remember us from all the candy we were passing out. Either way, it was a pleasure to be there.

We took a couple photos as well. Enjoy!

The team (from left to right: Dennis, Henry and Steve) at our booth

The iPad display and “famous” candy bowl

App of the Week – Fundingo Loan Servicing streamlines lending in Salesforce

App of the Week – Fundingo Loan Servicing streamlines lending in Salesforce


If you’re in the Lending industry, you know the challenges of using multiple systems. There’s double data entry between your CRM and Loan Management Systems, with limited flexibility and reporting capabilities. You need a tool that brings together loan repayment and customer data, makes it easy to monitor loans and identify when deals are eligible for renewal, and that’s ready to integrate with ACH providers to make the process quick and simple. In short, you need Fundingo Loan Servicing!

How are you keeping track of your loans and merchant cash advances? Is the process slow, manual, and impossible to train? Is your data stored in a complicated spreadsheet or legacy system? Fundingo Loan Servicing is a tool designed for Merchant Cash Advance (MCA) and Alternative Lenders. This app will let you easily manage and monitor all repayments within Salesforce.

Fundingo Loan Servicing is a new tool designed with Alternative Lenders in mind! Check it out and start saving time today!

App of the Week – Experian’s new FusionIQ for Salesforce is awesome!

App of the Week – Experian’s new FusionIQ for Salesforce is awesome!

Many businesses, such as in the lending industry, rely on assessing a prospective client’s credit ratings to determine risk and identify if you’re looking at a profitable deal or a future headache. Salesforce lets you manage the important data you need relating to customers, but to get risk and credit data, you’re either looking at expensive custom integrations with credit agencies, or having to log into an external website, pull credit, then enter the results into Salesforce manually. Imagine how valuable it would be to have all that information integrated directly into Salesforce, ready for you at the click of a button. Well, I’ve got some exciting news for you! The CloudMyBiz team would like to introduce you to Experian FusionIQ!

The new Experian FusionIQ™ app gives you a true 360-degree view by seamlessly integrating critical risk-management data — such as credit scores, public-record data, corporate linkage and trade-payment information — into your Salesforce.com records.

My team recently got a demo of this exciting, new, free tool from Experian, and we were blown away by the power and simplicity of the app. This is one of the best products on the market, allowing you to pull both business and personal credit directly from Salesforce. Imagine the power of the analytics — Salesforce Reports and Dashboards based on data from Experian! Check out Experian FusionIQ, drop them a line, or let us know if we can help you evaluate this awesome app for your team!
Cover image by Joelle Diane