Cloud Lending Solutions: Transformation in Borrower Engagement

The tech-savvy age has coaxed financial institutions to inspect age-old bank-first engagement models to stay relevant. Exasperating, lengthy, and stringent loan application processes, as well as back-office discrepancies, have urged traditional banks to revamp business operations. "The rise of unconventional lenders since 2008 has urged traditional financial institutions to capitalize the ongoing trend to accommodate the banking needs of millennials. Cloud Lending Solutions is a conduit that facilitates this transformation," says Snehal Fulzele, CEO, and Co-founder, Cloud Lending Solutions. -The organization strives to evangelize the borrower engagement model and significantly improve inefficient back-office operations of its customers. The firm has offered its assistance to approximately 90 customers in the bank-first to borrower-first paradigm shift through its innovative lending platform. The clientele consists of reputed tier-1 banks and even online lenders.

Fulzele firmly believes in nurturing customer relationships to accelerate the company's growth. Cloud Lending's regional and offshore technical teams render proactive support to customers and help them in the realization of business goals. To paint a clearer picture of the company's proficiency in precisely meeting customer needs, he states the example of a Chicago based client, 'Opportunity Financial'.

Before adopting Cloud Lending's assistance, Opportunity Financial could process approximately four hundred to five hundred loan applications a month.

The company's obsolete, custom-built, on-premise infrastructure hindered its ability to scale higher. However, the adoption of Cloud Lending's digital lending platform accelerated the company's growth and process approximately five thousand applications a month, within a span of merely four months.

Cloud Lending's digital, cloud-based platform caters to the needs of various lending verticals such as banks, alternative finance, and equipment leasing. The platform consists of integrated modules that support multiple phases of a loan lifecycle. The CL Portal, the configurable front end, is an interface between a borrower and a financial institution that aims to provide a differentiated experience. The middle office module helps in the origination and management of a myriad asset classes such as commercial loans, small business loans, as well as secured and unsecured loans. A service module manages interest calculation, payments, and several back-office functions.

The organization’s solution helps customers uniquely define their borrowers’ journey. Cloud Lending Solutions is much more than a white label solution provider and delivers a drag-and-drop infrastructure that allows customers carve a niche by creating a customized, differentiated borrower experience.

The CEO opines that the long-existing disconnection between traditional financial institutions and borrowers is a goldmine and the company is leaving no stone unturned to bridge that gap and capitalize on the opportunity. "Legacy processes, technology, and stringent regulations have marred financial institutions. The expertise of a solution provider to help increase loan volumes and back office operations efficient is a common need of several traditional banks," he mentions.

In a bid to help its customers provide a differentiated, simplified borrower experience, the company intends to continue its investment in their CL Portal r Since a large number of financial organizations are leveraging cutting-edge technology to cater to borrower needs better, Cloud Lending Solutions feels ongoing enhancement and continued focus on their CL Portal are crucial. Apart from technological improvements, Cloud Lending Solutions, with offices in San Mateo, London, Sydney and Bangalore, intends to continue its expansion geographically in North America, Europe, Australia, and New Zealand since most financial services in these regions are cloud-based. “We foresee traditional financial institutions embracing latest technological trends to enhance the borrower experience. The advent of technology,”concludes Fulzele.