It is about streamlining loan approval process and increasing efficiency in the process. It matters very much for banks and all categories of financial institutions.
A Lagos based company Klein Devort offers Lams which is a Loan Application Management System designed for Microfinance and Mortgage institutions to computerize and track the loan application process.
The Benefits include:
- Streamline Loan Approval Process and increase efficiency
- Improve Response time for customers
- Reduce “Cycle Time” between Loan Application and Loan Approval
- Generate data for Management Information Systems
- Reduce risks of human errors
- Enforce adherence to business rules
And they have four reasons why you need Lams
Stay ahead of your competitors by improving response time for customers seeking loans.
Everyone will now be responsible for upholding his responsibilities in the required amount of time. Each task has a deadline and management is watching.
Loan Approval has been broken down into controllable steps. Each step is traceable and only authorized people have access to specific tasks.
The enemies of efficiency have been eliminated, slacker behavior, confusion, miscommunication and wasted time.
The following are some of the features of Lams
- Create Loan Applications
- Upload Scanned Copies
- Download Loan MEMO
- Generate Repayment Schedule
- View Loan Payment History
- View Customer History
- View Defaulters
- Set Approval Proxy
- Transfer Loans to other people
- Set up Business Rules
- Map out Loan Approval Workflow
- Automated Collection Notifications
- Backup and Restore
- Password Encrypted in the Database
- Active Directory Integration