As digital technology and mobile solutions evolve, it is essential to modernize leasing processes. Despite the advances in technology, the truth remains that in most leasing companies, business-critical processes are repetitive, time-consuming and are still dependent on human interference and supervision.
There are many pitfalls to performing tasks manually, even more so when we consider the kind of sensitive financial data that leasing organizations end up handling most of the items. It is imperative to avoid human error when managing financial transactions, maintaining customer databases, and monitoring client relationships.
A significant amount of time can be saved by automating repetitive tasks that an employee would otherwise have to perform manually.
How Can Low-Code Eliminate Manual Processes in The Banking Sector?
The concept of low-code application development centers around designing and developing applications with minimal or no coding. It is a visual approach to application development that leverages visualization features, on-screen guidance, and drag-and-drop tools so that citizen developers without any coding experience can develop robust, customized applications.
Using these platforms, you can create custom forms and reports, use ready-to-use code snippets, and incorporate connectors that make development easier and extend innovation possibilities. As these platforms eliminate typical coding processes, such as developing frameworks, modelling data, and developing user interfaces, users can jump right into building their applications.
Low-code application development platforms empower businesses to create customized solutions that cater to their specific business models. According to studies, 84% of enterprises have adopted low-code solutions to reduce IT workload, accelerate digital transformation, and increase speed to market.
With low-code automation, leasing companies can automate workflow processes without having to invest in building development teams with coding experience, reduce time to create automation features without much intervention from IT, minimize overall dependency on software developers, and empower tech-savvy employees to develop automation tools themselves.
With its multiple benefits and ability to streamline the development process, it is of little surprise then that low code is becoming a much-anticipated concept for many organizations. But how does it help your team members do their jobs faster or easier? Does it simplify your day-to-day business challenges in any way or is it just another tech buzzword with little or no practical benefits to draw from?
Here are some ways in which low-code automation can streamline and improve some of the key business-critical processes for any leasing organization:
Risk mitigation, fraud detection and prevention
The rise of the digital economy has also seen an increase in cases of fraud. Modern organizations have benefited from technological advancements, but they may also be vulnerable to fraud and theft thanks to the introduction of complex technology. As businesses grow, it is impossible to monitor and track each transaction individually. Not only is it time-consuming and impractical, but also not a highly effective way to run a business.
Leasing companies should therefore continuously introduce automated fraud detection technology into their day-to-day business processes. With modern technologies like artificial intelligence (AI), natural language processing (NLP), optical character recognition (OCR), and smart systems, automation technology can utilize powerful AI and machine learning (ML) tools to carefully supervise, analyze and detect fraudulent transactions.
Working in tandem with lease management software, not only does this safeguard your organization from revenue and reputation losses, but also substantially improves customer trust through powerful fraud detection and prevention technology.
Know Your Customer (KYC)
A critical piece in delivering exceptional customer service- a well-designed know your customer (KYC) process is mandatory for most leasing organizations today. However, till the introduction of digital technologies, it has been largely a manual process.
Customers often complain about filling in multiple forms and resubmitting the same information multiple times to employees who need to manually enter that data into the legacy systems- it has traditionally been a time-consuming and effort-intensive process prone to human errors.
KYC is crucial for your financial institution’s safety and security. A must for leasing organizations, it identifies and verifies a particular customer’s identity, analyzes their suitability, and risks, and analyzes suitability.
The best lease management software today provides low-code automation tools that help your leasing business automatically collect financial information from customers, screen documentation for variances from predetermined standards, and analyze data for verification. As a result of this process, you will not only be able to complete KYC processes much more quickly, but you will also be able to save both human and financial resources
Credit decisioning and approvals
One of the most crucial processes that any leasing business must undergo daily is processing and approving loan requests. This usually involves many employees from multiple departments who need to carefully access and evaluate client documentation and information to decide on various loan verification processes.
As a result, this has become a process that can be extremely time-consuming, requires a lot of valuable person-hours and can still be susceptible to human-induced errors.
Low-code automation tools can ease and streamline the entire approval process by accessing, analyzing, and surveying documentation submitted by customers. The system can aid in critical decisions like determining whether a lessee is an ideal candidate for a loan depending on their current financial state and generating loan confirmation documents that can be sent automatically.
In addition to making your business more efficient and productive by automating loan approval and processing, automated loan approval and processing can also improve customer satisfaction levels dramatically.
End-of-term and closures
In leasing businesses, the end of lease terms, contract closures, or closing of customer accounts is one of the most tedious and time-consuming processes. Non-compliance by a client typically delays the process of closing an account. Employees within the organization are usually responsible for following up with the specific client to ensure that certain crucial documents and information are submitted according to the rules.
By using low-code automation, you can help your employees send clients automated reminders at regular intervals as well as conduct a variety of procedures, including transferring funds, changing interest charges, cancelling standing payments, and more.
Odessa’s lease management software solutions support low-code development methodologies that enable you to build, test, and ship complex apps and instantly deploy them within your environment. Our platform has been built on an open design philosophy that provides for efficiency across business topology and is built for change.
Headquartered in Philadelphia, USA, Odessa is a software company exclusively focused in the leasing industry. The Odessa Platform powers a diverse customer base globally, providing end-to-end, extensible solutions for lease and loan origination and portfolio management. Odessa facilitates business agility through rich feature sets including low-code development, test automation, reporting and business intelligence to ensure organizations can more effectively align business and IT objectives. Learn more at www.odessainc.com