"looms": The Ultimate Loan Origination & Management System

Streamline your lending process with looms, the ready-made, complete solution for every lending category

SINGAPORE, August 29, 2023/EINPresswire.com/ -- AND Solutions Pte., Ltd. is thrilled to announce the launch of its cutting-edge loan origination and management system, "looms." This innovative solution is poised to transform the lending landscape, providing financial institutions with the tools they need to streamline processes, reduce costs, and enhance customer experiences.

The contemporary financial environment presents numerous challenges, including the need to comply with interest rate caps and evolving lending fee regulations. Simultaneously, borrowers demand quicker and more efficient services, while manual document processing and complex approval procedures have led to operational inefficiencies and customer dissatisfaction. Addressing these issues head-on, "looms" presents a comprehensive loan origination and management system that stands to alleviate these challenges and elevate lending practices.

Key Features of "looms" include:

White-label Borrower Portal: Through the platform's intuitive interface, borrowers can effortlessly submit loan applications, eliminating the need for physical branch visits and enhancing accessibility.

Intelligent Document Processor (IDP): "looms" utilizes an advanced IDP feature that automates data collection and processing, significantly improving efficiency and accuracy in decision-making.

Custom Decision Flow: Lenders can establish tailored decision flows for loan applications, combining automated and manual processes for precise and effective decision-making.

Dashboard: The platform boasts a customizable dashboard, catering to different organizational roles and providing real-time metrics, task management, and analysis for informed decision-making.

Smart Debt Collection: "looms" streamlines debt recovery through customized delinquency buckets, automated actions, and efficient collection task allocation.

Product Engine: Financial institutions gain full control over loan product configuration, allowing the rapid creation and launch of new loan products.

User Segments

"looms" caters to diverse lending categories such as Commercial Banks, NBFIs, MFIs, Personal and SME Lending, Purchase Finance, and Hire Purchase & Leasing, each benefitting from the platform's streamlined application, approval, and servicing processes, enhancing efficiency and profitability. Below are some of the use case examples.

Personal Lending: For lenders concentrating on personal lending, "looms" functions as a comprehensive toolkit, streamlining the entire loan origination and management process. The efficient borrower portal and loan management system minimize the turnaround time by eliminating the need to physically visit a branch to submit a loan application and digitizing the loan approval process. This reduction in loan processing time brings it down to just a few minutes, as opposed to the few hours or even days it takes in some cases. Such a substantial decrease in turnaround time results in a significant boost in customer acquisition.

SME Lending: SME lending is a complex and arduous process, requiring numerous documents and constant communication with the borrower. Efficient operation (document processing, credit scoring), and effective Customer Relationship Management (CRM) are crucial to retaining the customers. "looms’" built-in IDP simplifies the processing of documents, giving you insightful information that helps you make a data-driven decision while its various communication methods assist you in improving your CRM, and the collective management feature connects multiple stakeholders within the platform.

Buy Now Pay Later (Purchase Finance): The most important aspect when offering customers BNPL financial services is unarguably the speed. With its swift and cost-effective integration capabilities, "looms" seamlessly incorporates BNPL into e-commerce platforms. The rapid credit assessment feature aligns perfectly with customers' urgency to make prompt purchases. Also, the custom product engine allows tailored financial solutions that cater to specific customer segments. Additionally, "looms" grants users convenient access to shipment details and real-time status updates, fostering transparency and customer satisfaction throughout the entire purchasing process.

Hire Purchase & Leasing: "looms" fosters efficiency and collaboration by bringing financial institutions, dealers, and end-customers together on a single interface. With user-friendly web portals for each stakeholder, dealers effortlessly enroll new customers, inputting essential information directly into the "looms" platform. Customers enjoy a hassle-free experience as they upload necessary documents through the borrower portal. "looms" empowers both dealers and customers to actively track loan progress, thereby establishing transparency and facilitating seamless communication.

Financial institutions that have adopted "looms" have witnessed impressive results. Turnaround times have decreased by 76%, customer acquisition rates have risen by 115%, and operational costs have been reduced by 32%.

To cater to various needs, "looms" offers multiple implementation options, including Standard, Enterprise, and modular scenarios such as only LOS - able to be integrated with your current LMS. If you want to book a demo, contact [email protected].

A Message from the CEO:
Otgonbayar Purevsuren, CEO of AND Solutions Pte., Ltd., stated, "At AND Solutions, we are committed to helping financial institutions maintain their competitive advantage. 'Looms' empowers lenders to transform their lending process, enhance customer experiences, and achieve operational excellence. We invite all financial institutions to embrace 'looms' and embark on a journey towards lending innovation."

About AND Solutions:
AND Solutions is a tech provider subsidiary for AND Global, a leading Singapore-based techfin company operating in 12 countries, including Japan, Thailand, the Philippines, and Cambodia. The company offers a range of AI-based solutions, including NIKO, an AutoML platform, Intelligent Document Processing (IDP), looms (a loan origination and management system), and Custom Credit Scoring (a comprehensive, tailor-made solution for credit risk management). With a strong focus on innovation, AND Global is committed to driving digital transformation in the financial services industry.
For more information about "looms," visit https://looms.cloud/
For more information about AND Solutions, visit https://andsolutions.net/

Uulen Bayanmunkh
AND Solutions Pte. Ltd
[email protected]
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