Loan Management for Financial Services Firms

Financial Services firms face complex, multi-faceted challenges. And money management is no exception. It is important to track expenditures carefully to ensure money is being handled responsibly. At some point, most businesses will either issue or have a need for loans.

Managing these loans can get complicated, especially when companies do not have the right processes in place to support their efforts. For these companies, loan management is heavily reliant on manual processes. Even when technology systems are involved, they are often outdated, lack the necessary functionality, and do not integrate with your accounting and finance (ERP) software.

The combination of manual processes and outdated technology results in slow, expensive, and error-prone processes. Staff will often circumvent these systems just to complete their assignments, which results in greater potential for security, audit, and regulatory risk. Moreover, there is no easy way to get the full picture of the state of the loan—and that can be disastrous.