One-Tap Loan Approval; A Dream Come True?
Imagine if the process of availing a loan could be as simple as buying products on Amazon or Flipkart. You choose a product of your interest, add to cart, choose a payment, and voila! your order is placed. However, when it comes to choosing financial products, one is prepared to spend weeks and months in the tedious paperwork, background checks, verifications, and such other formalities. While these steps are vital, and one should be thorough with it, we at All Cloud wondered if we could pace up the process of loan origination to make this experience at par with shopping at an eCommerce store.
You bet, we can!
Working closely with the lenders and financial institutions, we realized that the data about the consumers that lie in the piles of files at a deserted office corner could be put to good use. Companies often pre-qualify a borrower to establish an understanding of their buying power. The process ideally takes weeks, if not months with the limited capacity of manual data. Getting complete information about the employment history, financial credibility, assets and liabilities, credit score, etc is not just lethargic but also difficult. The loan origination suite of Auto Cloud, our flagship lending software solution can shrink this entire process into one-tap with the integration of trusted third-party data sources and leveraging the existing information about the borrower. There are no dreary applications, documentations, and on-ground verifications. Simply enter a few details and you have an intimation about the successful verification and pre-approval.
Within minutes a borrower can understand about his buying power; even before he formally enters the loan origination cycle. He can accordingly plan his credit requirements. With one tap a consumer can know if he is eligible for the loan amount he is hoping for, and if not, he can strategically plan out his goals. Our goal at All Cloud is to empower the financial institutions with technology. Instant verification of a borrower right at the loan origination stage does not only bring transparency into the process, but also the much-required speed to make the entire financial system exciting. Saving time, energy, and resources on manual documentation and verifications allow the company to focus on what truly matters. Such sophisticated technology brings credibility to the company, thus enhancing the brand image in the minds of the consumer.
While lending might be merely business for us, to the borrowers it is perhaps the biggest financial decision of their lives. As a company, we must strive to make that decision as simpler as we can. We must provide the consumer with confidence about his buying power so that they can see us as their trusted partners in this journey. One-tap pre-approval of loans is just the beginning of the automation of the entire loan origination cycle. Auto Cloud enables lending companies to issue loans in less than 10 minutes! We know it sounds impossible, but it won’t once you check our Loan Origination System.
Our vision with Auto Cloud is to enable companies to use the one-tap approval system not just for loans but for financial products/services of all kinds. We want to encourage companies to innovate in the space of finance and be assured of top-notch technology by us that can help them materialize their vision. AllCloud is committed to providing automation solutions to financial companies that can strengthen their relationship with customers, focus on core competencies, save time and cost on all the lethargic processes; in short, be future-ready.