After an auto loan is originated, most of the profit for a lender is received throughout the term of the loan. This is based on interest and steady payments. However, making sure to collect all the payments with interest and know the car is always insured is not an easy task which leads to a huge overhead when the right software is not used.
Today, some finance companies still depend on largely manual processes or semi-automated systems to manage their loan payments and insurance risk. While this kind of system has been used for some time, finance companies who continue to use these systems may not be making the most of the digital loan management technology that is currently on the market. Manual loan management or use of lacking software leads to inefficiencies, mistakes, compliance issues, late payments, increase insurance risk, and wasted resources. Not to mention manual loan management is a waste of valuable time.
Since manual loan management means more time spent entering data and following through on payments, the consistency of this system can be compromised as its more common for mistakes to happen during the management process.
Verifacto’s loan management system (LMS) removes these challenges by making sure the loan management system is more efficient, cost-effective and reliable. The LMS can automate the loan management tasks, which would normally take hours of manual processing. This, in turn, leads to higher customer satisfaction and a potentially greater return on investment.
As a finance company, you want to make sure you have a proper solution in place to manage the loan payments, reduce insurance risks, and maximize profit.
Track Customers and Collections with Verifacto’s Loan Management System Technology
Record keeping and customer communication are the most important and difficult aspects when it comes to managing auto loans. Verifacto’s LMS focuses on the collection of auto loans.
Verifacto developed an automated collection message system using Artificial Intelligence (AI) to send Email and SMS collection messages to the customer. The AI system suggests to the collector the most effective message or answer based on millions of messages that collectors previously sent while analyzing the result of the messages.
Messages with the most positive outcome are analyzed and used by the AI system for the correct event. This system maximizes efficiency and increases the collection rate of success. In addition, Verifacto gives finance companies a user-friendly platform that handles all of their loan management needs without the mistakes of manual filing or without the need to used several separate systems. Benefits of Verifacto’s LMS include:
- Effective collection system: Collection system that generates messages and replies to the customer automatically. Verifacto AI engine will suggest the most effective collection message to the customer to maximize results.
- Full integration with Verifacto’s risk management platform: An insurance risk will reduce your profit. That’s why it’s important to have a full solution in place. Verifacto’s LMS platform includes insurance tracking and CPI management which enables the lender to manage the risk effectively from one system.
- Analytics, dashboard, and reports: Verifacto LMS analyzes the data in real-time and presents the results to the dashboard. Our analytics engine compares data with historical data and market data to provide you with the most important information from the system when you need it.
- Compliance: During the onboarding process Verifacto will analyze each imported loan origination process and will detect any compliance issue with the loan origination.
- Easy onboarding process: Some loan management systems can take up to several months to fully onboard, which wastes valuable time when finance companies can be managing and collecting your loan payments. Verifacto’s LMS takes between a few hours to a few days so finance companies can begin managing their loans without any delay.
- QuickBooks integration: Verifacto LMS has full integration with QuickBooks online. The system will push any transaction from the Verifacto LMS to QuickBooks online to minimize the need for double entry.
- Verifacto’s LMS is FREE when added to payment processing and insurance tracking: To be fully protected it’s important to have a complete solution in place. When finance companies use Verifacto’s payment processing and insurance tracking accounts, they receive LMS completely free meaning they have a fully integrated auto tracking system.
Contact Verifacto to Stay on Top of Your Auto Loans with their LMS
Our team at Verifacto comes from the financial services, automotive, and technology industries so we understand what you need in a loan management system. We strive to find the best solution that works for you.
Choosing Verifacto’s LMS means choosing a system designed with you in mind. Our LMS was designed from the backend of a finance operation company to mitigate the most painful processes companies are dealing with today that no other system has fixed. We put the finance company owner first while building our LMS. We listened closely to our clients’ needs and developed our LMS to fix these needs and solve their problems. Now, let us help solve that problem for you!
Contact Verifacto today at (678) 783-8123 to get started with your free trial account. Transfer your insurance tracking and payment processing services to Verifacto and receive the LMS for FREE!
