Alnet Technologies has partnered with AllCloud to introduce AllCloud’s Unified Lending Technology, a loan origination and loan management system.
Alnet Technologies specialises in innovative software solutions for the financial services industry and is well-positioned to introduce the loan management system to financial service providers (FSPs).
AllCloud brings expertise in cloud architecture, data management and security, ensuring the system is efficient, secure and scalable. AllCloud serves as a foundational technology platform that traverses business arenas fostering innovation and enhancing operational efficiencies in the lending sector across India, Southeast Asia, and Africa with over 95 banks and non-bank financial institutions (NBFIs) as its customers.
“The collaboration aims to streamline and modernise the local loan application and approval process, providing greater efficiency and accessibility for both borrowers and lenders,” says Gary Govender, business development and Alnet Technologies.
“Access to credit is a crucial element of financial empowerment and economic development. It allows individuals, businesses, and governments to borrow money to finance expenditures, investments, and infrastructure projects. This, in turn, leads to the creation of jobs, increased production of goods and services, and higher tax revenues.
“However, traditional loan application and approval processes are often cumbersome and inefficient. Borrowers face challenges ranging from complex paperwork to lengthy approval times, while lenders grapple with high administrative costs and increased risk,” he adds.
He explains the two businesses recognised a gap in the local loan management market. “By combining our expertise and technology solutions, we have created a game-changing system that promises to transform the lending experience in the region.”
AllCloud’s Unified Lending Technology is a seamless integrated offering that enables financial institutions to manage all aspects of the loan lifecycle in a single and unified manner. A full stack solution for loan origination, credit assessment loan servicing and management, debt collections, and analytics that reduces redundancies of integrations and data transfers.
It offers an easy-to-use interface for lenders with integrated mobility solutions for customer onboarding and collections, well documented and resilient stack of APIs for seamless integrations with other core and ancillary services. This is an innovative analytic technology that aids lending institutions to fulfil the necessary administrative requirements, namely:
* Seamless customer onboarding with integrated KYC and AML checks
* Enhanced credit assessment and analysis of various data sets
* Maintenance of loan records and transactions
* Proactive and automated communication
* Generation of loan schedules and statement
* Recognition and classification of delinquent accounts
* Comprehensive management information systems and dashboards.