Finastra launches Loan IQ Simplified Servicing solution, designed to make managing SME loans and high-volume bilateral loans more efficient. This offering builds on Finastra’s existing Loan IQ platform, making loan servicing faster, more accurate, and easier to handle by automating tasks that were previously done manually.
Traditional loan management processes often suffer from inefficiencies, particularly with smaller loans, leading to higher operational risks and slower service. Finastra’s new solution addresses these issues by introducing a user-friendly interface that simplifies loan servicing while improving data accuracy, speeding up processing times, and reducing costs.
The solution integrates the entire loan journey—from origination to servicing—onto a single platform, allowing financial institutions to manage loans more effectively. By doing this, it enhances transparency, reduces silos, and minimizes risks. Finastra’s(Finastra launches Loan IQ) focus on Open Finance also promotes collaboration and innovation, making this solution a significant step forward in digital loan servicing.
Veena Rao, Head of Corporate Lending at Finastra, emphasized that this launch addresses a long-standing challenge in the loan market, which has been slow to adopt modern technology. This new service opens more opportunities for small and medium-sized businesses to access financial services more easily and efficiently.