Top benefits of a no-code loan management system
When choosing a loan management system (LMS), there are many features your company is going to need based on the products and services you offer, business size, and traffic. There is, however, one feature your company should choose no matter your other business requirements: low-code or no-code technology. A 2021 DZone trend report on “Low-Code Development” showed that 82.3% of software professionals have used low-code platforms, and 85.4% admit that the platforms are useful for business process management.
Tech experts and industry leaders agree across the board – it’s one of the best features to look for when considering any new SaaS system. If you want to find out more about what features to look out for when choosing an LMS, read more in our blog on “How to choose a loan management system that’s right for your company”.
What is low-code and no-code software?
A no-code software solution allows users to easily customise applications, whether you have experience in programming or don’t. “While low-code and no-code platforms were designed to meet different needs for different user bases, the line between the two technologies, in practice, has become blurred,” Fixate IO representative Chris Tozzi writes for TechTarget. While a no-code solution doesn’t require you to write a single line of code, a low-code solution may require minimal lines of code.
The lack of code writing doesn’t necessarily mean you won’t require any customer support when setting up or customising your new system, but it will definitely be more logical and intuitive. Implementing and maintaining a no-code system still requires skill, although you won’t be required to write any code. No-code systems include pre-built modules that you can then customise without the need of a programming team. Features include such aspects as drop-down menus and drag-and-drop options to simplify the functions.
What are the benefits of low-code and no-code software?
1. Democratise entrepreneurship
If the only way to get your fintech product up and running is by becoming a programmer and writing code, that greatly limits the amount of people who are capable of starting a business. With a no-code or low-code solution anyone can build their own product and launch a company without needing to become a developer or hire a whole IT team. You can do more with less capital, which makes becoming an entrepreneur more accessible.
2. Increased agility
Less time spent on coding means systems are implemented and developed more quickly than standard systems. “They bring the same benefits, including faster development, more resilient solutions and the ability to quickly adapt to new requirements,” GT Software Representative Steve Hassett told Forbes. You don’t necessarily have to go with a full new system either, as no-code solutions can easily integrate with legacy systems.
3. Higher productivity
No-code systems make day-to-day changes much faster, allowing your team to get more done in less time. If your business team wants to create a new product, you don’t have to wait for your IT time to get their developers involved, and you can launch more quickly. A no-code solution can also help avoid IT backlogs of changes waiting to be implemented and bug fixes, which you’ll have less of with no or low-code options.
4. Focus on development
All of the previously mentioned benefits are directly related to your company’s pocketbook. Any time you’re minimising time to market and increasing efficiency, it leaves your business with more money and resources to spend on development and scaling your company’s growth. No and low-code systems can drastically speed up development cycles. “Flawlessly functioning products and visually appealing designs can be created in a matter of minutes instead of weeks. That’s game-changing,” Dogtown Media LLC Representative Marc Fischer told Forbes.
What are the benefits of using the no-code FIS.solutions LMS?
1. Portfolio development
Our no-code solution allows business managers to instantly change underwriting rules (decision engine parameters) to adjust for the required results, e.g. adjustments in acceptance rates. Organising a campaign? Once again the LMS allows you to quickly adapt to this heightened traffic through quick and easy scoring edits.
2. Debt collection
Easily adapt your communications strategy to fit your customer behaviour. Our no-code LMS allows you to test various strategies to find the one that works best for enabling successful debt collection. Options include editing messages, as well as adapting the notifications and reminder schedules.
3. Marketing implementation
No-code solutions allow you to easily integrate any external marketing strategies. Our LMS makes it easy to launch affiliates and brokers, which drive traffic to your website. Generate a tracking link or API documentation within clicks, our LMS doesn’t require any coding to connect your partners.
4. Contract changes
There are a variety of reasons you may have to make changes to your loan contracts, invoices and warning letters. Whatever the issue, our LMS makes it painless to make these changes. Whether you have to amend all the contracts in a specific region due to changes in legislation, or individually on a case-by-case basis, our no-code solution allows you to make these changes without needing to write code or upload any documentation.
5. New products
As your business develops, you’ll inevitably want to add new products and services. When implementing a new product, the time to market factor is the most crucial for remaining competitive. Our LMS allows you to set up a new product without needing IT team involvement. No matter how unique your product, our solutions can be customised to fit your business needs.
For over 10 years FIS.solutions has been supporting lenders, fintechs and banks with an out-of-the box, yet fully customisable loan management system. On top of the core system, the company also delivers system integration services and custom feature development. FIS.solutions has executed hundreds of projects with more than 50 global clients across a variety of sectors.
The loan management system caters to both secured and unsecured business and retail loans, including instalment loans, auto leasing, mortgages, line of credit, buy-now-pay-later, payday loans, invoice factoring and more.