SAN DIEGO – Inovatec has revamped its loan management system (LMS) to help lenders automate more of the loan servicing process and improve customer experience, the company announced Tuesday during the Auto Finance Innovation Summit.
Inovatec’s new platform, through integrations with third-party solutions, builds on an LMS system the cloud-based software solutions provider launched two years ago, Chief Executive Vlad Kovacevic told our sister publication Auto Finance News.
“We have always believed that portfolio management is where lenders actually make money, and we developed our next-generation LMS to achieve this objective,” Kovacevic said.
New features in the artificial intelligence (AI)-based system include configurable workflows and queues that allow lenders to better manage cases and search for criteria such as delinquent loan payments within any specified date range, according to an Inovatec release.
The LMS also integrates with AI and machine learning-based platform Neo to help lenders identify potential at-risk loans. Neo uses predictive scoring based on past loan performance for underwriting and collections, the release stated.
“Rather than reacting to events that are happening, we can jump ahead and talk to people preemptively,” Kovacevic said. That action “can lead to meaningful improvements, both in customer satisfaction and portfolio performance.”
LMS users can also create customized late fees, better manage balloon loan payments, and track specific securitization fields and determine if a contract is included in a securitization partner’s tranche, according to the release. The LMS also integrates with major accounting systems, allowing lenders to generate QuickBooks files automatically or manually.
The new features aim to improve customer experience when it comes to servicing loans, Kovacevic said.
“[Lenders] spend so much money originating loans and competing to originate loans and acquire these consumers,” he told AFN. “There hasn’t been a focused attention and investment on [the servicing] side to help improve that experience and [customer] retention.”
The LMS platform integrates with Solutions by Text, a platform that enables lenders to accept secure payments via text and communicate with consumers in the way they want to be reached, Kovacevic said, noting chat is also an option.
Inovatec plans to launch additional features down the road, such as the ability to receive alerts from credit reporting agencies if customers are shopping for a vehicle, Kovacevic told AFN, adding that the cloud-based system is easily scalable.
The news follows Inovatec’s announcement earlier this month that the fintech had integrated risk management platform Point Predictive‘s artificial intelligence-based software into its loan origination system (LOS) to help lenders mitigate fraud and speed loan approvals.
Editor’s note: This article originally appeared on Bank Automation News’ sister site, Auto Finance News.
