It has never been easier to implement cloud-based software to improve your wholesale financing business. Long gone are the days of heavy infrastructure changes and extended negotiations. Banks and manufacturers looking to implement improved software can now find off-the-shelf solutions that can be installed in just weeks or months, with the ability to customize features where needed.

Cloud-based software removes the need for physical hardware and expensive servers in favor of centralized systems, letting your business scale at its own pace with lower operating costs. They also often include better analytics, improved customer experience, and flexible add-ons.

1) Understanding Your Current Pain Points and Business Needs

Are you struggling to grow your business and offer credit to dealers? Are back office operations creating expensive bottlenecks, such as audits or risk monitoring? Identifying where your lending business can improve processes or find opportunities to grow can help determine the appropriate software solution to pursue. Additionally, include all relevant stakeholders and potential end users to solicit appropriate feedback.

2) Research and Choose an Experienced Provider that Fits Your Needs

There are a wide variety of potential solutions available to banks today. However, banks should be prudent in selecting a vendor that understands the unique needs of floor plan finance providers. In the long term, attempting to piece together various systems can create risk and complexity versus finding the optimal partner.

3) Evaluate Options and Customize Your Solutions

Carefully weigh different options and features to ensure your predefined pain points are met by the software. Banks should work closely with the vendor to customize any features and ensure compatibility with existing loan management systems. Look out for details like flexible underwriting functions, automated back office operations, real time monitoring and comprehensive security controls.

4) Implement, Train and Socialize

Work with the provider to integrate the software into your systems and ensure seamless processes. Keep open dialogue with the provider to keep on track. At the same time, work with them to provide training to daily users to squash any potential problems before launching. These stakeholders will help drive adoption and the success of implementation.

5) Monitor and Grow Over Time

Once the software has been implemented, review reporting and feedback from users to ensure it is helping your business. Have synergies and other efficiencies been established, or are there still pain points to continue resolving with the vendor? Leverage analytics and customer support provided by the vendor.

If you have a portfolio and are looking to upgrade how you operate, consider contacting our team of experts today to learn more about the best technology solutions for your inventory financing needs. We are proud to work with Sopra Banking Software to offer a comprehensive, trustworthy, and user-friendly loan management system.