If your financial institution extends lines of credit to your customers, you know how difficult it can be to keep track of the information associated with these types of accounts. You can reduce the amount of stress associated with open credit lines, and streamline your handling process, when you make the decision to invest in a specialized software program.
Here are three things that you should be looking for when shopping for the right line of credit software program for your financial institution.
1. Built-in calculation capabilities.
Providing quality customer service to those who have received a line of credit through your financial institution is essential. Unfortunately, customer service inquiries can be time consuming. If you want to reduce the number of credit-related calls you receive each day, look for a software program that has built-in calculation capabilities.
When your software program displays payoff amounts and available credit limits on-screen, your customers won't have to call and ask for this information. This frees up your financial representatives to complete other tasks that are vital to the operation of your business.
2. Variable rate capabilities.
Calculating payments amounts can be a challenge when your credit lines feature variable interest rates. To ensure that your customers are always receiving the most accurate information regarding their credit accounts, the software program you purchase should enable you to update interest rates on a daily basis.
By simply changing the interest rate in your program's settings, you will automatically update payoff amounts and minimum payment amounts for each of your credit customers. A software product with variable rate capabilities allows you to more efficiently and accurately manage the lines of credit extended by your financial institution.
3. Supported by multiple browsing platforms.
Your customers utilize many different Internet browsing platforms to access their account information. If you want to eliminate problems with accessibility in the future, you need to invest in a software program that is supported by multiple browsing platforms.
Taking the time to ensure that your software program is compatible with as many browsers as possible will allow your customers to easily access their line of credit information, no matter what type of device they may be using to log onto your financial system.
Having the right software program in place plays a crucial role in helping you effectively manage the lines of credit you have extended to your customers. Look for a program that features on-screen calculations, can handle variable interest rates, and is supported by multiple browsing platforms to give your customers the best service possible.