Digital Transformation Metrics: Measuring ROI for Digital Transformation

To measure the success of digital transformation initiatives, businesses need to track a range of metrics that can provide insight into the impact of their investments. Here’s a look at the top digital transformation metrics to track for measuring its ROI.

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A report from Clutch shows that 45% of SMBs do not have an accountant or bookkeeper on their payroll. Most businesses rely on their accounting software and outsourced bookkeeping to keep track of their financial reporting. The choice of the SMB accounting software can lead to improved business outcomes, here’s how: 

1. Manage Cashflow

A good accounting software can help you stay on top of your cashflow. The complete lifecycle of money management can be automated with online accounting. It can help you automate invoicing, payment reminders, and provision for accepting online payments. This also makes life easier for clients, all they need to do is click on the payments button to transfer money.

You can also link bills, vendor payments and merchant accounts to make payments. In essence all outgoing and incoming payments are linked to the system. The reminders act as nudges and help clients with easy action steps to improve revenue collection. The accounting software helps you track and control expenses too with control centers. Your business can define the limits on bills and purchases in a given time period, impose checks & balances.

2. Client Management

As more organisations use automation and software for driving business, reducing friction is the key to growth. SMB accounting software is a tool that makes your business stand out. Clients can do business with you with complete peace of mind, they get your invoices with clarity and up to date records. They only need to click on the Pay Now button and all accounting records get reconciled.

Clients can receive weekly or monthly statements of accounts, balances etc. They also have integrated invoices and documents at their disposal. Many subscription based businesses can provide options for recurring payments. The client’s credit or debit card information is used for recurring payments after their authorisation. 

The use of SMB accounting software makes your organisation appear professional, makes it easier to receive client payments and establishes trust with clients. All revenue is recognised at the right time, which leads to accurate tax calculations as well. 

3. Use of Technology for Compliance

The amount of paperwork required for managing a business is fairly complex. Even if you have a dedicated team for handling the finances, it can still be overwhelming. There are looming deadlines, federal and state reports that need to be taken care of.

SMB software should help you not only automate, categorise and prepare financial reports, but also with tax filing. SMB softwares that handles end to end compliance management for companies can save a lot of trouble for them. 

Accounting software can be used for managing employee payrolls or link to third party softwares like Gusto. They also need to provide capabilities to collect data and prepare all the financial reports that need to be submitted to the IRS. The use of technology for tax preparation, filing returns and organising your finances will have a positive impact on your business performance. 

4. Dynamic Reporting 

A good SMB software helps you set-up dynamic reporting for your business. You can receive tailored reports for all your revenues, expenses, assets, inventory, accounts payables, & receivables etc.

You can create a customized workflow to set-up reminders for following up with all accounts whose due is greater than say $70,000. You can track all outstanding receivables with contact details for follow ups etc.

You can also receive reminders for important events like tax returns etc. The reports can be configured as per your needs. The details and information fields can be set-up for driving your performance goals.  

Companies can receive their monthly, weekly or quarterly reports as per their set-up. You can also add custom reports with interactive and live data in the format of your choice to be received on specific emails.

5. Global Transactions

A good accounting system provides options for reconciling banking data seamlessly. It is a must have feature to make accounting easier for clients. The smart reconciliation system that categorises accounting transactions automates bookkeeping. The ability to match, categorise and reconcile bank statements saves hours of manual labour. Once the bookkeeping data is reconciled upto date, the software can generate all the required financial reports. 

SMB accounting software needs to link with third party payments gateways for receiving and making payments from the system. A flexible system offers choices to its clients for using different third party gateways as per their choice. 

A business that accepts payments from clients overseas can make and receive payments across the globe with payment gateways. Accounting softwares can help businesses with easy set-up that can help them transact internationally and reconcile the ledger automatically.

6. Business Outcomes 

The SMB accounting software is most useful for driving key outcomes that add great value for the organisation. Financial automation is not only desirable, but paramount to the success of a business today. 

The key business outcomes for every business can be defined as:

Reducing the time for reconciliation and preparing ledger by 80%
Increasing payments collection by 50% with the use of automated reminders and automated payments.
Set-up recurring payments for increasing revenue by 30%
Reduce management time for accounting, bookkeeping and tax returns by 90%
Reduce costs for compliance reporting and accounting by 70%
Achieve financial goals of the company by the end of the year 

SMB accounting software is a valuable asset for organisations today. It resuscitates the organisation & helps them achieve their key business outcomes by defining measurable financial metrics for them.

Kreyon Systems offers end-to-end SaaS accounting solutions. The solutions are geared for bookkeeping automation, compliance & financial reporting. If you need any assistance, please get in touch.

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Enterprise software development has undergone a paradigm shift in recent times. Companies prefer to drive their key objectives using software products and services. In this outcome driven economy, the most important metrics are measured and expected results well quantified.

Companies are seeing a surge in growth & demand for tools to operate companies in the virtual space. As per Bloomberg, enterprise software companies, which are into software products or services for businesses, attracted $30.42 billion from investors. According to Gartner, enterprise software spending is expected to be $507 billion in 2020.

As businesses around the world are looking to up their digital prowess, enterprise software offers potent ways for organisations to improve. Whether it is sales, marketing, operations, employee productivity, communication and overall performance goals of an organisation, enterprise software can help them become self reliant, digital and nimble.

Here’s a look at some of the areas for enterprise software development that can provide companies measurable results.

1. Outcome Driven Models

The outcome driven models are organisational objectives that the company sets out to achieve with an enterprise software. For e.g. a bank wants to disburse loans within 10 minutes for its customers and digital tools help them achieve that with ease. The traditional model may take upto several days to accomplish this.

The intended performance metrics can set the tone for the enterprise software tools. The top requirements from the software are expressed in terms of metrics. Some of these metrics could be:

a) Reduce average Inventory time of items by 10%
b) Measure & improve Employee Performance by 10%
c) Measure & improve Customer Service by 10%
d) Improve order processing and lead times by 10%
e) Reduce time for business approvals by 10%

2. Employee Engagement & Performance

Remote work is now part of the norm for most companies around the world. The remote workers are spread across locations. It becomes pivotal for organisations to use tools where they can unleash and bring out the best from their employees.

Enterprise tools and softwares can help employees stay on track. They can provide them daily insights, capture important project notes and help them work virtually without compromising on their productivity. For e.g. employees can work with automated time-sheet systems to bill their time for projects. The average time per week on a project, milestones completed on time etc. The teams can also see combined progress and their individual contributions using these tools.

3. Finance & Accounting

The statutory reporting requires customisations and changes for organisations almost every year. The changes in regulations, new compliance reports and programs need constant changes to business accounting practices. Companies are looking for softwares that can help them improve their financial reporting as well as performance.

With enterprise software, businesses can improve their finance and accounting considerably. The customisations can be done as per industry type and business models of customers. Companies can work with enterprise software companies that can help them prepare their accounts end to end.

Accounting and bookkeeping for businesses can open doors to new opportunities for them. For e.g. recovering customer receivables in time, automating tax payments, payroll, and payables can improve the bottom line performance for a company. The cashflow can be optimised and proactive alerts set-up for smooth functioning of an organisation.

4. Data Driven Business Opportunities

Data doesn’t lie. Organisations that are driven by data are more likely to be successful in the long run. As per Mckinsey, data-driven organizations are 23 times more likely to acquire customers, six times as likely to retain customers, and 19 times as likely to be profitable as a result.

Organisations that use enterprise software and data at the core of their business are highly likely to be successful compared to their peers. For e.g. the data from finance and accounts can be used for preparing the management goals for the next financial period, it can be used to explore new business opportunities and patterns.

The data driven business is constantly learning and improving its operations. The machine learning models can be used to study data patterns inline with the organisational objectives. It can point out areas for cost optimisation, for e.g. reducing inventory time for items that move slowly and are expensive. The marketing can be improvised using the best matches to achieve the right segmentation.

5. Relationships Management

An enterprise software product can be used to maintain relationships with customers, employees, vendors and other stakeholders. A data driven approach to building and maintaining relationships for a business provides the best returns for it. When organisations build their models based on loyalty from partners, they can form long lasting impact. For e.g. customer credit can be extended based on organisational criterion & loyalty scores.

Companies can analyse their best customers, average time for customer payments, deal size and loyalty scores using software automation. They can also analyse the best employees, the most profitable projects and best deals from vendors etc using software.

The right enterprise software can help organisations improve their workflow, productivity, data management, customer service, relationships, operations and bottom line.

Kreyon Systems is an enterprise software development company building solutions that improve the bottom line for its clients. If you have any questions for us, please get in touch with us.

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As per Statista, the equipment rental business in the US alone is projected to be $54.36 billion in 2019. By 2021, the equipment rental business is forecasted to be $59.4 billion.

The equipment rental business is quite huge and growing at a steady pace. The construction and machine rentals are transitioning their business models. The automation of leasing equipment and use of subscription based models are hailed by rental companies.

The leasing companies specializing in equipment rental & services business are unearthing great competitive advantages with automation. Here’s a look at some of the cues.

1. Organise Equipment & Inventory

All equipment and inventory items can be tagged and automated using software. Accessibility of inventory items and equipment with accurate data is extremely important for smooth operations of rental business.

With a centralised inventory of all items and rental equipment, the business can be operated from anywhere. The insurance details, rental status of equipment, customer details, and availability of items can be tracked real time with automation.

2. Accurate Asset Tracking

The assets are the backbone of any rental company. The ability to track assets and equipment in realtime, knowing their exact location and condition can be made possible with automation software.

With automation the rental companies can locate their assets with GPS systems. The equipment utilisation, rental history and maintenance etc can be conducted through the software.

Rental companies can save a lot of time and money by using automation for tracking equipment, replenishing and servicing them as per the needs. The demand forecast can also be done accurately looking at the previous data trends for leasing and rentals.

3. Flexible Booking of Equipment and Services

The rental companies can provide easy to use portals for customers. These sites can be accessed  by customers to book equipment and services they need. The subscription model options can also chosen as per the customer preference. For e.g. car rentals can have daily, weekly or monthly subscriptions. 

The customers can also accept and request change in the leasing terms for equipment. Customers can also get discounts, check availability and get the equipment they need anytime. The security deposits and other terms can also be mentioned by the rental companies before renting the items.

4. Operational Data & Reports

The use of automation in rental business creates a trail for every transaction. Companies can see the list of their customers, their bookings, rental history, payments to date, leased items etc. The operational data can be used by the companies for better planning and management.

The key performance metrics for the rental business can be tracked by companies. The financials, pricing decisions, demand forecasting, utilisation of items etc can be done with the help of the software. 

The management can also schedule reports for the day, week, month etc as per their requirements. The daily bookings, revenue collection, and rented items can be reported to the management.

5. Invoicing & Recurring Contracts

An online system can make revenue collection for rental companies coherent. When an equipment or inventory asset is let out on subscription basis, the customers can choose weekly or monthly payment options. The payments are deducted on recurring basis. The automated system helps in managing the invoicing, payments and recurring contracts for customers. 

The system can also send automated invoices to customers when payments are deducted from their accounts using online payment gateways etc. The online processing of payments and subscriptions makes business operations effortless. 

6. Reach More Customers

Automation helps a rental company to organise business operations and reach out to more customers. With an online booking system, the rental company has access to customers across locations and round the clock.

The customers from remote locations can also book equipment and services. If rental company has more than a single location, automation becomes even more beneficent to manage business across locations.

All the customer data is available online with automation. Companies can make use of this data for offering discounts, build long-term relationships with customers and market other products to them.

7. Accounting & Compliance

By using an automation system for rental business, the accounting needs of the organisation can be automated too. The revenue generated by the renting of equipment and services can be tracked online. All invoices and customer payments can be reconciled by the system automatically.

In addition to this, the system can also track all expenses, equipment purchases, maintenance, inventory items, services and other items required for accounts. The system can give glimpses into the performance with detailed accounting reports etc. The credit follow-ups, aging reports, account receivables and payables etc can be integrated into the equipment rental software.

The system has all the data with automation to prepare the necessary compliance reports for accounts etc. These reports can be filed with the tax authorities.

Kreyon Systems works with equipment rental and leasing companies to  deliver automated platforms for managing inventory and business processes. If you have any questions or need assistance with equipment rental business automation, please get in touch.

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Digitisation has changed the way people work. It has also affected the places where people work. Coworking spaces have been on the rise in the past few years, and many commercial realtors feel as though coworking spaces make it even harder to find new tenants.

Coworking spaces can actually be a source of revenue and new tenants for commercial realtors! Being a hub of up and coming businesses that would be perfect fits for their spaces.

Winning over new tenants from the coworking world can be a tough sell, and attracting coworking spaces to your vacancies may seem impossible.

Commercial realtors looking to take advantage of coworking spaces can expect to find some real deals, if they know how to sell their spaces.

Whether you are looking to win over tenants from coworking spaces, or find a new coworking tenant of your own, this list will help you stand out from other commercial realtors faster than ever.

Here we look at how digitisation is impacting coworking spaces and helping property owners to find clients.

Digitally Sell & Rent Your Space

Coworking spaces have sold themselves as the hip places for young business professionals to be. The online portals are now driving majority of sales and rentals for real estate properties.

Commercial realtors have slowly started to embrace the ways they can sell their spaces to new tenants.

With the digital marketing technology available, commercial realtors can step up the way they sell their spaces, and can help them shed the image of boring working spaces.

When staging a space, with the idea of capturing coworking businesses in mind, you should stage your space to be as modern and make it as inviting as possible.

Staging commercial spaces can be easy Having Modern and clean spaces make it more appealing to those tenants from coworking spaces, and the spaces themselves.

The standard coworking space is staged like this:
Clear desks
White walls
Natural light
Exposed ducts/walls

There are tons of upgrades you can make as well to make your space more appealing to coworking spaces. More on that later.

But it takes more than staging a space to get buyers, and digitally advertising your space is a must in this day and age. You can also create a real estate portal or list on one to rent your space.

You can do the following to creatively sell or rent your space on digital platforms:
Virtual Tours
FB Live Walkthrough
Drone Photography
Panoramic Views

Using stellar photography, and going the extra mile to offer virtual tours, walkthroughs or panoramic views, is a great way to attract buyers and tenants, who might not have the time to take a tour of your property in person!

Coworking Amenities

Coworking spaces are popular, the amenities they offer to their clients make a big difference in attracting tenants and buyers.

A standard coworking space offers the following
Coffee and Snack bars
Printing Centers
Lighting

No matter if your space is offered for a tenant, or the coworking spaces, break rooms are essential.

It’s hard to imagine any business space that doesn’t have coffee. Or how much business would get done without it. Offering a space for coffee, or even offering coffee supplies is a great way to set your commercial space apart from the rest. Kitchenettes, breakrooms, and coffee bars are great way to build morale and help coworkers feel more social.

Another business necessity is printing centers, with great high quality printer included. For winning over coworking tenants, or the spaces you need to have adequate layout and options for high printing volumes. Having a seperate room or the printing center would be ideal so office workers don’t have to constantly hear the whirl of a printer.

Having access to windows and lighting will help set your commercial real estate apart, and set a modern feel for your space. In fact, they have proven that having better lights is ideal for a better mood. The brighter space will help tenants feel that your space is modern, and in turn, will make them more likely to rent.

Upgrade Your Space

Any modern commercial real estate property should have the following:

High-Speed internet/ Fiber Optic
Security Features
Upgraded bathrooms

Access to high-speed Internet is critical to your tenants’ business operations. Fiber-optic Internet carries a significant advantage above regular high-speed broadband with increased consistency, speed, and bandwidth. Wireless internet is needed in any business, but offering fiber optic internet is a way to grab you clients attention. Having the highest internet speeds available can help clients with a lot off user (like coworking spaces) or software companies.

Security features such as alarms, locks and outdoor lights will help tenants feel safe, especially if they have to work late night in the office. A security guard will go a long way to boosting your safety features. Adding camera and lighting will help tenants feel safer.

Make sure you know if there are any other security risks to your property, such as poorly kept landscaping, or broken lights that may put tenants at risk. You can keep your parking lot safe by adding a security fence, and motion activated lights.

Updated bathrooms are also a great selling feature especially in a corporate setting where they are shared. So updating the bathrooms to have some modern finishes and lighting will see a higher return on investment.

Having an upgraded property will help you secure tenants faster, and for higher amounts.
Summary
In order to win over high performing coworking spaces, you should make sure to optimize your commercial spaces to attract them.

Making these changes to your spaces will help you win over the coworking spaces, and find the right buyers and tenants.

Digitally Sell Your Space: You can use some creative advertising and staging to create more interest from coworking spaces and tenants. Some creative advertising avenues includes: Virtual Tours, FB Live Walkthrough, Drone Photography, or Panoramic Views.
Coworking Amenities: Offering the top of the line amenities to your coworking space or tenant is a great way to peak interest in a space that other commercial real estate does not offer. Add the following to your spaces and offer these amenities: Coffee and Snack bars, Printing Centers, Lighting
Upgrade your spaces: Having the most up to date and upgraded properties will make you a top contender for new tenants and coworking spaces. You spaces will need to have the following upgrades: High-Speed internet/ Fiber Optic, Security Features, Upgraded bathrooms.

How have you won over a coworking space or tenant?

Author Bio:
Catherine Way graduated from Michigan State University with her Bachelor’s of Advertising with a specialization in Graphic Design. She spends her free time finding new ways to talk to people, through writing, designing, dancing, and more. You can see her latest creations here.

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Real estate companies like most other businesses are now relying on technology for operations. The digital transformation of real estate is moving at a rapid pace. Online buying and selling of homes, rentals for properties is driving these changes.

As per Forbes, 95% of buyers use the internet to look for homes, and 51% buy homes that they have found using the internet. Apparently majority of the people are choosing online options for buying, selling & renting their homes. The digitisation of real estate is creating transparency in property deals, facilitating easy access to property buyers, tenants & making things easier for the agents.

Here we look at how real estate companies are undergoing digital transformation:

1. High Quality Virtual Tours:

The digital technologies have made it easy to create high quality virtual tours for the properties. Real estate companies are creating dynamic portals with the property listings and virtual tours. These virtual tours provide 360 degree view of the property and its surroundings. It is as good as viewing the property on the site.

Users can mark properties as favourites, take virtual tours and even compare various property listings. These technology enabled tours enable a wider range of property portfolio for agents and real estate companies.

2. Google Maps:

One of the most fascinating developments around the real estate is Google maps. Today the advancements in mapping allow you to virtually visit the house on your device. The street views, vicinity, nearest landmarks and the property are all mapped with very high accuracy. The street   view of the property is where you can take a virtual ride and walk around the property you want to buy or rent.

The real estate portals with advance mapping capabilities allow users to choose regions via markers. All properties in a given location can be listed as per user preferences. These capabilities allow advanced property selection for users. So, you can locate properties in a chosen area of your choice.

3. Smart Home Automation:

The smart home automation is growing fast, more and more homes are now equipped with automation systems. The smart home automation allows sensor based locking, remote locking systems, light control and even tours without anyone at the property. The IoT based systems allow people to show their properties remotely without involvement of agents to be present at the site.

4. Quality listings with IDX:

The internet data exchange allows real estate companies to manage quality property listings up to date with real time information. The IDX data can be integrated on your real estate portal to display the latest property listings. The multiple listing service allows real time data from multiple agents and companies to be exchanged real time.

This data is useful for displaying a wider range of properties with up to date details about property, its past transactions, official records and other details.  The quality IDX listings ensure that you reach a wider range of customers and manage your real estate services online.

5. Instant Valuations & Estimates:

The real estate companies are now offering instant valuation services with real time IDX data. Many companies use online tools for estimating the value of a property and provide quick estimates to users. The online estimates for property are improving all the time.

The property inspections and site valuations can also be requested by users online. The real estate company can get leads and enquiries for valuations, which can then be taken up by valuers to provide valuation report for the property.

6. Public Data & Quality Indicators:

The real estate companies can now manage quality indicators for properties using the online data and aggregation tools. Some of the key quality parameters that can be tracked for property are as follows:

i) Walk Score:

The walk score indicates whether the property has a walking space and its quality. A high walk score is a good sign for those who want to go for walking and aerobic exercises etc.

ii) Greenery & Surroundings:

Another quality indicator is the greenery and surroundings of the property. The greenery score and surrounding areas can be evaluated by users before they opt in for the property.

iii) Nearby Locations:

The nearby locations can be used to find out the nearest schools, gas stations, shopping malls, gyms, restaurants, parks and other points of interest.

iv) Land Records & Registration details:

The digitisation of land records, ownership details and previous registration details etc can be availed using MLS listings. The property records are getting digitised, which will increase transparency in property dealings further.

v) Median Sales Price & Value Score:

The average sales and rental values for regions are available with online real estate portals. The value trends for property for historical data are also available. In short, the value score for investment in a property can help the customers to buy the property to maximise their returns from it.

7. Mortgage, Rent or Buy Options:

The online portals offer tools to suggest the best options based on your current incomes, loans needed for buying or renting property, availing mortgage loans, EMI options, value investments etc.

The online real estate platforms can perform the role of automated advisory based on the data inputs. It will be able to tell you whether you should go for a rental home or buy one based on your income, current liabilities and other goals.

8. Real Estate Advisory, Leads & Services:

The real estate portals offer a convenient way for customers to avail services from real estate companies. Whether you’re looking for a luxury home for your family or an investment for maximising ROI, real estate companies can now use technology for assisting their customers.

The valuation requests, home value added services, maintenance and advisory can all be driven with online real estate portals. Real estate companies can organise their contacts, leads for properties and services from the portal itself.

9. Real Estate business:

The administration of real estate business can be done quite effectively with a dynamic real estate website. The multiple data sources can be aggregated to create an integrated portal with all property listings for rentals and sales.

The data for agents can also be organised. These agents can also get leads from the integrated property portal. For e.g. if an agent lists the property on a portal and customer makes an enquiry, the lead will be routed to the agent. The real estate company will also have centralised leads for all properties.

The real estate software solutions on web and mobile are creating new business opportunities.

Conclusion:

The marketing, communication and administration for real estate business can be driven with an integrated web platform. The new developments and technologies offer great opportunities for real estate companies to win their customers and generate more business.

Kreyon Systems is a software company with global real estate expertise. If you are looking for any assistance for creating a property site for real estate, please get in touch with us.

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Wealth management companies are looking at digital avenues to engage their clients. The industry is changing rapidly with the advancement of Fintech start-ups. The consumer demand is driven by the digital technologies. The wealth management companies are revamping their offerings in line with the changing consumer trends and demands.

According to a Royal Bank of Canada Survey, 82% of high-net-worth individuals in Asia Pacific expect their wealth management relationship to be conducted entirely or mostly through digital channels, while 83% of them said that they are far more likely to leave wealth management firms that cannot offer an integrated digital and direct channel experience.

Here we look at 10 ways in which Wealth management companies can use digital platforms for engaging their clients:

1. Subscription based portfolio management :

With an online platform for wealth and portfolio management, clients can do a self registration on the portal. They can set-up their account seamlessly and get the latest insights on portfolio management. Experts from wealth management companies can engage with clients on one to one basis based on their portfolio, investments and present them with right opportunities for growth. The companies also charge a nominal fee for offering wealth management as a service.

2. Wealth management Insights & Analytics :

When clients are registered on the portal, the wealth management companies can analyse patterns of data. They have access to data and information that allows them to compute ROI across sectors, clients and locations. It helps them present clients with the best investment opportunities, present them with concrete reports and customised portfolio services.

3. Knowledge Center :

Knowledge center allows companies to educate their clients on financial matters. The organised way of sharing information, investment tips, webinars etc can be achieved through knowledge center. The knowledge center allows companies to share articles, infographics, white papers, audio podcasts and videos with the clients. The clients get organised information for finance with this service.

4. Ecommerce Portal for Allied Products & Services :

Good marketing is driven by customer needs. The wealth management companies get all information about clients that helps them come up with customized products and services for clients. These companies can make suggestions based on clients’ financial goals, investment horizon and current investments. The companies can sell their products and services through integrated ecommerce portals, which is only accessible to the members. Tax planning, consulting, returns filing, mutual funds, real estate, & other products can listed on the portal.

5. Financial Planning and Goal Tracking tools :

The portfolio management portal gives clients the necessary tools for financial planning. It also prompts them to take actions to meet their goals. The clients also get to see whether how they rank against others on the portal. For e.g. whether they are doing average, above average, among top 10% etc. The portal is an essential tool for urging clients to take the best route for securing their financial future.

6. Financial Lockbox :

The financial lockbox is a digital locker for organising all important documents. It is a highly secured way of keeping your financial documents in digital form with you. All investments like real estate documents, bonds, provident funds etc can be stored here. The financial lockbox provides accessibility for important documents as and when needed.

7. Seminars, conferences and events :

The wealth management company can leverage digital tools for interacting with the clients. The portal allows them to invite clients for seminars, conference and events. The personalised invitations are sent to all members on the portal. These members can confirm and attend the events. The planning and logistics are simplified using wealth management portal.

8. Realtime Communication :

The portal gives tools to clients where they can interact with portfolio management company realtime. They can chat, message and communicate through video conferencing tools on the portal. The wealth management companies typically have support and administrative staff looks into these matters. This increases client engagement and also opens up good business avenues.

9. Build Members Community :

The wealth management companies are able to build their member communities using the online portal. The members registered on the portal help these companies create organised groups and meet-ups. The portal helps create online and offline interactions, events and builds up a strong community of like minded people.

10. Improved Market Share :

The digital acquisition and servicing of customers gives the wealth management firms a significant advantage. These companies are able to improve their reach across locations using technology and also retain more customers using digital tools. The omni channel interactions, digital marketing driven by analytics & improved client engagement lead to improved market share for companies. Digital wealth management makes life easier for wealth management companies as well as their clients.

The wealth management companies are leveraging digitisation to offer their products and services. The high net worth clients & young age investors are particularly digitally savvy. An integrated wealth management portal can help clients to dynamically track their financial health at one place, learn about investments, savings, loans, lending management system etc. It enables them to make healthy choices for their future.

Wealth managers can use digital capabilities to create compelling opportunities, improve their outreach and win greater market share. Innovation in software development is helping wealth managers to reach more customers than ever before using technology.

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Any consumer facing business is never far away from disruptions. The financial industry is one undergoing rapid upheavals. The way financial institutions and banks are lending money to their customers is now driven by digital systems and loan management softwares.  Apart from the traditional financial institutions, there are numerous peer to peer lending platforms creating consumer centric solutions. Here we look at some of the changes that are creating a positive transformation in the lending industry:

1. Peer to peer lending :

The rise of digitisation has given way to online lending software. These platforms are built with consumer centric approach. The consumers can register on the platform and start applying for loans. The verification of the borrowers, eligibility documentation and credit score are calculated with transparency.

2. Faster Loan processing :

With a lending management system, the borrowers can submit documents with ease, check their own credit scores and also track the status of loans. The digital lending platform essentially automates the process and ensures compliance for the borrowers. The digital lending platform tracks and prompts borrowers to submit required documents and fast tracks the loan processing times.

3. Manage various Loans and Documents :

Managing various loans and documents for them can be quite cumbersome. With an online lending platform, the financial institution can specify the required mandatory documents and necessary fields for loans. For e.g. agricultural loans will have different required documents than commercial loans. The borrowers can choose the type of loan based on their needs, the platform then tracks the documents etc to complete the process.

4. Underwriting Proposals :

Creating underwriting proposals is a tedious task. The digital lending platform can create automated underwriting proposals based on the documents and mandatory information submitted by borrowers. The system automatically generates an underwriting report for the lender’s assessment of the risk, insurance value, loan particulars etc. The letter of intent, executive summary and underwriting proposals are all generated by the platform.

5. Multiple Lenders :

With lending software solutions, the financial institutions or private equity firms can have multiple lenders. The lenders can register themselves on the platform and set their criterion for loan disbursement, loan types, eligibility conditions and repayment terms etc. The lenders can also get to see the details of the borrower applications, documents etc on the platform & communicate with them.

6. Algorithmic for Best Fit :

The digital lending platform can have multiple lenders, borrowers and loan criterion. When a borrower loan application is submitted, the system matches it with the best fitting lender. For e.g. if the borrower has required income tax returns, good credit history and completed all eligibility documents, the lowest interest rate, best lending terms will be available. However for unsecured loans, higher interest rates may be applicable.

7. Collaterals and Agreements :

When the borrower application is processed, all required documents and collaterals for loan disbursement are also digitized. The digital document management ensures that the financial institutions can organise everything in an online repository and make the process seamless. The agreements between borrowers and lenders are available in their accounts along with other documents, collaterals etc.

8. Repayment Schedule :

The loan management software also tracks the status of repayments. When a borrower submits repayment, the loan particulars are updated on the platform. Automatic alerts and messages for repayments are sent to the borrowers. The repayment mode and schedule can be configured in the loan terms. It can be weekly, biweekly, monthly or quarterly as per the specified agreement terms.

9. Monitoring & Administration :

The financial institutions can organise workflows, track pending action items and drive complete operations using digital lending platform. The platform can manage loan applications, lending agreements, payment collections, defaults, interest earned, etc. and summarise things according to preconfigured workflows. The system summarises key activity on the platform to make administration seamless.

10. Customer Experience and Branding :

The leaders in any industry are prompt to understand the needs of their customers. The consumers are looking for ease and convenience in getting things done. The best financial institutions are eager to leverage digital solutions to improve their customer experience and offer them the best solutions.

Digitisation is causing many changes in the financial industry. Lending and borrowing is now seen as a digital service. The way loan applications are initiated, processed and serviced are changing with the digital platforms and software solutions. The on demand service economy is transforming financial institutions and lenders. Banks and finance companies are reimagining their products and services for the digital economy. The customers are the real beneficiaries of these changes.

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