Finastra Enhances LaserPro Cloud Solution for Financial Institutions
Finastra Enhances LaserPro Cloud Solution for Financial Institutions
Finastra, a prominent global provider of financial software applications, has recently introduced significant enhancements to its cloud-based loan document preparation system, LaserPro. This update is designed to improve the efficiency of community banks and credit unions across the United States, making the transition to the cloud both beneficial and straightforward.
Since its inception, LaserPro has attracted over 75 banks and credit unions who have adopted its cloud model, taking advantage of its new features, which were implemented to facilitate a smoother and more efficient lending process.
New Features of LaserPro
Among the recent upgrades, several enhancements stand out:
1. AI Assistant: This feature utilizes Large Language Models (LLMs) from Finastra's extensive knowledge database. It assists users by providing immediate answers to specific inquiries, effectively bridging the gap between lending practices and compliance requirements. This not only saves time but also boosts overall efficiency for the users.
2. Small Business Administration (SBA) Document Management: This enhancement streamlines workflows, allowing for quicker approvals for loans under the SBA programs. It eliminates duplicate data entry, accommodates tailored requirements, and supports a variety of SBA program documentation.
3. Geocoding: By transforming addresses into geographic coordinates, this feature increases data accuracy. It is crucial for compliance and reporting purposes, enhancing risk assessments and customer insights.
4. Commercial Applications: Designed to assist financial institutions in managing commercial loans more effectively, this feature provides comprehensive loan documentation, customizable workflows, collateral management, and integration with core systems for improved accuracy and compliance.
5. Advanced Additional Provisions: These provisions refine the document management process, featuring customizable clauses, automated insertion, and version control capabilities. These enhancements collectively aim to elevate efficiency and consistency during the management of loan documents.
Migration Benefits
The advantages of these enhancements are evident as more Financial Institutions migrate LaserPro from on-premise installations to the cloud model. Notably, financial institutions can complete their migration in approximately three hours, with some even achieving it in 30 minutes or less.
Jeff Forsgren, Chief Lending Officer at Members Trust of the Southwest Federal Credit Union, highlighted the positive impacts of the cloud-based solution. He noted, “With LaserPro in the cloud, we drastically reduce our IT expenses and streamline processes through automatic system updates. This allows us to focus more on member experience through increased automation.”
The switch to the cloud enables smaller financial entities to operate more profitably and remain competitive by lowering overall costs and increasing operational resilience. The LaserPro Connect feature facilitates integration with third-party loan origination systems, enhancing performance and scalability without the need for additional servers or licenses.
Industry Response
According to Mitch Lucas, Head of Retail Lending at Finastra, financial institutions across the nation are realizing the myriad benefits of migrating to cloud solutions to compete with larger banks and alternative lenders. He emphasized that as the industry evolves, Finastra is committed to providing tools that enhance user experience through advanced back-office processes.
In conjunction with the launch of these enhancements, Finastra invites users to participate in a webinar titled “Unlock the power of LaserPro cloud to streamline your loan documentation process” scheduled for April 3rd, aimed at guiding potential users through the benefits and functionalities of the cloud solution.
In conclusion, Finastra is taking a monumental step in enhancing its LaserPro offering for financial institutions, ensuring they remain at the forefront of technological adoption while improving the efficiency of their operations.
For further details, visit Finastra's official website.
Topics Business Technology）
【About Using Articles】
You can freely use the title and article content by linking to the page where the article is posted.
※ Images cannot be used.
【About Links】
Links are free to use.