August 7, 2022

Tips for Creating Commercial Loan Software

My clients and partners frequently ask me how to successfully integrate a Commercial Loan Servicing system into a finance company. As a result, I chose to write this article to discuss the benefits of the commercial lending solution as well as the implementation timeline.

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Benefits of Commercial Loan Servicing Software

Before going over the advantages, let’s define what a commercial loan system is. 

It is a piece of software that is used to manage all loan activities, including computations, credit reporting, tracking, fund processing, and risk management.

Commercial lenders gain from employing lending systems for the following reasons:

  1. Acceleration of decision-making. 

Simplifying work, reducing decision-making time to seconds, attracting customers through work efficiency, and gaining a substantial competitive advantage by combining all information and functions into a single tool – a commercial lending platform.

  1. Prediction accuracy has improved. 

Due to the use of sophisticated scoring solutions, it is possible to identify applicants with a high default likelihood and those likely to repay the loan. 

AI-driven solutions allow you to create an endless supply of scoring models based on your previous data and parameters.

  1. Exceptional adaptability and customizability. 

Using a single commercial loan software system to combine analytics and reporting, built-in scoring, computation, multichannel, CRM, onboarding, payment modules, and security. 

Current commercial lending systems are adaptable and customizable to meet the demands of every organization.

  1. Maximization of profit 

It leads to reduced application processing time and automation of the complete commercial loan process, including report and statistics development, historical data collecting per customer, dashboard updating, document generating, and more.

  1. Improved client service. 

This is achieved by providing a variety of communication channels, introducing AI-powered chatbots, providing personal accounts, creating a mobile-friendly website, and collecting user feedback to identify difficulties, the overall customer experience, and customer onboarding.

A roadmap for the development of commercial loan servicing software

To maximize earnings, the basic process of building loan servicing software should always involve the team and the client. 

The following are the stages of project development:

Concept and strategy 

At this point, a client contacts the development firm. 

The software solution’s vision, financial expectations, and client feedback are all discussed, and project goals are set for the future development of ideas into software.

Estimation and concept creation for projects. 

A group of business analysts, project managers, and developers with banking and financial experience develops a project concept, estimates costs, identifies needs, determines team size, and creates a project roadmap.

Design and development. 

Using Agile and/or Scrum methodology, this stage encompasses the creation of the future lending solution, including the backend, API, software, and its integration.


Software quality validation via QA testing in order to identify and resolve any faults and issues and produce a high-quality solution.

 Installation, support, and upkeep. 

After the software has been launched, give the following maintenance and support to the client: bug fixes, updates, integration with third-party software, and so on.

The processes listed above demonstrate that commercial digital financing is a complicated system. It’s critical to discover a dependable development team and lend technological experience capable of executing a successful project. A development company should use the latest technologies and launch solutions with a variety of deployment ecosystems to generate successful and efficient commercial lending software.