Like the brick house vs. the straw house in the story of the three little pigs, the size of a bank used to matter the most when rough times came to pass. Having the sheer size and stability of associated regulatory protections, according to a recent article by Forbes, used to offer great protection from marketplace disruptions.
The dawn of the information age has made enduring disruption far more difficult. Fast-moving technological advances, fiery new start-ups and challengers in the banking and FinTech spaces, working out how to support new asset lifecycles, sudden growth, and recent pendulum-swing changes to the current “normal” mean traditional features of a previously safe lending operation can quickly become a liability without flexibility.
Fortunately for wholesale lenders of all sizes, you no longer have to be a giant to help your operations to withstand disruption. No matter your size, investing in a flexible wholesale finance platform helps you to future-proof your business with 4 operational benefits:
1. Customer service – Providing a dealer and supplier self-service portal can take away the stress of making manual updates on your side. You can reduce your administrative burden by allowing dealers and suppliers to initiate funding, make payments, manage their accounts, and access key data from one unified dashboard. Also, having the extra resources to deliver the right level of customer self-service at the right time can massively improve your customer service quality and response speed.
2. Operational efficiency – Say no to slow workflows, confusing process steps, and unclear statuses on funding applications. Customizable workflows allow you to focus on what tasks are most important while providing a holistic, transparent view of dealer performance for all parties.
3. Reporting – Comprehensive data analysis relies on being able to track and record trends and developments over time. Deep, meaningful access to all operational data is a key benefit of using a focused software solution with built-in reporting and analytics. Data, including all historical data, can be made available to each user through a variety of means, including standard and customizable reports.
4. Comprehensive risk management – All lenders want to avoid risk. You can do this far more easily with automation. Key risk items can be prioritized with an automated, rules-based collection workflow and user-driven watch list. You can also use these rules to watch out for additional risk factors such as supplier repurchase, product type, and inventory condition to fit your unique business needs – and adjust them to your needs over time.
Futureproofing your wholesale finance operations
Not being able to innovate in the face of market disruption can quickly stifle a successful operation. Competition has never been more fierce. And for wholesale lenders, there’s a balance to be struck.
Recent times have taught us all a personal and professional lesson in thinking past stability is enough to hold out against challenges. The reality is that without the significant technological innovations, navigating the pandemic would have been impossible for many businesses across all industries. Adaptability and scalability remain critical.
With Solifi’s Wholesale Finance software, you can achieve maximum automation through high configurability and get a 360o view of your business, from the portfolio level all the way to the individual dealer. It features strong risk management, full credit line flexibility, trend analyses and forecasting data, intuitive processes, and – as a bonus – is easy to implement and user-friendly.
Read more about Solifi Wholesale Finance and find out how we can help your business to look at how to thrive over just survive.