Today, most professionals understand that automation and process optimisation are essential to managing an efficient business in an increasingly data-driven environment.
The banking and finance industries are increasingly seeing the value of investing in accessible technologies that offer higher-value through data-driven analytics and insights and improve operational efficiency and productivity. As such, it is not surprising that application programming interfaces (APIs) have become increasingly popular among lending departments looking to streamline processes, reduce administration and save time.
What is an API?
An API is an intermediary that allows multiple applications to communicate with each other. APIs are commonly used to automate data gathering and operational processes. Here are three ways API banking solutions can benefit your business:
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Automation of tasks
API banking solutions are built to eliminate time-consuming administrative tasks including sourcing online information about people and property, data entry and search ordering. This enables lending operations teams to focus on high-value activities like risk evaluation and handling special cases. The result is the ability to handle high volumes at scale without errors and respond faster to customer needs. In turn, this leads to improved service speed and quality, enhanced customer experience and minimised operational costs.
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Cloud-based practice
By nature, APIs are cloud-based technology. This means that no matter where you are working, you’ll always have integrated, time saving tech at your fingertips. This contributes to the digital transformation of your firm and allows for business continuity in a time where hybrid working is the norm.
When using cloud-based technology, it is important to acknowledge security. Many professionals have concerns about security and access to files. However, technology have evolved immensely in the last few years, and companies like InfoTrack operate within the highest Australian privacy standards, keeping your data secure, and your business moving. -
Integration of your systems with industry databases
Integrating your system with industry databases saves time spent on ordering documents, searching registries, and rekeying data. Save time with direct, automatic, and integrated connections to the industry databases you use most.
InfoTrack’s specific, customisable Lending API banking integrations are also designed to support with:
- Digitising the lending process
- Delivering search results in PDF format
- Populating data in and out of your lending or document workflow system
Take advantage of the API banking solutions on offer with a leading technology innovator, and get started with InfoTrack today.
