GOLD LOAN MANAGEMENT SYSTEM: FEATURES YOU SHOULD CHECK FOR

The recent harrowing pandemic has taught us that it is indeed the survival of the fittest. People were forced to be confined to their homes. Work from home, lockdowns, online classes, limited social interactions, etc became the new normal. With many restrictions in place, people started exploring online channels to fulfill their needs. Almost everything could be delivered to your doorstep. People started discovering and expecting a seamless online experience. Banks, schools, offices- all came right to your screens. Companies that have adapted as per customer needs, expectations, and preferences have survived. Given the tremendous popularity of gold loans, gold loan companies, too, are constantly upgrading themselves to provide the best rates on gold loans as well as the best gold loan features.

A Gold Loan Management System acts as a single platform for customers to apply for gold loan and also check out gold loan features, gold loan tenures, etc. Lenders are offering customers a delightful digital experience by constantly upgrading and updating their systems.

What is a Gold Loan Management System?

Simply put, Gold Loan Management System is an integrated platform that includes a Gold Loan Management software that handles

• loan application processing,
• Loan approval and disbursal,
• loan ledger,
• amortization chart,
• customer information and KYC details
• gold details,
• interest schedule,
• charges
• renewals and reminders

This helps the lenders of gold jewellery loans in monitoring, collection, reporting, closure, auction procedure, risk analysis, and more with regards to the gold loans.

Features to look for in a Gold Loan Management System

As mentioned earlier, the more robust and efficient a lender’s Gold Loan Management System is, the better the customer’s online experience. Precise and reliable information is the key to acquiring and retaining customers. Customers today are looking for a personalized approach from the lender when they apply for a gold loan.

So, here are some of the key features to look out for in a new-age Gold Loan Management System (GLMS):

• Customer Record Management: Customer information is key to developing better gold jewellery loan products and services. Customer Record Management accurately stores all customer information in one place. Customer details such as credit history, CIBIL score, KYC and contact details, pledged gold details, past and ongoing loans, payment history, EMI and interest schedules, etc. It helps the lender quickly retrieve customer information and act on it.

• Automated Loan Process: The GLMS helps in automating the entire loan process- from application to disbursal. This in turn helps reduce the turnaround time (TAT) for the customers to access funds quickly and seamlessly. Automation also helps the lender in reducing human errors during the process and eliminating repetitive tasks such as profile and credit analysis of the customer.

• Automated Payment, Interest, Default Calculation, and Tracking: This enables the lender to track loan repayments, apply interest rates in case of flexible gold loan rates, etc. It also triggers warnings if a customer has defaulted on repayments so that corrective action can be taken. It helps in reducing manual workload and increasing efficiency.

• Customer Interface: The GLMS should provide a lucid customer experience via its website or mobile app. You can log in to your profile and access information related to the feature of your gold loan, tenure left on the gold loan, repayment history, transactions, loan extensions, renewals, etc. This reduces the need for a team of customer care executives to a great extent. You can also buy digital gold through this channel.

• Monitoring, Evaluation, Analysis, and Reporting: The Gold Loan Management System helps the lender to holistically monitor, evaluate and analyze its gold loans and gold loan customer base. Based on the generated reports, the lender can strategize and take necessary actions in case of defaults and/or NPAs.

• Fraud Detection, Mitigation, and Protection: With increasing digitalization comes the fear of online fraud. A Gold Loan Management System that is enabled with automation and smart intelligence helps in fraud detection and elimination by comprehensive and continuous monitoring. Timely intervention by the lender could help save and protect your valuable data, money, and systems.

Muthoot Finance

Muthoot Finance has built its reputation as the best in the business on a solid foundation of trust and reliability. It places utmost importance on carrying out regular checks and balances to protect customer privacy and critical information. And a sturdy Muthoot Gold Loan Management System is the backbone of its gold loan business. Do check out the various gold loan schemes listed on their website.