The move streamlines loan document compliance management, bringing the power of the cloud to community-based financial institutions
Finastra announced that LaserPro, its loan document preparation system used by more than 2,500 financial institutions, is now available in the cloud. This strategic launch of LaserPro in the cloud streamlines loan document compliance management capabilities for financial institutions with a Software as a Service (SaaS) model and is designed to provide faster loan processing for borrowers.
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LaserPro in the cloud equips financial institutions with the agility and scale needed to grow. Lenders can simplify system access, accelerate adoption of compliance changes, and reduce IT resource costs, positioning their loan operations to achieve higher revenue and increased profitability.
This transformative solution not only reduces the cost of ownership, but also fosters heightened integration with other solutions such as core, e-signature, and document management platforms, providing increased technological agility and flexibility.
LaserPro in the cloud also offers a user-friendly workflow experience, allowing financial institutions to leverage their existing staff and investments. Simultaneously, it presents workflows in a modern, intuitive form factor, ensuring effortless adoption of future enhancements and capabilities. Users can access the system from anywhere, ensuring uninterrupted workflow and improved productivity.
The initial release of LaserPro in the cloud will focus on commercial and consumer closing document generation, with additional functionality added over the coming quarters.
Finastra’s VP of Retail Lending, Mitch Lucas, who leads the Portland, Oregon-based team responsible for building this solution said, “By placing our lending technology in the cloud, we are actively driving the adoption of cloud solutions within the financial services industry. Our aim is to alleviate technology burdens and enhance operational efficiencies for organizations. This not only improves the end-user experience, but also reduces reliance on physical infrastructure, leading to a smaller carbon footprint and a positive environmental impact. With LaserPro’s capabilities, borrowers can experience faster decisions, streamlined processes, and seamless integration with other vendors and services.”
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To address the evolving regulatory and compliance landscape, LaserPro offers standard product templates, including default entries and mandatory data fields, enabling financial institutions to speed up the document preparation process and ensure complete and compliant documentation. The solution’s cloud deployment not only strengthens regulatory compliance, but also grants businesses a distinct competitive edge in the market by enabling them to respond swiftly to changing regulatory landscapes, reduce compliance-related costs, and build trust among customers and stakeholders.
“In making the cloud more ubiquitous across lending institutions’ enterprises, this is an important addition,” said David O’Connell, Strategic Advisor at Datos Insights (formerly Aite Novarica Group). “The more cost effectively lenders can have a uniform and automated approach to document generation, the better their borrower experience will be. This is particularly true in the case of the many smaller banks in North America competing against the small cohort of larger players.”
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