Today’s traditional lenders are waking up to the fact that alternative finance companies are cutting into their margins by providing lending solutions with speed, automation and delivery mechanisms that mirror their consumer lives. As the lending demographic shifts to younger borrowers, these borrowers are revolting from the experience and SLAs that were tolerated ten years ago and as such, they do not have the same brand loyalty of prior generations. Those financial services companies who put the borrower first and leverage technology to control the experience by creating an omnichannel flow will ultimately win in the long term. Because competition is coming from unconventional companies such as Amazon, Google, and Facebook, today’s lenders need to understand that the speed of transformation is occurring in months, not years.
The Cloud Lending Solutions (CLS) is a lending platform built on Salesforce Force.com. It enables lenders of all sizes and all loan types to transform how they provide capital to their borrowers. CLS’s cloud-based platform is designed as an end-to-end lending solution for consumer, commercial, SMB lending and equipment financing. It provides solutions for each area of the lifecycle, including origination, underwriting, servicing, collections and the borrower portal, creating a single system of record for an organization’s lending operations. This platform can originate and service a wide range of loan types including online, consumer, commercial, small business loans, marketplace loans, and leases. CLS’s platform consists of six product solutions that work seamlessly as a complete solution or can be used individually to supplement existing operations. The Product includes: CL Portal, CL Originate, CL Loan, CL Lease, CL Collections and CL Marketplace.
Peerless Duo of Cloud Lending Solutions
Snehal Fulzele, CEO of Cloud Lending Solutions, is recognized as a Fintech industry leader, technologist, and innovator. Along with Darpan Saini, CTO, they co-founded Cloud Lending Solutions with the vision to empower the global lending community by leveraging cloud technology to simplify and digitize the entire lending lifecycle and, by extension, make the borrower experience, painless and enjoyable. Snehal actively champions the vision whereby financial service companies keep pace with consumer technology developments, innovate continuously, and strive for an exceptional customer experience. His experience with global technology companies such as Adobe and Oracle, and his passion for finance and technology, keep him involved in the design and creation of a product roadmap at CLS.
Visionary Expansion of Business
CLS team’s decision to build upon the Salesforce Force.com platform was both technical and business oriented. From a technical prospective, the architecture and object model that Salesforce has, is based on relationships and products so extending that model to a lending line of business was an easy fit. At a business level, Salesforce provides the business support and global name recognition, providing instant credibility in the cloud community with the #1 cloud-based CRM in the world. Having a strong, strategic platform and brand leadership, enables CLS to deploy their product quicker and with more features than if they had attempted to design the solutions from scratch. As an ISV Partner and Salesforce customer, their partnership extends beyond just their offering a service, CLS works closely with the Salesforce Account Executives to deliver the best solutions for their customers.
Journey towards Success
Since inception, CLS employees are passionate about two things the most – financial inclusion and borrower experience. They believe that the global lending industry is plagued by legacy technology and processes that did not evolve with the new generation of borrowers. This journey has taken them from North America to Europe, to India, Australia, and Japan and along the way, they have worked with clients in different areas of the world to understand their business, define efficient and scalable workflows, and help them grow their portfolios and provide an incredible borrower experience.
Unlike legacy technology platforms that are expensive to maintain and prevent an agile response to market conditions, clients of CLS clients always have the full control of their business by quickly implementing, extending, and digitizing the entire lending lifecycle by lowering the cost of operations while creating a best-in-class borrower experience. The Cloud Lending platform allows lenders to mitigate their lending risk with a highly responsive and configurable approach for policy enforcement and provide lending through automation and technology at a profitable term. CLS supports consumer, commercial, small business, marketplace lending, and equipment leasing that scales for lenders of all sizes.
Over the next few years, CLS will continue to expand its partnerships with financial service lending organizations of all sizes, across many lending products in providing lending solutions to borrowers at the time they need loans the most. CLS will continue to evolve, putting the user first and then wrapping features and solutions around what the borrower needs, when and where they are looking for funding. The shift from a financial service driven economy to a borrower driven economy will provide shifts to the lending landscape and working with the clients, CLS is well positioned to support those initiatives.