Teslar Software has launched its indirect lending solution, which enables regional financial institutions to provide indirect lending services to their local customers and companies in a timely, effective, and digitally optimized manner. Teslar Software’s CEO and creator, Joe Ehrhardt, demonstrated the solution on Monday at FinovateFall in New York.
Teslar Software’s indirect lending solution assists regional institutions in bridging the gap for medium-sized purchases. Furthermore, it enables community institutions to collaborate with local businesses to provide financing choices to their consumers for items such as power sports equipment, outdoor equipment, lawn, and garden equipment, furniture, and more. Institutions can expand their neighborhood presence and drive additional loans back to the institution. Additionally, the end customer obtains an easy, convenient option to obtain financing from a reputable, local financial institution.
Joe Ehrhardt, CEO, and founder of Teslar Software commented, “Traditionally, many community financial institutions have shied away from offering indirect lending, which is a missed opportunity. By simplifying, digitizing, and automating this process, we’re helping institutions grow and diversify their portfolios while also offering valuable new services and options to their business customers. We enjoyed officially unveiling Teslar’s indirect lending solution this week at FinovateFall, highlighting the need for community institutions to enhance their digital lending strategies to better serve local communities.”
Teslar’s system allows small business customers to apply for a loan with minimal documentation while bankers offer automated judgments in seconds. A single bank employee can manage many loans at the same time, making the procedure extremely efficient. And the solution adds value for all parties: it makes it easier and faster for borrowers to acquire financing, businesses can offer excellent options from a local financial institution, and institutions can generate new business by reaching out to new prospects and sectors of business.
Recently National Bank & Trust and Teslar Software established a cooperation to streamline and modernize loan operations. Teslar’s full suite of automated workflow and portfolio management tools was chosen by the community bank to save time spent on tiresome manual operations, allowing personnel to focus on strategic goals such as expansion plans and portfolio diversification.