Finastra enhances LaserPro with AI & cloud upgrades for smarter lending

By Gloria Methri

Finastra has introduced key enhancements to its cloud-based loan document preparation system, LaserPro, driving increased adoption among community financial institutions. The upgrades aim to improve efficiency, compliance, and user experience while streamlining lending workflows.

Key updates include:

• AI Assistant: This tool utilises large language models (LLMs) to provide instant responses to user queries, bridging lending and compliance knowledge gaps while improving efficiency.
• SBA Document Management: Optimises small business loan processing by eliminating duplicate data entry, ensuring tailored document requirements, and enhancing workflow automation.
• Geocoding: Converts addresses into geographic coordinates for better accuracy in compliance, risk assessment, and customer insights.
• Commercial Applications: Enhances management of commercial loans with improved documentation, collateral management, regulatory compliance, and integration with core systems.
• Advanced Additional Provisions: Automates document customisation with features such as customisable clauses, version controls, and template management to ensure consistency and accuracy.

With these advancements, financial institutions across the U.S. are rapidly migrating from on-premise LaserPro to its cloud-based version, citing benefits such as lower IT costs, seamless scalability, and faster integration with third-party loan origination systems. Cloud migrations can be completed in as little as 30 minutes.

Jeff Forsgren, Chief Lending Officer at Members Trust of the Southwest Federal Credit Union, highlighted the platform’s efficiency: “With LaserPro in the cloud, we significantly reduce IT expenses and streamline processes with automated updates, allowing us to focus on enhancing the member experience.”

Finastra executives emphasised the importance of cloud migration for financial institutions to stay competitive. “Banks and credit unions are increasingly leveraging cloud solutions to match the capabilities of larger institutions,” said Mitch Lucas, Head of Retail Lending at Finastra. “With LaserPro in the cloud, they are better equipped to adapt to evolving industry demands and enhance digital lending processes.”

By transitioning to the cloud, community banks and credit unions can improve operational resilience, reduce costs, and scale lending services efficiently, positioning them for sustained growth in an increasingly digital financial landscape.