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Unveiling the Top 12 Reasons why Synoriq LMS Outshines its Competition

Updated: Jan 30





Over the last 3 years, Synoriq LMS has created a solid product offering with customer first approach. Lets understand why Synoriq LMS is 2X better than the next best offering in the market.


1. Better features

In terms of we have been benchmarked against the market leading loan management systems and we are any where close to 20% to 50% better in terms of feature coverage.


For detailed feature list you can checkout https://www.synoriq.com/lms-features


2. Wider product coverage

Synoriq offers a really wide product coverage


Limit based loan products

  • Buy Now Pay Later

  • Credit line on UPI

  • Cash Credit

  • Overdraft line

  • Supply Chain Finance

  • Dropline Overdraft

  • Earned Wage Access

  • Loan against security

  • Wholesale working capital loans


Term loan based products

  • Vehicle loans

    • Electric vehicle

    • Two wheeler

    • Four wheeler

    • Commercial Vehicle

    • Tractor loans (with quarterly / semi-annual repayments)

    • Used/refinance/new variants

  • Business loans

  • Education loans

  • Home loans

  • Loan against properties

  • Short term loans

  • Gold loans

  • Personal loans

  • Equipment financing


Loan product flavours

  • Co-lending

  • Subvention

  • Tranche disbursement

  • Convert to EMI

  • Combined limit over TL+Line


3. Quick turn-around for innovative loan products

If you plan to bring innovation in your loan product offering, Synoriq can deliver the same within maximum of 2 months time.


Market is ripe for accepting innovative loan products and we are here to enable the same


4. Evolutionary architecture

Synoriq LMS is fundamentally architected differently to support upgrades. With this you get the advantages of

  • Improvements shipped every month

    • In the constantly improving regulatory landscape and market needs, your core lending system also needs to evolve.

    • With Synoriq LMS you get improvements every month !!

  • Monthly upgrades are seamless

    • Yes, our upgrades do not require elaborate testing or migration efforts by customers

    • Downtime is less than 5 mins

    • We have built large test-automation packs to ensure nothing breaks with upgrades

  • Stay ahead with power of compounding

    • Our LMS evolves at least 3X faster compared to any other LMS providers due to its evolutionary advantage

    • Our customers tend to stay ahead in terms of functionality and coverage

  • Future Proofing

    • Our customers don't just buy the current version of LMS but ensure that they are buying the future of LMS


5. Better integration capabilities

A loan management system is core to an enterprise. It needs to offer integration capabilities with the following

  • Loan origination systems (LOS)

  • Collection systems

  • Data analytics tools like power BI

  • Service CRM

  • Customer application

  • Communication management systems

  • And many more...


While most LMS offer basic integration connectivity with LOS but fail in enterprise solution connectivity compatibility.


Synoriq offers 50+ APIs to ensure that your enterprise integration needs are fulfilled.


6. Better security

We take up security seriously. Hackers have tried to break our systems through black-box testing but they couldn't break it.


How do we ensure better security

  • Regular VAPTs

  • Certifications - ISO27001 and SOC-2 Type 2

  • 2 Factor Authentication

  • Password protected reports

  • PII encryption at rest

  • Strong role based access management

  • And much more

7. Unlimited scalability

With its micro-services based cloud native designs, Synoriq LMS can support unlimited scalability.


No matter whats your scale, we will ensure smooth operations for you.


8. Better compliances

We proactively work on regulatory notifications. We have built in modules, checks and balances to ensure high level of compliances.


We ensure customer is charged as per IRAC norms. We proactively guide our customers if there is any deviations to the same.


9. Accurate numbers all the time

Synoriq LMS is designed for high accuracy.


You can rely on the accrued interest, billing, charges, rescheduling and generated vouchers.


10. Better migration capabilities

We offer transaction level migration capabilities which is one of its kind.


Our migration tools improve the migration speeds.


On an average migrations take approx 3 months time.


11. Lower TCO (Total Cost of Ownership)

With Synoriq LMS, you get an all inclusive pricing that lowers your total TCO

  • Save on DB and Third party licensing - you don't need to pay separate licensing for Oracle or Microsoft databases

  • Save on bulky infra costs - Synoriq has optimised itself on infrastructure requirements

  • Save on change requests costs - You need much lesser change requests with ever improving Synoriq's LMS

  • 50% lower TCOs considering direct costs and even lower if indirect costs are also included


12. Better support

We have setup elaborate L2 and L3 support processes to achieve time-bound SLAs (Service Layer Agreement)


Conclusion

Synoriq LMS today by far outshines the competition and is poised to take a leading position from the current challenger position.




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