Finastra introduces enhancements to LaserPro, adds customer benefits to the cloud solution
More than 75 banks and credit unions have moved to the system's cloud model since its launch, benefitting from the new features after fast migration times
LAKE MARY, Fla., March 31, 2025 /PRNewswire/ -- Finastra, a global provider of financial software applications, announced its leading cloud-based loan document preparation system, LaserPro, is now offering enhanced features and is seeing widespread adoption by community-based financial institutions.
Since its launch, LaserPro has implemented valuable enhancements to its cloud version, including the following:
- AI Assistant applies Large Language Models (LLMs) to Finastra's extensive knowledge database to answer specific user questions, bridging the lending and compliance knowledge gap while saving users time and increasing efficiency.
- Small Business Administration (SBA) Document Management streamlines workflows and facilitates faster approvals of small business administration program loans. Additional key features include elimination of duplicate data entry, ability to tailor requirements, a comprehensive design that supports the documents needed for a wide variety of SBA programs, and resiliency provisions.
- Geocoding provides enhanced data accuracy by converting addresses into geographic coordinates, improving the efficiency of location-based data, which can be crucial for compliance and reporting purposes. It also supports improved risk assessments, enhanced customer insights, and enables regulatory compliance.
- Commercial Applications helps financial institutions manage commercial loans more effectively, enabling accuracy, compliance, and efficiency. Features include comprehensive loan documentation, customizable workflows, collateral management, regulatory compliance support, integration with core systems, and a user-friendly interface.
- Advanced Additional Provisions streamlines the document management process and improves accuracy. It includes customizable clauses, automated insertion, version controls, and template management. These features help increase efficiency, accuracy, and consistency during the document management process.
Boosted by these enhancements, Finastra clients across the US are migrating LaserPro from on-premise installations to the cloud, choosing to take advantage of its many benefits to better serve their customers and improve back-office processes. Migrations to the cloud solution can be concluded in around three hours, with some financial institutions completing the process in 30 minutes or less.
"With LaserPro in the cloud, we're able to drastically reduce our IT expenses and streamline processes with automatic system updates," said Jeff Forsgren, Chief Lending Officer, Members Trust of the Southwest Federal Credit Union. "As our credit union evolves and grows, LaserPro's cloud-based solution enables us to create and customize lending documents, easily access what we need from a single dashboard, and focus on the member experience thanks to the automation and scalability the platform provides."
By migrating LaserPro to the cloud, smaller financial institutions such as community banks and credit unions can operate more profitably and with increased competitive focus, enabled by lower total cost of ownership, increased resilience, and the ability to grow without constraints. LaserPro Connect, for example, makes it possible for financial institutions to integrate LaserPro with third-party loan origination systems, for faster and more efficient performance. Since users do not need to add servers or new licenses, financial institutions can easily scale, implement new users as necessary, and seamlessly handle increasing commercial, mortgage, and consumer loan volumes to propel profitability.
"Financial institutions across the US are recognizing the benefits of cloud migration in order to keep pace with larger banks and alternative lenders," said Mitch Lucas, Head of Retail Lending at Finastra. "As our industry continues to progress, Finastra is pleased to offer customers the tools they need to create an enhanced user experience powered by improved back-office processes. With LaserPro in the cloud, financial institutions are ready for anything that comes next, with easy cloud-based integrations designed to connect digital lending processes end-to-end."
To learn more about the solution, attend Finastra's webinar, "Unlock the power of LaserPro cloud to streamline your loan documentation process," on April 3, 2:00 p.m. – 3:00 p.m. EDT.
About Finastra
Finastra is a global provider of financial services software applications across Lending, Payments, Treasury and Capital Markets, and Universal (retail and digital) Banking. Committed to unlocking the potential of people, businesses and communities everywhere, its vision is to accelerate the future of open finance through technology and collaboration, and its pioneering approach is why it is trusted by ~8,100 financial institutions, including 45 of the world's top 50 banks. For more information, visit finastra.com.
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SOURCE Finastra
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