Loan Market Association Chooses Cloud To Enhance Customer Experience
Loan Market Association supports commercial and investment banks, institutional investors, law firms, service providers and rating agencies across 60 countries. To keep pace with what customers want, and to thrive in a competitive market, the company has embarked on a transformation project replacing spreadsheets with a cloud based accounting system.
From Excel-Hell to cloud-based heaven
Established in 1996, Loan Market Association strives to improve liquidity, efficiency and transparency in the primary and secondary syndicated loan markets in Europe, the Middle East and Africa (EMEA). Operating on spreadsheets, the company couldn’t support their growing membership and struggled to equip their staff with the right tools to be productive and efficient, anywhere and anytime.
Amelia, Office Manager at Loan Market Association, commented: “Sage 50 and the cloud were actually brand new to us. We have used spreadsheets in the past, but felt that moving to the cloud could provide a more secure and future-proof option for the company to grow. Furthermore, our staff are always out and about delivering various events and training programmes, so accessibility was very important.”
On cloud nine
With a spreadsheet-based system, Loan Market Association was struggling to deliver the levels of reliability, security and accessibility required to serve its 700+ membership organisations across the UK and beyond. Moving to the cloud has not only removed inefficiencies by creating a collaborative workplace but also ensured better customer service levels with slicker processes and faster response times.
Amelia explained, “Sage 50 Cloud was installed onto remote users’ laptops and tablets in no time. They can now access the cloud anytime and anywhere, creating a winning collaborative space for a joined-up way of working that will help us improve customer experience.”
Cloud has helped Loan Market Association to keep the costs down so they can focus on future growth. By utilising this new technology they can provide a continuous level of service in-line with what their customers demand.
Amelia commented, “Moving to the cloud has long term financial benefits as we don't have to buy hardware which has a life span of 5-10 years - this also eliminates the maintenance costs. With no downtime and ‘always on’ functionality, whilst trying to gain information in real time whilst speaking to clients, there is no delay or embarrassment that we are unable to access data because of a fundamental server maintenance issue – an issue which we had come across in the past.”
Finding a dream cloud match…
For Loan Market Association moving to the cloud was the right decision, enabling them to increase productivity of the remote staff by providing access to business information wherever they happen to be. They can also deliver exceptional levels of customer satisfaction through improved accessibility.
Amelia explained, “I would highly recommend making the move to the cloud to other businesses who are weary of it – for starters, it can give you more flexibility for remote workers which also shows more professionalism to clients, and finally, it is financially a better option in the long run, not to mention superior data security.”
“As for Xperience Group, they have been and are an absolute pleasure to work with – our account manager checks in regularly to ensure everything is running smoothly and should I ever need support, I know the problem will be resolved extremely efficiently. I would absolutely recommend both the cloud and Xperience Group.”
About Loan Association Market
The Loan Market Association (LMA) has as its key objective improving liquidity, efficiency and transparency in the primary and secondary syndicated loan markets in Europe, the Middle East and Africa (EMEA). By establishing sound, widely accepted market practice, the LMA seeks to promote the syndicated loan as one of the key debt products available to borrowers across the region.