Blog
Our vision is to revolutionize and automate the loan servicing workflow of the global financial community.
Looking Back: Shaw 2023 Highlights
In 2023, Shaw remained committed to producing quality software. This focus was seen and appreciated by Shaw’s valued clients.Some of our top highlights from 2023 include the following:
Focus on Quality Loan Servicing Software
We are working on several quality initiatives to provide a better experience for our clients and associates. Our quality initiative has required the whole company to be on board, working towards the same goal of providing the best quality loan servicing software available.
Spectrum Amplify
We are working on a new extension of Spectrum servicing called “Amplify”. This new extension will amplify the control, power, and visibility from Spectrum to the borrower. Borrowers will have autonomy servicing their loans with our client's utilization of Amplify. They’ll be able to see account details, vehicle details, loan details, transaction history, and scheduled payments. We are very excited to announce that this new extension is coming soon.
Growth of Spectrum Xpress
Spectrum Xpress, Shaw’s out-of-the-box solution, can be live in 90 days. Xpress lets companies start managing new lines and loans right away. Xpress has expanded to more clients this year and continues to grow as more companies are interested in a quick loan servicing solution.
Spectrum Multi-Session
We added the Spectrum Multi-Session enhancement in 2023. Multi-Session allows a single Spectrum user to access up to 16 active sessions at one time. This enhancement increased client productivity and helped their users see and do more within the software.
Spectrum NRT Database
Spectrum has a Near Real Time (NRT) database that ensures the most up-to-date information is available around the clock. Users can access our customer care center and take direct real-time payments over the phone and direct payments allocated to the borrower's specific requirements. An NRT database guarantees that users and borrowers see updated data in real time.
Spectrum Payment Integration
Shaw released a new payment vendor integration framework in 2023. This new infrastructure was designed to streamline access to full payment vendor functionality, payment methods, and single sign-on through Spectrum. Shaw Systems expects this enhancement to minimize implementation and long-term support costs for the clients’ payment vendors.
Continued Growth of Dedicated Development Teams
Shaw has seen continued interest in and growth of our dedicated development teams. Our dedicated development teams have had tremendous success working with different clients. Our teams add a vast amount of value to our clients because our team can execute client enhancement needs quickly. Having a dedicated team of Shaw developers, engineers, product owners, and project managers who work directly for the client has been a game changer for clients looking to add custom enhancements and initiatives. We expect further growth in dedicated development teams in the future.
Configuration Migration Tool
Shaw has built a configuration migration tool that allows our clients to automatically promote configuration changes from one environment to another. This could include from a PROD environment to lower environments or from your TEST environment to PROD. Allowing our clients to TEST configuration changes and then seamlessly promote them to PROD reduces manual mistakes and encourages innovation by way of new configuration for all our clients.
If you'd like to learn more about our loan servicing software or how we can help you, email us at solutions@shawsystems.com.