In the modern lending industry, understanding software differences between browser based and web based is essential. Although these terms are often used interchangeably, they refer to different ways the software is made accessible. It is important to note that all web-based products are browser based, but not all browser-based products are web based. These differences can help industry professionals like loan origination companies make informed decisions about the best consumer finance software for their needs.
Browser-Based Loan Software
Browser-based software operates directly within web browsers such as Google Chrome, Mozilla Firefox or Apple Safari. Since these applications are accessed through a web browser, no installation is required on the user's device. Updates are managed by the service provider, ensuring that users always have the latest version.
When combined with a VPN or dedicated connection, access to the application is restricted to authorized users within the network.The data transmitted between the user and the VPN server is encrypted, enhancing security. The ability to centrally manage updates and control access through authentication and network restrictions makes these applications particularly appealing to IT departments. Examples include our loan origination software, GOLDTrak Online, and our loan management software, Lending Engine Servicing.
Web-Based Loan Software
In contrast, web-based software is hosted on a web server and accessed over the internet. This type of software can be accessed via a web browser or through a dedicated application that connects to the web server. Anyone with internet connectivity can reach these portals. This accessibility is one of the key advantages of web-based software, as it allows users to access the software from virtually anywhere, using any device with a web browser.
However, this convenience also introduces potential security risks. To mitigate these risks, implementing Multi-Factor Authentication (MFA) as an additional security measure is crucial. MFA requires users to provide two or more verification factors to gain access, significantly enhancing security by making it more difficult for unauthorized individuals to access sensitive information. This is especially important for applications that handle personal or financial data.
For instance, our web-facing consumer application portal and customer payment portal both utilize MFA to ensure that only authorized users can access these services. By requiring additional verification steps, we can better protect our users' data and maintain the integrity of our systems.
In summary, the type of user access required can help determine the level of openness needed for accessing system applications and customer information. By understanding these distinctions, organizations can make informed decisions about the best software solutions to meet their needs and ensure secure, efficient access to critical applications and data.
