A bank has $3$ employees in the loan department. Each emploee works $8$ hours and handles $4$ loans per day. The industry average is $5,6$ loans per employee per day. The employees' salaries including employer's contributions are $620$$ per day and other expenses are $350$$ per day. The bank has upgraded its software, which now allows the management of $5$ loans per day. But it has increased other costs by $10\%.$ Evaluate the effects of the software upgrade on the efficiency and productivity of the loan department.