What is loan origination and management?
Legacy systems are no longer sufficient due to unprecedented transaction volumes, therefore consolidation is required for achieving business efficiency. In today's increasingly diversified and competitive marketplace, banks need to up sell and cross sell, so they need to have a 360 degrees view on their customers. Compliance requirements continue to escalate and banks have to lower risks, while also managing costs.
Our solution is focused on streamlining the entire process, by:
- Eliminating paper, redundancies, errors;
- Accommodating, integrating transaction-based and collaborative-driven processes;
- Driving compliance throughout the organization;
- Shortening cycle times, increasing throughput.
Solution components
- The scanning solution that also contains the ID Scan module offers a fast OCR, which translates into taking all data from the document with high accuracy, including image elements (photo/signature specimen) with two options, standard and advanced, depending on the business need;
- Integration with external systems brings along the benefit to obtain additional information from various applications, such as core banking or electronic forms, thus substantially reducing the counter waiting time and ensuring data accuracy and consistency;
- KYC (Know Your Customer) - updating the customer's data and checking the extracted information based on predefined rules (PIN validation, ID expiry date, date of birth);
- Client-related notifications (VIP client, active accounts, purchased products, number of visits).
- Simplifying operations by business processes automation;
- Easy access to information for the authorized employees;
- Improved efficiency / workflow optimization;
- Compliance for both processes and documents;
- Effective and proactive processes monitoring;
- Advanced reporting tools;
- Robust decision support;
- Lower costs - high productivity, optimum reuse of the content;
- Fast and collaborative content generation;
- Secure content share;
- Flexibility and increased security;
- Data exchange with Loan Management System is available at any point;
- All documents relating to a client or transaction are linked and managed in a virtual folder.
- The loan file is moved to the most cost effective storage place, according to the IT policies;
- The completed file is declared a record and assigned a retention period.
- Lower cost per processed loan;
- Process of more loans without a proportional increase in staffing;
- More efficient processes - eliminates need for duplicate copies, improves service;
- Processors can access all files as needed - providing holistic view of the customer - both data and documents;
- Able to grow the business without acquiring additional expensive real estate to accommodate onsite storage;
- Protect information assets with policy-driven compliance and retention that spans all content (email, enterprise data, records, images, etc.) in a unified platform for unified audit trails and a common security model.