Exciting, quick and convenient are the words rarely used in both retail lending and corporate lending.
Digital lending journeys are becoming a classic example of disruptive innovation for industry leaders.
How can lenders simplify both retail lending and corporate lending, improve workforce efficiency and productivity and embark on digital transformative journeys through effective credit assessment?
1. Simplifying complex workflows with designers-
A loan origination system platform should adapt to way lenders work. With an intelligent drag and drop process designer, lenders can design and execute end-to-end business processes with integrated screen flows, automated business rules through robotic underwriting and complex workflows. The designers an intuitive visual interface, easy drag-and-drop functionality and enable codeless configuration.
2. Create digital journeys-
Frictionless digital lending journeys for customers and users can be created through smart screen designers across financial products. Lenders can create customized acquisition journeys, configure screens and write business flows without the need for hardcore coding. They can standardize processes, improve processes and with seamless ‘pattern based’ integrations.
3. Smooth integrations with patterns-
Integrations make digital work. Lenders can automate and configure integrations on a single unified platform. Integration jobs can be executed in just a few clicks and a comprehensive view of the integration jobs with failure logs. Lenders can also employ robotic underwriting and automation for routine integrations that can scheduled to run on specific time frames.
4. Boost cross sell with behavioural intelligence-
Customer stickiness is more valuable than loyalty. Boosting cross sell is a way of ensuring that. Lenders can use smart cross sell modellers that present the right offers to the right borrowers with efficient credit assessment. By conducting whitespace analysis, applying machine learning and applying frequency analysis on customer data, lenders can deliver personalized credit offers across touchpoints for faster and greater conversions for both retail lending and corporate lending.
5. Improve workforce performance with borrower activity management-
Lenders can use workforce performance modellers to create multiple parameter based targets based on roles, products, time, channels, time, ticket size etc. Relationship Managers are equipped to do in-depth planning and execution. Stakeholders can also quickly configure forecasts and review performance.
Lenders should use process automation particularly for reducing risk in credit assessment through effective risk modelling system and risk rating platform & operational task fulfilment. Accelerator models helps in reducing human efforts with pre-laid algorithms through robotic underwriting for task completions in minimal time span for enhanced productivity and accelerating lending for digital loan origination system, card origination etc.
ORIGINATIONNEXT, digital lending journeys platform, helps in automating manual backend processes with visual designers, configured workflows, and codeless integrations with pre-configured APIs that allows for successful deployment of credit products with effective risk mechanism through risk modelling system and risk rating platform.