Skip to main content
  • About us
    • VeriPark
    • Our Values
    • Awards & Recognition
    • Management Team
  • Resources
    • Product Brochures
    • E-books & Whitepapers
    • Videos
    • On-demand webinars
    • 1:1 Assessment
    • SME Banking Discovery Workshop
    • VeriChannel Discovery Workshop
  • News & events
    • News
    • Events
    • Press
    • Newsletter
  • CAREERS
    • What we live for
    • The way we work
    • How we hire
    • Join our team
  • Contact
    • Contact us
    • Our Offices
  • en
  • de

Search

Home
Mobile menu expand icon Menu Close
  • SOLUTIONS
    • VeriChannel
      • Digital Onboarding
      • Mobile Banking
      • Online Banking
      • Branchless Banking
      • Personal Finance Management
      • Merchant Portal
      • Contact Center Banking
      • Chatbot
      • Mobile Payments
      • Digital Offboarding
      • VeriChannel as a Service
    • VeriTouch
      • Sales & Prospect Management
      • Customer Enrollment
      • Single View of Customer
      • Role-based tablet applications
      • Cross - upsell
      • Next Best Action
      • Marketing & Campaign Management
      • Contact Center Solution
      • Complaints & Service Requests
      • Loyalty Management
      • Customer Insights
      • Know Your Customer
      • AI Agents for MS Dynamics 365
      • Apps for MS Cloud for FSI
    • VeriLoan
      • Digital Lending
      • Digital Collections
      • Retail Loan Origination
      • Retail Loan Servicing
      • Corporate Loan Origination
      • Corporate Loan Servicing
      • Extending MS Cloud for FSI
    • VeriBranch
      • Conventional Branch
      • Branch Teller
      • Branch Seller
      • Branch Advisor
      • Digital Branch
      • Universal Banker
      • Self-service
      • Assisted Service
    • VeriLink
      • Integration Layer
      • 3rd Party Integration
  • INDUSTRIES
    • Retail banking
    • Corporate/SME Banking
    • Credit Unions
    • Private Banking/Wealth
    • Insurance
  • Consulting
  • Customers
    • Success Stories
    • Global Customers
  • Partners
    • Solution Ecosystem
    • Implementation Partners
    • Become a Partner
    • Partner login
  • Blog
  • Demo request
  • About us
    • VeriPark
    • Our Values
    • Awards & Recognition
    • Management Team
  • Resources
    • Product Brochures
    • E-books & Whitepapers
    • Videos
    • On-demand webinars
    • 1:1 Assessment
    • SME Banking Discovery Workshop
    • VeriChannel Discovery Workshop
  • News & events
    • News
    • Events
    • Press
    • Newsletter
  • CAREERS
    • What we live for
    • The way we work
    • How we hire
    • Join our team
  • Contact
    • Contact us
    • Our Offices
  • en
  • de

Search

Retail Loan Origination

9 benefits of a CRM-based Retail Loan Origination System

28 April 2020

Breadcrumb

  1. Home
  2. Blog
  3. 9 benefits of a CRM-based Retail Loan Origination System (LOS)
360 view
KYC
Lending & Collections
Story_LOS.

From browsing to purchase, to post purchase customer service: modern consumers have come to expect a fully personalized customer journey. Customer Experience (CX) reigns supreme in the banking world. The retail lending landscape should be no exception.

Delivering a successful customer journey requires a mix of competencies and activities from technology implementations to rethinking processes. In reality, -among other challenges- many banks and financial institutions still have a paper-based retail loan origination process. This means customer acquisition and servicing costs are high, due to slow turnaround times and an increased risk of human errors during manual processing. For your customers and employees, the result is frustrating delays and a poor experience.

Financial institutions are currently engaged in a race to put this right. They are increasingly becoming more aware of the fact that loan origination process presents a pivotal opportunity to connect with a customer and build a relationship that can last for years. The crowning achievement is digital customer onboarding, automated workflows and paperless document management across the entire retail loan origination process. But, how can this personalized customer journey be achieved in the lending market?

A CRM-based end-to-end retail loan origination solution is one answer - and comes with 9 key benefits

Whether your customers are looking for a home, car or other personal loan or a credit card, a customer-centric retail loan origination solution, such as VeriPark's VeriLoan, provides nine key benefits.

1. CRM increases retail lending sales

An intelligent end-to-end CRM solution is a great sales tool. It streamlines and optimizes the entire sales process: from prospecting and lead capture, to loan qualification and nurturing an on-going customer relationship. This not only reduces the cost of customer acquisition, it also boosts conversions and enables repeat sales.

2. Omni-channel delivery boosts customer engagement

While many of your customers are increasingly likely to apply for a loan via their online or mobile account, others will still prefer to visit one of your branches. This means omni-channel delivery for retail loans is no longer a nice to have. A CRM system, such as Dynamics 365, gives your sales and customer service teams access to your retail loan origination system at the contact center, in your branches or other external locations, using a tablet or phone.

3. Eligibility Calculator reduces acquisition costs 

VeriLoan's Eligibility Calculator has pre-defined rules to check customers' eligibility when they apply for loans online. This is an excellent example of how automation saves money by reducing manual processes; it can also improve customer experience with instant pre-approvals.

4. AML and KYC checks help banks enhancing detection with less cost

Optimized and streamlined business processes mean banks can handle automated alerts and case management more effectively. It also ensures you can efficiently comply with Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations.

5. Automated checks allow instant loan approval

Using Microsoft Dynamics capabilities, VeriLoan defines a list of pre-approved and fully automated loan checks, from initial calculations and eligibility checks to credit reviews and scoring. Such swift decision- making processes can facilitate pre-approved offers and instant loan approvals.

6. Automated workflows reduce turnaround times

A CRM-based retail loan origination system means fewer paper-based processes; leading to faster, thorough, more responsive loan applications and approvals.

7. Digital processes are more eco-friendly

Migrating from paper-based to digital retail loan origination processes allows financial institutions to be more environmentally friendly. This is an increasingly important aspect of protecting your brand reputation.

8. Single Customer View increases cross-selling

When you have the ability to identify all the accounts and products held by a customer, you can treat that customer as an individual. This improved understanding of a customer's history and lifetime value allows for better targeted cross-selling and up-selling by understanding the needs of the customer. At the same time, an understanding of their potential exposure to debt supports a responsible retail lending process.   

9. Next Best Action ensures a personalized customer journey

Gartner's research suggests that, by 2021, 15% of all customer service interactions will be completely handled by AI. This represents a 400% increase from 2017. And, it has profound implications for retail lending. Digital and physical interactions in retail loan origination generate massive amounts of situational data. This presents a unique opportunity for banks to leverage machine learning and the power of AI to predict future events. As well as reducing risk by predicting the loan default probability, contextual insight can create cross-selling and up-selling opportunities by predicting the Next Best Action (such as a personalized offer or product) for individuals at specific points in the customer lifecycle and capturing the need before the customer is aware of it. Amazing, isn't it?

VeriPark's VeriLoan is a powerful and easy to deploy digital loan origination solution. It allows financial institutions to make fast, consistent and cost effective loan decisions within predefined risk margins. It also provides your customers with an engaging, personalized experience.

Subscribe to our blog
28 April 2020
360 view
KYC
Lending & Collections

Share

Facebook
LinkedIn
Twitter
Print
E-mail

Related blog items

Blog_How can banks unlock growth through customized SME banking services

Addressing the global call for tailored SME Banking services

15 November 2023
Read more
CRM-based loan origination

Using CRM-based loan origination to personalize lending

28 October 2022
Read more
Blog-connected-journeys_CRM-IB

Every online banking login is an opportunity to know and serve your customers better

20 September 2022
Read more
Blog_Corporate-credit-risk-management

Digitalizing corporate lending and risk management

7 April 2022
Read more
Blog_can-I-speak-to-someone.png

Lending an ear to your customers' greatest need: “Can I please speak to someone?”

4 October 2021
Read more
Blog_Insurance-FNOL_teaser

Taking the stress out of the First Notice of Loss process in insurance

14 September 2021
Read more

Company info

Logo Veripark

Enabling Financial Institutions to become Digital Leaders with our AI-Powered Customer Experience Suite.

Contact us

Social media links

LinkedIn
Facebook
Twitter
Youtube

Company

  • About us
  • Offices
  • Jobs
  • News & Events
  • Sign up for our newsletter

Products

  • VeriChannel
  • VeriBranch
  • VeriTouch
  • VeriLoan
  • VeriLink

Industries

  • Retail banking
  • Corporate/SME banking
  • Credit Unions
  • Private banking & Wealth
  • Insurance

Copyright

© VeriPark 2025

Footer

  • Sitemap
  • CMMI Certificate
  • ISO 9001 - ISO 14001 - ISO 27001
  • Privacy Policy
  • Cookie Policy
  • Cookie Preferences
  • EQMS Policy
  • ISMS Policy

Powered by Dropsolid

Powered by Dropsolid