Retail Loan Servicing
VeriLoan's fully integrated Retail Loan Servicing Solution supports all retail loan products in a single platform giving financial institutions access to digital tools that help to improve productivity and lower servicing costs.
By providing rich and safe automation for retail loan servicing, VeriLoan reduces the interface through automation to improve usability, enables efficient transaction management and provides more flexibility for securitization.
The core loan servicing functions of VeriLoan include product building, restructuring, refinancing, early repayment and settlement. By streamlining servicing operations, VeriLoan also enables financial institutions to
- Keep track of all loan transactions
- Record them to post to general ledger
- Have the features and functionality to stay competitive in the ever-changing marketplace.
Customer loans listing, repayment details, repayment scheduling, loan details printing and downloading
Loan Maintenance and Services
Loan restructuring, early repayment, early settlement, clearance letter request, installment postponement request, request routing & processing
Optimizing document management system through digitalization
VeriLoan provides full management and maintenance of loan documentation generating a list of documents with mandatory or not mandatory features depending on specified parameters such as product type, risk level and KYC policies. It helps to achieve operational efficiency by automating all business processes and workflows of retail loan servicing.
The document management feature helps to generate template-based documents needed throughout the process without time-consuming manual inputs and handle documents digitally from template automation to printing, document scanning to archiving.
Modern and digitized collection processes reducing collection costs
The collection management feature of VeriLoan Retail Loan Servicing provides convenient and safe collection by implementing security capability and data security control. It helps increase the collection efficiency while reducing collection costs:
- Provides sophisticated and advanced digitized collection processes,
- Streamlines the entire collection process,
- Reduces write-offs and provisioning,
- Improves cash-flow management,
- Allows financial institutions to improve their customer relationships and facilitate future sales opportunities.