Retail Loan Origination

Powerful, easy and transparent rule engine to configure the retail loan origination process

The primary purpose of rule engine and origination modules is to support bank analysts in designing and implementing optimal strategies for assessment of loan applications and credit risk related to a credit decision. 

The powerful rule engine fully automates credit policy with minimal, or no, human interference. With the help of Inrule, business users can easily change policy rules and calculations without the need of programming. It helps make your loan origination process more transparent and easy to use.

Built-in eligibility calculator improving customer acquisition

VeriLoan’s Eligibility Calculator has predefined rules to check customers’ eligibility when they apply for loans online. It automatically checks the customer’s eligibility and displays eligibility results.

The calculator allows cost savings by reducing manual processes and improves customer experience with instant pre-approvals.

Application scoring to increase consistency of loan evaluation process

Application scoring quantifies the risks associated with the loan application. It has the ability to maintain a scorecard with specific parameters and values. These are applied on customer’s application for a loan product to identify the internal application score. Application scoring helps making fast and accurate customer acquisition decisions based on the scorecard results.

Usage of the scoring/rating module in a credit application process results in lower credit risk and therefore improves the quality of the entire loan portfolio.

KYC and AML checks as gatekeepers to prevent financial crime

Knowing Your Customer is crucially important for loan origination, it helps financial institutions to:

• Move faster, grow key relationships, and increase profits while controlling risk,
• Identify, verify and understand the customers and their financial dealings better,
• Comply with Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations by optimizing and streamlining business processes including customer onboarding, alert investigation, case management, 
• Maximize the effectiveness of fighting financial crime.
  

Storing, accessing and managing all documents in one place

The documentation is often the most time-consuming part of the loan process. Being able to apply with minimal manual inputs, handling documents digitally from template automation to printing, document scanning to archiving are very important points for financial institutions.

VeriLoan provides a list of documents with mandatory or not mandatory features depending on specified parameters such as product type, risk level and KYC policies. All printouts are based on templates to automate the preparation of loan documentation, therefore the human error factor is minimized.

Minimizing costs by automating loan processes

There is a large amount of information processed while assessing a loan application. As manual processes slow down the process and increase the risk of missing data, human error and subjectivity, the importance of automated process flows increases significantly. With a clean interface between front and back office, VeriLoan provides sophisticated process flows designed with flexibility and performance as the key keystones of its architecture. It automatically requires mandatory fields for accuracy and easy, fast processing.

The business rules as the substantial part of the smooth processes cover task management, SLA management, exception/violation, validation, escalation and authority levels. The product policy management representing the key point in sustainable retail loan origination includes the management and versioning of the products, segments, prices and campaign packages.

Orchestrating end to end process of loan origination

The modular structure of Veriloan covers the whole lifecycle of credit process starting from initial calculations to quick eligibility check, application to reviewing creditworthiness, scoring to automatic soft and hard rule decisions and final decision to disburse the funds.

Swift process helps to:

• Verify customer identity through internal and external data sources,
• Evaluate borrower's ability to pay with embedded risk engine,
• Manage decisions through automated policy rules,
• Easily access reports and dashboards.

Preserving data integrity with a full audit trail

The audit trail functionality of VeriLoan helps to easily track and keep the documents with time and date stamping feature. It records the entire history of a loan process, providing data of all participating users with the dates of modifications and the status of the loan.