Retail Loan Origination

Retail Loan Origination
VeriLoan provides a comprehensive service of automated business processes performed in the handling of a retail loan or credit card application for advanced risk management.

VeriLoan is designed to meet the complex requirements of today's financial services industry. It empowers and fuels financial institutions with a powerful, easily-deployable digital loan origination solution that enables them to make fast, consistent loan decisions within predefined risk margins.

The rule engine-driven platform integrated with a single point of loan assessment allows financial institutions to streamline and modernize their retail loan origination operations and reduce operational risks. It provides a comprehensive service of automated business processes performed in handling of a retail loan or credit card application for advanced risk management.

VeriLoan also includes features such as product policy automation, enforced policy, exception approval, Credit Bureau Integration and credit policy.

As a truly digital loan origination solution, VeriLoan also enhances customer satisfaction, while achieving profitable business results by transforming financial institutions' digital capabilities.

Traditional retail loan origination includes: retail auto loans, personal loans, home loans, credit cards.
Islamic retail loan origination includes: personal finance, auto lease, murabaha, charge cards.
Retail Loan Origination Process

One application to rule all origination channels

Omni-channel origination on a single platform

Capturing the loan request is the first and the most important part of a loan origination solution. VeriLoan helps to capture the data, manage seamless, consistent and engaging customer journeys on the same platform no matter what channel or combination of channels you choose to use.
  • 1

    Branch Based Origination

    • Reduced error and return rates with upfront eligibility, document checklist and automated policy check & scoring
    • Decreased turnaround time with paperless processes, automatic routing & assignment and automated system checks
    • Enhanced operational efficiency with standardized processes, electronic forms and role-based forms & dashboards
  • 2

    Digital Origination

    • Omni-channel sales model with a common platform for applications across channels and standardized processes
    • Lower cost of acquisition with digital onboarding, electronic documents and signature
    • Enhanced customer experience with intuitive UI and product personalization
Mobile Retail Loan Origination

3. Mobile Origination

  • Increasing cross-sell with Single View of the Customer, Next Best Action and multiple product onboarding
  • Enhancing customer engagement with competitor comparisons, electronic forms & signature
  • Speeding up turnaround time with documents image capturing ad immediate application initiation

Retail Loan Origination - Features

  • Rule Engine Icon

    Rule Engine

    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.

  • Financial Calculators icon

    Eligibility Calculator

    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.

  • checklist

    Application Scoring

    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.

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    KYC and AML Checks

    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.
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    Document Management

    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.

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    Process Flow

    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.

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    Swift Process

    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.
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    Audit Trail

    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. 

Digital Lending Portal

VeriPark’s digital lending portal makes it possible to offer self-service digital loan experiences. Aimed at making loan origination simple, it replaces traditional loan processes with dynamic loan application flows and increases customer conversion rates.

Request a live demo

Request a live demo and let us show you how VeriPark helps financial institutions to capture the data and manage seamless loan origination processes on a single platform, no matter the chosen channel.