Automating Consumer Lending Across Omni Delivery Channels

Financial institutions face increasing pressure to provide Omni-channel access for loan requests, enhance customer experience and ease of use, and mitigate risk across all consumer segments. Consumers demand access to financial products and services anytime through any channel. They look for the institution to know them and their needs, and they expect to be able to transition seamlessly between digital and human interactions without losing progress.

In response to this accelerating trend, financial institutions are upping their game. They seek ways to expand revenue opportunities, increase efficiency, reduce cost, and provide the seamless experience consumers expect through integrated digital and human solutions. Simply providing a traditional bolt-on loan origination system with manual processes is insufficient to meet the market’s increasing Omni-channel expectations. Automation can provide simplified anytime consumer access, streamline workflow and processing, decision applications, route high-value opportunities for staff review and meet regulatory compliance requirements.

A robust automated solution streamlines the loan application lifecycle. The solution collects data via digital and staff-assisted channels through a step-by-step process based on attributes such as loan type, product, jurisdiction, borrower, and loan structure. It then recommends products and pricing using decisioning analytics to evaluate credit quality, borrower stability, and collateral risk. A decision and rules engine applies industry standard ratios, institution-specific rules and policies, and custom attributes such as credit report analysis for automated decision support during loan origination.

These automated processes increase employee productivity by providing consolidated customer information and loan details for a 360-degree view of the overall financial relationship and deal structure. This comprehensive view improves customer service by allowing staff members to provide timely and accurate updates on loan applications. It also equips bankers to recognize additional lending opportunities with timely and targeted product recommendations.

For more information, download the Automating Consumer Lending across Omni Delivery Channels interview document.