Closed End Lending Vs. Open End Lending (Including Reg Z Changes)
Smart Lending Banking & Financial End to End Loan ... · Smart Lending Banking & Financial End to...
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Smart Lending End to End Loan Originaon Soluon Banking & Financial Services Copyright © 2016 Virtusa Corporaon. All Rights Reserved. Smart Lending End to End Loan Originaon Soluon Smart Lending – Need of the hour To address the compeve business environment, increasing customer expectaons and changing regulatory requirements, banks and other FI’s have been forced to provide enhanced services to the customers. In doing so these instuons will have to ensure that their profit margins will not get affected. These concerns have made Banks & FI’s to think innovave and offer services which will not only help to increase their market share but also will help them to handle their operaons cost effecvely and efficiently. Smart Lending is one such automated soluon which will help these FI’s to reduce their loan processing me considerably, reduces paper work and enables faster funding to speed loan originaon and customer on-boarding processes. Smart Lending Solution Virtusa helps in creang centralized operaons hub which connects FI’s to all their channel partners and stake holders. The lender can view and monitor all processes real-me and with the help of Virtusa automated soluons, TAT of processes reduces while providing increased effecveness & efficiency. Virtusa innovave e-mortgage soluon is part of the Smart lending soluons which revoluonizes the mode in which mortgages are originated, processed, closed and shipped giving FI’s an edge against compeon. The ECM based soluon will virtually create a paperless environment for the paper driven industry and supports automated decision making through a STP enabled process. Our tailor made services will help the customers to execute complex business strategies with enhanced customer self-service capabilies. Key Challenges for the Financial Institutions • Lack of automated workflow in credit decision with repeve/duplicated process efforts and increased turnaround me for customer decision • Intense compeon from the P2P lenders and increasing demand from the customers • Absence of a streamlined and customizable soluon to meet customer requirements • Discrete plaorms / systems for different loan porolios making system enhancements complex, expensive and me taking • Inability of offer new products due to a lack of a scalable integrated plaorms • Inability to adjudicate best Loan product Vs Pricing match, credit profiling and financial needs • Highly paper driven industry with huge document selecon and storage process
Transcript of Smart Lending Banking & Financial End to End Loan ... · Smart Lending Banking & Financial End to...
Smart Lending End to End Loan Origination SolutionBanking & Financial
Services
Copyright © 2016 Virtusa Corporation. All Rights Reserved.Smart Lending End to End Loan Origination Solution
Smart Lending – Need of the hourTo address the competitive business environment, increasing customer expectations and changing regulatory requirements, banks and other FI’s have been forced to provide enhanced services to the customers. In doing so these institutions will have to ensure that their profit margins will not get affected. These concerns have made Banks & FI’s to think innovative and offer services which will not only help to increase their market share but also will help them to handle their operations cost effectively and efficiently.
Smart Lending is one such automated solution which will help these FI’s to reduce their loan processing time considerably, reduces paper work and enables faster funding to speed loan origination and customer on-boarding processes.
Smart Lending SolutionVirtusa helps in creating centralized operations hub which connects FI’s to all their channel partners and stake holders. The lender can view and monitor all processes real-time and with the help of Virtusa automated solutions, TAT of processes reduces while providing increased effectiveness & efficiency.
Virtusa innovative e-mortgage solution is part of the Smart lending solutions which revolutionizes the mode in which mortgages are originated, processed, closed and shipped giving FI’s an edge against competition.
The ECM based solution will virtually create a paperless environment for the paper driven industry and supports automated decision making through a STP enabled process. Our tailor made services will help the customers to execute complex business strategies with enhanced customer self-service capabilities.
Key Challenges for the Financial Institutions • Lack of automated workflow in credit decision with repetitive/duplicated process efforts and increased
turnaround time for customer decision
• Intense competition from the P2P lenders and increasing demand from the customers
• Absence of a streamlined and customizable solution to meet customer requirements
• Discrete platforms / systems for different loan portfolios making system enhancements complex, expensive and time taking
• Inability of offer new products due to a lack of a scalable integrated platforms
• Inability to adjudicate best Loan product Vs Pricing match, credit profiling and financial needs
• Highly paper driven industry with huge document selection and storage process
Copyright © 2016 Virtusa Corporation. All Rights Reserved.Smart Lending End to End Loan Origination Solution
Technology Enabled Simplified Solutions for New Age BankingVirtusa Smart Lending enables FI’s to be future ready while providing enhanced customer experience while reducing costs.
• Product & Pricing Engine within Origination system to allow bank executives to adjudicate best Loan product matching customer credit profile and financial needs
• Automated Underwriting - Business rules to enable speedier decision making
• Forecasting and Stress Testing - based solutions to address reporting requirements
• Self-Service - Mobile based origination solution with self-service capability taking the origination to the customer door step
• e-forms - Smart and intelligent UX with efficient audit trail/process for secured decisions to delivery & acceptance
• Analytics - Enhanced algorithmic scoring model based on socio & transactional data
• SaaS based Platform - Cloud hosted extendable API’s service providing a seamless integration with core banking and other legacy applications/platforms
• Augmented Reality - Providing the next-gen banking experience thereby increasing the customer attention and providing a better sales opportunities
Copyright © 2017 Virtusa Corporation. All Rights Reserved.Smart Lending End to End Loan Origination Solution
• ECM - Content management solutions clubbed with geo-tagging capabilities to manage the documents and collaterals in an effective manner
Ê e-docs - Indexed, archived and retrieved and has meta data for downstream processing, e-signatures and helps in authorization of the relevant documents
Ê e-Vault - Manage, secure & store dematerialized formats of mortgage e-Notes
Ê e-Closing - Electronic review, presentation and signing of all the documents in closing package along with electronic notarization and electronic recording
Ê BPMS & BRMS - Workflows and decision enabling solution for process automation
• Reporting engine and flexible templates to address regulatory reporting needs
• System-of-Record & 3rd Party interfaces that can seamlessly interact with servicers’ system of record, proprietary analytics, credit bureaus, appraisers and other portals
Delivering Business ValuesVirtusa’s Smart lending solution is a flexible and highly customizable end-user driven business processes leading to better customer experience. The solution has the flexibility to accommodate any new business rule changes, market and regulatory demands. The solution enables FI’s in better coordination and collaboration among various departments through LOS process rationalization
Virtusa vast and proven experience helps in replicating and improvising the best practices across banking industry. With the help of automation, digitization and straight through processing, the smart lending solution helps FI’s reduce expenditure and increases their revenue exponentially.
Benefits to Customers• Reduce Expenditure and increase revenue with improved operational efficiencies and Straight through Processing
• Increased loan processing capacity
• Speedier decision making
• Reduced operating costs
• Easy Integration with Core Banking and Other Interfacing systems
S.No Client Solution Offering Business Need Description
1 Barclays - USA Business Transformation
To transform existing Mortgage Lending application to cater to the emerging trends of the market. It involved the transition of the existing legacy system to a newer system. End to end automation of the entire lending life cycle.
2 CITI Bank
STP - Personal Loan Origination
Migration to a new loan origination workflow solution with integration to existing DMS and Portal. Automated the entire end to end loan booking process, Credit Verification, CAPs tracking modules, Fraud verification, smart Dashboards and user configurable reports.
Mortgage Loan - Origination
Automated loan disbursement process that can reduce the time taken to disburse the loans by integrating with the core banking system and the payment gateway – CITI India.
Personal Loan – Collections & Recovery
Developed smart dashboard for the banks Collection and Recovery team to track and manage their delinquent customers efficiently – CITI India.
Personal Loan – Servicing
Strategic initiative and transformational solution capable to handle high volumes of transactions and improved EOM processing capability – CITI India.
Loan Origination - Regulatory
Credit Bureau Integration (CIBIL) with the Loan Origination platform for quicker and effective decision making – CITI India.
3 HDFC Bank - India Multi Channel Loan Origination System
Multi channel payment facilities for the Mortgage Lending products with CIBIL integration for submission and enquiry for Mortgage Loans. Production support for Compliance & Regulatory enhancements for the entire lending Platform.
4 Think Money - UK Portal – Debt Management
Portal for debt management with seamless flow of information across Creditors and Customers groups integrated to the existing Legacy platform. Implementation of MI Reports and Query handling on Portal to automated and minimize the efforts spent on MI reports and Query tracking.
5 First Niagara - USAFunctional Testing – Commercial Loans on ACBS
Functional testing of the legacy platform migration (MISER) to ACBS platform for Commercial Loans. Virtusa Onsite team initiated the Defect Triage and actively driving to ensure faster resolution on High severity defects, a total of 70 defects.
Case Studies
For more information write to: [email protected] www.virtusa.com
Virtusa Corporation (NASDAQ GS: VRTU) is a global provider of information technology (IT) consulting and outsourcing services that accelerate outcomes for businesses in banking, insurance, healthcare, telecommunications, technology, and media & entertainment. Virtusa’s outsourcing solutions enable businesses to improve operational efficiency and reduce IT costs. Virtusa’s digital transformation solutions empower clients to accelerate revenue growth and reimagine the customer experience.
Through the acquisition of a majority interest in Polaris Consulting Services Ltd. in March 2016, Virtusa has created a robust platform to provide end-to-end solutions and services in banking and financial services, strengthening its positioning as a top, global FinTech services provider. Virtusa Corporation is headquartered in Massachusetts and has 50 offices across North America, Europe and Asia.
About Virtusa
Polaris Consulting & Services, Ltd. is a subsidiary of Virtusa Corporation. Copyright © 2017 Virtusa Corporation. All Rights Reserved.
