Over the last few years, the business of loans has undergone significant change owing to the financial crisis and emergence of non-banking entities paving the way for people’s money reaching potential borrowers at a much lower cost and with lesser hassles. Undoubtedly, advancing technology and changing customer preferences are driving significant changes in Banking interactions. However, banks need to continuously adapt and increasingly adopt technology to simplify lending to enhance reach and foster customer loyalty. At this moment, with the dynamic market conditions & ever changing regulatory compliances, a robust intuitive technology for retail lending has translated into a need. And so, in order to gratify the need, financial institutions are seeking solutions with the most adaptable architecture, one which can be configured for today and can adapt in the future. Additionally, a perfect loan origination software solution can be one of the ideal solutions to make retail banking more efficient.
It is known to all that the Loan Origination System (LOS) is developed specially to support the loan application processing needs of banks and financial institutions. In simple terms, it employs workflow technology to control and monitor the various work steps in the loan processing and uses digital imaging technology to reduce the delays and inefficiencies in handling paper documents. No doubt, the most essential feature of LOS is its Loan Application Processing Workflow. Also, each loan application is monitored from the time it is entered into the system and tracked through the various work steps of credit review and approval process. In today's time, retail lenders are making changes to increase back-office automation while strengthening their mobile sales forces. And clearly, these changes are largely driven by the need to increase operational efficiency and to some extent, to improve the customer experience by accelerating business processes. Therefore, the new technology makes it possible to integrate the origination and loan approval processes. It allows a loan application to be handed off automatically from origination to approval.
It is safe to say that a perfectly built LOS can simplify the complete credit lifecycle across retail and commercial loans. However, the face of lending may look quite different in the next few years as loans are delivered in new and innovative ways. Therefore, developing an origination strategy that is consistent and that enables applications to be seamlessly transitioned from origination to decisioning, and ultimately to servicing, is the key!
Group Futurista is glad to present to you the opportunity to learn more about Loan Origination for Retail Banking and the benefits it can entail for your business by joining the 'Future of Loan Origination for Retail Banking' virtual summit with revolutionary keynotes, case studies, and an amazing selection of industry-leading speakers who will come together to share their valuable insights.
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