LoanAppOnline solution for managing the entire workflow in retail crediting, from data collection and recording, risk decision-making automation, installment calculation and document generators.
Additional information is collected and sent through the integration layer, which allows the interconnection with external systems and databases (Credit Bureau, Application Scoring Engine, Fraud applications) and the bank’s core system.
LoanApp allows the loan origination to be conducted from both the Intranet (Bank Branches) and Internet (retailers, dealers, real estate companies, direct sales agents).
DATA CAPTURINGThe application allows the collection of all the information required from the loan applicants in order to conduct the processing, analysis and approval of their request. First, general information is collected about the applicant, its co-debtors and bailors (addresses, employer information, identity card information).
Information on the requested loan is shown in the Loan Screen: the product, type of product, offer, requested sum, tenure and commissions linked to the product. The scoring information is then input, with the needed information being dynamically published from the application, depending on the product type and associated scorecard.
In addition, optional information is collected, such as associated guarantees, life insurance, refinancing, marketing information, client litigations history, etc.
SUPPORTED LOAN PRODUCTS
The main loan products that can be processed using LoanApp are:
- Unsecured loans: Consumer loans, Personal needs loans, Credit cards
- Secured loans: Mortgage, PNL with mortgage, Car loans
LoanApp’s product management allows the association of the new loan product with existing promotional offers of the bank, such as a 6 months grace period or a 50% reduction of the analysis commission. The products can be further assigned to specific sales channels, sustaining the deployment of a targeted sales campaign (for example, a specific partner network can be authorized to sell only a co-branded credit card product).
PROCESS MANAGER – LOAN PROCESSING WORKFLOWEach loan application is monitored from the time it is entered into the system, and is tracked through all the steps of the credit review and approval process. Due to its web-based interface, LoanApp allows the steps of loan origination, first approval, analysis and final approval to be performed in different locations (branch/partner, head office).
RULES ENGINELoanApp can perform the automated calculations of scoring and credit rules necessary in the approval process. It uses a risk matrix to combine all the results obtained from internal (algorithms, internal scorecards, eligibility calculations) or external decision tools (Scoring Engine, Black list, Credit Bureau, Fraud tool) in order to reach the final Resolution on the loan application (approval or rejection).
- Algorithms and custom formulas (advance conditions, tenure conditions)
- Internal Scorecards
- Eligibility calculations (maximum debt ratio, warranties)
- Knock-out criteria (age, months at current employer etc)
- External Scorecards (behavior scoring, credit risk scoring)
- Credit Bureau
- Black lists queries
- Fraud tool
DOCUMENT MANAGEMENTDocument management within LoanApp includes document generating, printing, signing, scanning and uploading. The automated generation of documents allows the fast definition of document form and content, flexible implementation options and a high degree of customization based on user options. The documents are configured by an administrator, using a document model, which represents the association between the document type, the template and the assigned data sources.
REPORTINGBusiness Analytics and Dashboard Reporting are made available through the use of a report generator and an Activity Monitor.
IT USER RIGHTSLoanApp allows the administration of rights at User, Units and Workgroups level. The application allows access to different actions according to the rights a user possesses, each user being individually associated with an employee through username and password. For each user, personal data is stored and competences and restrictions are set by the application administrator, based on their role and profile. Also, for a greater flexibility, users can be organized in workgroups.
INTERFACE WITH EXTERNAL SYSTEMSLoanApp is interfaced through Web Services with various external systems for purposes such as:
- Credit checking (Buffer and Credit Bureau)
LoanApp contains a Buffer which registers the result of interrogations previously sent to the Credit Bureau, with the purpose of eliminating redundant interrogations. The credit applicants are first verified in the application Buffer and then directly to the Credit Bureau, if necessary.
- Fraud detection
The application is interconnected with Fraud Management Tools in order to obtain a fraud risk resolution for the loan application. LoanApp is interfaced with Black lists for individuals and legal entities.
- Credit disbursement
The application automatically opens the loan account once the final approval of the loan is achieved. For Non-bank financial institutions, LoanApp is interfaced with LAM, a Loan Account Management system developed by Ingenio in order to deliver the functionalities of the bank core.