Digital originations are evolving
According to a research*, the average number of connected devices owned by a typical digital consumer is 3.64. Digital ways of consumption of products and services is clearly here to stay and it is only going to get more sophisticated in future. As automation becomes imminent across lending products, a digital lending system becomes an obvious choice for the aspiring leaders in the industry.
Since the origination process is the first touch point to the customer, lending institutions need to evolve out of their silos into an integrated system that offers a personalized origination experience taking into account customer relationship as a whole rather than one product or service at a time. This means an intuitive process with data based underwriting and centralized documentation of customer details. Not only this, all these features need to reflect in a truly user friendly user interface. Here are the key areas which, if digitized, can change the lending and leasing businesses for good:
The Oracle Advantage
Oracle Financial Services Lending and Leasing integration with Oracle Banking Digital Experience makes it easy for lending and leasing institutions to connect customers to their lending applications in a truly digital manner.
The option to login via social media accounts such as Facebook and LinkedIn provides speed and flexibility to end consumers and simplifies the login process. The digital experience layer also offers ways to fetch basic customer information from previous records of existing users to prepopulate to the loan application. The Payday Loans application tracker makes it easy to keep a track of the uploaded documents and proofs and also the application status.
Applicants can fill and submit their application at their convenience with the ‘Save Application’ feature. All necessary information in addition to the prepopulated fields is collected at the applicants’ convenience.
Once origination workflows have been finalized they can be applied to products depending on the best workflow that suits the product. Through this integration, the financial institution administrators get the choice to customize the origination workflow to suit their unique requirements. This can further be customized based upon the country, nature of product and other specific information needed.
The pre-integration of Oracle Banking Digital Experience with Oracle Financial Services Lending and Leasing provides a futuristic approach to lending and leasing. It not only bestows a digital skin to the origination process but also makes the entire process less cumbersome and more consumer-friendly.
My colleagues Shalu Upadhyay, Unmesh Pai and I co-authored this blog. We would love to hear your views. We are reachable at tushar dot chitra at oracle dot com, shalu dot upadhyay at oracle dot com and Unmesh dot pai at oracle.com