Harnessing Oracle Digital Experience Solution for Customer Delight in Lending and Leasing

Tushar Chitra
Vice President, Product Strategy & Marketing, Oracle Financial Services

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:

  • Social integration: 64% of consumers aged between 18 and 34 claim to use social login because they dislike spending time to fill out registration forms. Consumers of this age clearly prefer integration to their social sites which helps them save time and complete mundane tasks conveniently. A truly digital origination system needs to identify this very need and integrate the popular social media options into their interaction layer.
  • Customer data centralization: Digitally savvy lending consumers expect their financial institutions to know them well. This means re-entering the information already shared is a big reason for repulsion. Lenders need to let data flow freely between departments and across stakeholders such as dealers and brokers so that consumers are not hassled.
  • Workflow automation: In order to achieve maximum productivity, the lending systems need to offer the flexibility of customization of workflows. They should be able to use a default origination workflow or customize the workflow in line with the lending institution’s existing processes.
  • Localization: Political, social and economic changes in each geography have a ripple effect on the way people consume financial products. From regulatory requirements to consumer rights protection acts, the adherence to local standards makes up for a substantial part of business operations. Digital channels and delivery modes require to be designed in accordance with local requirements.
  • Integration across entities: Lending institutions work in tandem with consumers, dealers, brokers and other third party agencies. In order to offer great customer experience, flow of information needs to be seamless across all these entities.

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

Sources: *Globalwebindex

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