Loan Origination System
Managing end-to-end loan application processing is not an easy task, as several factors can affect the quality of the result: the lack of standardized processes across the branches of an organization, poor/insufficient data available to support decision-making, inefficient or incomplete credit risk models, fragmented/unstructured credit processes built on top of models, and the policies of the organization itself. The CRIF Loan Origination System allows you to automate end-to-end loan application processing: from data entry to the updating of back-end system activities. It exploits CRIF’s long-established experience in the optimization of business process flows, through best-in-class cases and best practices gathered across all the projects developed during the company’s history. The Origination Decisioning tool is provided in the form of a solution-as-a-service by CRIF through a pay-per-use model, with no initial investment required by banks and financial institutions. At the same time it allows a high degree of configuration in the definition of product catalogs, decision strategies, and approval levels in order to comply with any business policies.
The CRIF Loan Origination System provides a web front-end and workflow management capabilities to cover the complete loan application process through the following phases:
Acquisition
Pre-screening
Preliminary decision
Verification and final decision
Disbursement.
It streamlines data integration through a single point of access and the configuration of external data sources available on the market, through connection with the CRIF data access framework designed for the Asian market, with the option of defining:
Repurchasing policies (i.e. caching)
Orchestration of multiple conditional inquiries to external data sources.
The CRIF Loan Origination System is natively integrated with StrategyOne, the CRIF business rules management platform and decision scoring engine to determine:
Knock out rules
Application scores
Behavioral scores
Overall decision strategies
The solution is multi-channel, multi-language and multi-currency, and is configurable and flexible for all kinds of financing and applicants.
Potential areas of configuration are:
Approval levels: by product, loan amount, application risk class
Product catalog: list of products and corresponding features, list of documents required by product, credit limit by product, etc.
Cut-offs for decision strategies
Key Benefits:
The CRIF Loan Origination System enables you to:
Streamline and automate loan origination processing
Define and standardize procedures (workflow) regardless of bank departments, branches, and countries
Speaks the same language as banks and financial institutions
Lower costs as a ready-to-go solution (SaaS model) because no initial investment is required
Reduce IT costs and implementation times thanks to the extensive opportunities for parameterization of the system, which is able to adapt to the bank's new credit requirements to make it easy to localize
Optimize access and the configuration of external data sources.
