E-DEFT LOAN ORIGINATION SOLUTION 🔵 STANDARDIZE 🔵 SIMPLIFY 🔵 SCALE
TECHNOLOGY CENTRIC APPROACH TO A PERPETUAL LOAN ORIGINATION PROBLEM
Business Situation
It has become increasingly important for financial institutions to deliver the best possible experience to their customers. As the competition for customer loyalty intensifies it has become increasingly important for financial institutions to deliver the best possible experience to their customers. Loan origination where bank officers and agents deal directly with customers, offers the best opportunity to create a favorable impression of the institution and it's solutions but the ability of the loan agents to deliver an excellent customer experience depends largely on their experience and access to information about customers and to the applications used to meet customer needs.
The current landscape in the US consists of a few large banks with access to massive IT resources and data tend to provide a less effective user experience than several small and mid-sized banks. In fact majority of loans in US are processed thru a chain of different vendors/agent specialized in their own area of expertise .An actual lending company has to outsource lending complexities to various independent agents to run thru different work flows to get to closing.
Solution
E-Deft SBA Loan Origination is a cost effective solution to automate origination multi-step process with simplified lending complexities, fraud management, multi solution work flows and process decision work flows.
A rules, workflow and integration based loan origination solutions typically reduce two key metrics: Time taken to decision the loan and Time taken to fund the loan. This has a direct bearing on the customer experience and the ability of a small and mid-sized bank to be agile in a competitive landscape dominated by a few large institutions that have the size, scale and risk profile that can put a smaller bank at a competitive disadvantage at the outset.
Using the power of an embedded workflow and rules engine that is configurable, the local origination process no longer relies on the experience, instinct or biases of a few experienced bankers. In addition, a typical SBA loan can require more than 30 data points to determine initial risk profile and decision. Analysis has shown that the initial feasibility can be accurately determined by a fewer set of data points for 80-85% of the cases. The same is true for larger loan sizes. Leveraging this insight in a systematic way will lead to a faster initial decision while better integration of the platform with 3rd party data providers and receivers will lead to a faster turn round time for closing the loan.
Benefits
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Efficient Loan Handling
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Increased Agent Productivity
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Scalability
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Ease of Customization
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Better View of the Business
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Guided Workflows
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Increased KPI Monitoring
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Customizable Business rule types and rule sets.
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State of art security features and access controls.
Rules and workflow based technology as well an effective and low cost integration platform is core to solving the central problems of loan origination: fast and accurate decisions and quicker loan closing. This technological approach is at the core of new finance-based startups that seek to do what robot advisors are achieving in wealth management
E-Deft's Solution will provide a head start to small and medium sized business without the need to make a large investment in IT resources and technology. It is built on open source technology with minimal additional licensing and support costs.
Realize shorter time-to-decision with minimal development costs. Give agents ability to provide initial decision quickly by requesting a smaller set of data points. This can be a huge benefit for small business as they can plan around a quick funding decision even as they wait for the closing.
Sources of data and information previously scattered on local disk drives can be organized and managed. They can give agents searchable access to documents and customer history and be leveraged through aggregation strategies to refine the decisioning data points and rules
Blend sales, services, marketing by effective integration to in house data sources as well as 3rd party data and applications. Built on open source Java spring boot technology, this will provide the ability for seamless data exchange that will enable a faster turn around towards loan closing and the actual funding of the loan. This will be a critical differentiator in the current competitive market for finance not just with the Big 5 banks but also with independent technology based finance providers like SoFi & others which are another line of competitors that use technology and the internet to outmaneuver smaller less tech savvy players
Integration is the key element that separates E-Deft Solutions from other enterprise applications. Integration means origination process of any organization are related and interspersed with each other so that a change in one business process will reflect in another business process thru operation decision rules.
Key Features
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Contact center business process and sub process including support for adhoc tasks.
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Repository of request types, customer classifications and product classifications.
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Pluggable rules architecture for process routing.
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UI guidance for operational decision management
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UI for reps to work on tasks, get guidance for next steps along with promotions and other tips to make reps more productive during the call.
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Design and architecture that will significantly decrease time to marketing and provide a flexible, pluggable solution to add request types.
Key Features
-
Contact center business process and sub process including support for adhoc tasks.
-
Repository of request types, customer classifications and product classifications.
-
Pluggable rules architecture for process routing.
-
UI guidance for operational decision management
-
UI for reps to work on tasks, get guidance for next steps along with promotions and other tips to make reps more productive during the call.
-
Design and architecture that will significantly decrease time to marketing and provide a flexible, pluggable solution to add request types.
Key Features
-
Contact center business process and sub process including support for adhoc tasks.
-
Repository of request types, customer classifications and product classifications.
-
Pluggable rules architecture for process routing.
-
UI guidance for operational decision management
-
UI for reps to work on tasks, get guidance for next steps along with promotions and other tips to make reps more productive during the call.
-
Design and architecture that will significantly decrease time to marketing and provide a flexible, pluggable solution to add request types.
Key Features
-
Contact center business process and sub process including support for adhoc tasks.
-
Repository of request types, customer classifications and product classifications.
-
Pluggable rules architecture for process routing.
-
UI guidance for operational decision management
-
UI for reps to work on tasks, get guidance for next steps along with promotions and other tips to make reps more productive during the call.
-
Design and architecture that will significantly decrease time to marketing and provide a flexible, pluggable solution to add request types.
Key Features
-
Contact center business process and sub process including support for adhoc tasks.
-
Repository of request types, customer classifications and product classifications.
-
Pluggable rules architecture for process routing.
-
UI guidance for operational decision management
-
UI for reps to work on tasks, get guidance for next steps along with promotions and other tips to make reps more productive during the call.
-
Design and architecture that will significantly decrease time to marketing and provide a flexible, pluggable solution to add request types.
Technologies Leveraged
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Angular 5 UI
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Java based work flow engine
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Java Drools
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Rabbit MQ
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JBoss Application Server
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IBM WebSphere
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Big Data
E-Deft Rules Centric Solution has distinct Advantage
Implementation takes days or few weeks, so the business components underlying workflow or rules solution are configurable and reusable enabling IT staff to quickly and easily modify functions in response to changing business requirements.
Scalability
It is possible to configure and deploy E-Deft loan origination system in a number of different ways to provide a scalable and resilient business service. From a standard setup of a single server, the configuration may be enhanced in a number of different ways to scale both horizontally and vertically.
Ease of Integration
Building upon service oriented architecture has helped E-Deft to create solutions and products that are ease to integrate and customize. The SOA platform gives us the flexibility to meet our customer needs with simplified solutions over reusable code and configurations to support multiple channels.
Deployment Architecture
E-Deft loan origination solution supports multiple deployment architecture that confirms to the following architectural goals.
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Achieve a flexible security model.
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Support of multiple protocols.
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Achieve infrastructure robustness.
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Achieve highly scalable solution.
How easy is it to bring E-Deft Loan Origination today?
Rules centric origination technology evolved outside the solution can be easily added to the standard portfolio of rule sets as well as customized for unique needs on an individual client. and drop
The following section analyses E-Deft's loan origination against 4 key client centric requirements.
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Provide contact center an easy-to-use solution that is easy to adapt and use. E-Deft loan origination solution meets this requirement by maintaining a database of complex rules which simplifies major lending complexities. Easy to navigate wizard makes it east for contact center staff to use plain english to configure rules without using programmable languages. In fact the drag and drop tool enhances the simplify of adopting to standard rules setup and easy to configure custom rules.
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Respond to rapidly changing business rules and regulations. E-Deft loan origination meets this requirement through graphical drag and drop interface and through tight integration of enterprise business rules engine. IT staff can quickly reuse and repurpose proven functionality, implement new rules and regulations, assemble new request types to adhere to already enforced best practices.
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Provide a built in infrastructure to support new loan origination rules and functions. E-Deft contact center solution meets this requirement by delivering a complete platform. It includes a rapid configuration and assembly environment, a dynamic meta repository of request types, customer classifications, product classifications and workflow business support for ad-hoc tasks. pluggable rules architecture for process routing. UI guidance and business related rules based on Java Drools.
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Build on loan origination best practices. E-Deft loan origination solution is based on proven best practices that segment development into simple logical steps: discover, build, assemble, refine and deploy. These practices dovetail seamlessly as a subset of overall origination practices. In addition, rules solution in general are a logical extension of the origination best practices of integration based on open standards, customer segmentation and rules based routing. Agent dashboard has the advantage of information from other plugged in systems and the full range of customer related applications outside the origination platform.