LoanConnect™ – Manage the complete lifecycle of a credit product request with the new generation of banking applications.
Competition within the global banking sector is fierce, with an industry wide urgency to rapidly differentiate services in the minds of corporate and retail consumers, reduce customer service times and rapidly deploy new product offerings for generation of new or enhanced revenue streams. To achieve these goals, while also increasing efficiency and speed of operations, financial institutions are looking more and more at what is commonly referred to as digital transformation.
Unfortunately, while the benefits of this type of transformation are widely recognized, the path to business value has been a difficult one. More often than not, deployment of the new breed of digital service offerings has involved long drawn out software development cycles of up to a year or more, before operational and financial value are recognized and put an unusually high support burden on both LOB and IT resources.
Leveraging industry specific expertise and successful customer implementations at banks across three continents, AGYS is able to change this paradigm with the best of breed solution, LoanConnect™, for origination, approval and disbursal of credit products for the banks existing or new customers, that can be fully tailored to any customer’s environment, integrated with all required back-end systems and like all AGYS Banking Solutions, rapidly deployable for operational value.
LoanConnect™ is a front to back solution promoting improved customer engagement and risk management while simultaneously ensuring compliant behavior throughout entire credit process.
LoanConnect™ is first and foremost an operational solution which helps retail banks differentiate its offerings from competition, significantly reduce its cost of dispersal and rapidly deploy new product and service offerings to the market.
The proven areas of operational value are extensive, including, but not limited to some of the following:
- Differentiated and multi-channel engagement experience for existing and new customers
- Rapid days deployment for roll-out of bundled offerings and competitive differentiation
- Significant reduction in time to banking product origination (in many cases, up to 90%)
- Associated deep reduction in loan origination costs
- Increased transaction quantities without additional headcount
What is LoanConnect™?
LoanConnect™ is an integrated business application for managing the complete lifecycle of a credit product request, including initiation, analysis, approval and disbursal for the bank’s existing or new customers.
With LoanConnect™ banks get one single application for managing as many processes, while the customer can apply for as many banking products in one single step, during one single data entry. It supports any scenario, such as: new customer / existing customer with new account / existing account that applies for one, two or as many banking products in any accepted combination according to the bank’s policy.
- One application with product bundling capabilities: Credit Cards, Overdraft, Personal Loans, Auto Loans, Mortgages and On-Boarding = Ability to initiate applications via various channels and one single view.
- Cross channel applicability: On-line, Mobile, Branch, Customer Service and Direct Sales.
- On premise or private cloud deployment.
- Automatically manages the full escalation and approval process based on the rules and conditions of each product and commercial/regulatory policies.
- Immediately performs all necessary checks in one single screen (fraud, credit, black lists, internal liabilities) and retrieves all scoring details either managed within the system or leveraging external scoring engine. Designed for leveraged interaction with interdependent bank systems (CBS, AML, Scoring, CRM, DM, Other).
- Routes clients through appropriate onboarding / product selection paths, from complex case analysis to straight through processing.
- Manages escalation and approval process based on the rules and conditions of each product, customer profile, request type and commercial/regulatory policies.
- Credit request are correlated real time with all internal and external systems checks.
- Automates and standardizes the creation of all necessary documents for each application, on each stage (offers, application requests, approval or rejection letters, other mandatory and compliance documents).
- Multiple cross checks performed by Supervisors, Fraud teams and Evaluators in order to ensure data consistency and inclusion and to meet all compliance and regulatory requirements while supporting the bank in seizing every opportunity for upsell or customer retention.
LoanConnect™ Product Demonstration
IBM Technology – The Smart Foundation for LoanConnect™
LoanConnect™ is built utilizing IBM’s best of breed technology stack for on Premise and Cloud Based solutions.
LoanConnect™ was developed using IBM’s Industry Leading process platform, IBM® BPM. It serves as the foundation upon which LoanConnect™ incorporates both common and unique corporate governance processes within a bank, with all their native attributes (escalations, deadlines, chain of command, etc).
IBM® BPM is extremely suitable for automating and executing processes with a high degree of human intervention, complex dependencies between stage activities, stakeholders’ decisions, and company IT systems.
To integrate LoanConnect™ with a client’s back end systems, we recommend IBM® Integration Bus, formerly known as WebSphere® Message Broker. IIB provides connectivity and universal data transformation for SOA (service-oriented architecture) and non-SOA environments. With IIB, banks of any size can eliminate point-to-point connections and batch processing regardless of platform, protocol or data format.
IBM Integration Bus helps simplify the connectivity between a bank’s IT assets, including legacy applications, packaged applications and web services, without requiring coding changes. It provides the application connectivity that helps you manage and simplify those connections while enabling a client to retrieve business-critical data without making changes to the applications themselves.
For those clients who require a highly secure, performant and scalable application foundation, we recommend IBM® PureApplication® System. PureApplication System (tested as performant for commercially demanding applications in the Global Banking Sector) combines native functionality for accelerated application deployment, application scaling and simplified system management, while serving as a standardized cloud application platform for web and database applications. To meet the evolving needs of our clients, LoanConnect™ on PureApplication System can be deployed as either an on premise solution or off-premise solution with IBM’s Pure Application Services, Secure Cloud Platform.