For most banks, loan processing -whether for credit cards, home mortgages, personal loans, vehicle financing, and/or commercial loans -is a time consuming, labor-intensive, paper-based and compartmentalized sequence of tasks. Moreover, in the increasing interest rate environment, organizational performance depends on targeted cross selling of deposits, insurance, or mortgage products, and delivery of superior customer service.
There is tremendous potential value in enabling customer-centricity by streamlining and automating end-to-end workflow from front office CRM, loan-origination operations to back office operations such as underwriting, processing, and servicing. Enabling connectivity and coherence across marketing, sales and services offers the ability to drive targeted marketing, cross selling, improved pricing, and personalized service to clients and prospects. Workflow and Document Automation offers the opportunity to greatly reduce costs by eliminating paperwork and delays caused by errors. Large volume of collected compliance data offers an untapped opportunity to increase sales. In more sophisticated processing environments, the trend is to push decision-making closer to the front-end to accelerate sales.
However most banks have been unable to realize these benefits because loan business processes and related IT infrastructure is too inflexible and disconnected to coordinate the assets, information and activities that make up the sales, origination, processing, and servicing of a loan.
Infogain helps many leading banks around the world improve sales, loan processing efficiency and adaptability, and offers a proven solution that can help banks of all sizes improve cross/up selling and reduce their loan processing costs by coordinating loan processes across channels, departments and systems. Additionally, our solutions extend existing IT investments to enable banks to process higher loan volumes, increase customer service focus, improve risk management, provide ease of compliance with regulations, and enable faster introduction of loan products amidst changing market conditions.
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