With a clear vision of improving efficiencies of financial institutions, CRMNEXT, an Indian technology product company, has come up with an innovative banking solution to streamline their loan processes by seamlessly integrating operations, risk management and reducing complexities to ensure customer delight and enhanced business opportunities.
When it comes to managing loan processes, Indian banks face multitude of challenges ranging from infrastructure complexities to data entry error, data duplication and even data loss. Error prone processes often lead to delays, inefficiency and increased risks for financial institutions.
In view of these serious challenges, there is a growing need of banking solutions that can aid banks to improve efficiency and agility by seamlessly integrating operations, risk management and thereby reduce complexity.
After delving into the loan processing issues and identifying the main pain areas, CRMNEXT, an Indian technology product company with a user base of over one million users, came up with ‘Loan in 3 minutes’ — a comprehensive digital banking solution for managing loan processing.
The solution seeks to address error prone manual steps, unitegrated multiple systems involved in the loan process leading to hopping between multiple systems, streamlining of credit and risk scoring of customers, consistancy of important criteria like loan eligibility, best rate, etc. at various touchpoints and helping banks integrate centralise document management system with the loan processing system to avoid delays and rework, says Sushil Tyagi, Director of Global Sales and Marketing, CRMNEXT.
“The primary goal was to bring up a single and complete loan origination and processing system, right from capturing an enquiry to loan disbursal process seamlessly on a single platform. The entire process was streamlined, duplicate and redundant processes were eliminated which resulted in an end-to-end automated process and lowered maintenance and operational costs,” Tyagi said.
CRMNEXT used this out-of-box solution to streamline loan processing for one of India’s leading financial institutions.
The company used innovative tools like David Decision Engine and Vividflow Designer Automated to enable faster loan eligibility check (within 30 seconds).
CRMNEXT also used Autonoma Integration engine enabled integration with third party credit scoring bodies and back office transaction system to create faster approvals, exception handlings and disbursals. “This helped the institution to automate and accelerate process, giving way to a much simpler and more efficient system,” Tyagi observed.
To boost performance management, real-time dashboard reports were made available including process-wise, product-wise, distributor-wise to get actionable insights. This automated report generation eliminates the need of manual data gathering and saves time and improve efficiency, according to Tyagi.
“The financial institution now has every dealer on a common system to provide easy allocation based on the geography and product. All systems are brought to a common platform, a unified supplier-agency platform, thus easing pain of collaboration and consolidation,” he said.
Benefits of CRMNEXT ‘Loan in 3 minutes’
- Agile, flexible and fully-customisable solution tailor-made to suit specific strategies of financial institutions.
- Makes it possible to comply with changing industrial policies and regulatory norms.
- Assists in digitisation of the entire loan process, resulting in zero paperwork and instant responses.
- Eliminates all error prone processes and ensures higher productivity and efficiency.
- CRMNEXT Digi-LOS, built on the Zero-Principle (Zero Touch, Zero TAT and Zero Rework) makes it possible to let a customer walk out with a loan-approval in just 3 minutes.
- Ensures transparency to gain trust of customers which guarantees assured and instant business.
- Enables institutions to drive greater focus on customer experience and turnaround time and in the process, create many delighted customers.