OVERVIEW
The unprecedented pandemic has forced lending industry to re-evaluate the way they work and change their internal processes, marketing channels, pricing models, and, in some cases, even their target audiences. Lending industry needs to be ready to ride the wave of the emerging trends as there is good probability of it being the new way the world operates.
The future of lending industry has been defined and it is time to get into execution mode. Lenders will have to embrace digital transformation, culturally change the way internal team and departments work, empower the workforce, revamp the processes and adopt newer lending practices to emerge as a winner.
Our Expertise
Loan Originations
Loan originations is the most important and critical process for lenders. For almost every lender the definition of the term Loan origination is different – where it starts, the different stages within the process and where it ends. Also it varies depending on the type of product – personal, commercial, mortgage etc. creating complexities.
Lenders are now creating unique experiences at loan origination stage to differentiate themselves from the competition. Technology, automation and seamless integration is helping lenders to create value proposition that ensure faster, cheaper, better and safer loan processing.
Verinite’s experience covers end-to-end life cycle of loan originations business that includes system selection, program management, implementation, upgrade, migration and support covering industry standard loan origination systems.
Loan Management
Loan management helps manage the entire loan lifecycle. It is important for lenders to get 360-degree view of all relationships and facilities under management. Calculations, workflows, financial analysis, electronic compliance and loan servicing all need to work together for different product types.
Lenders are now putting larger emphasis on providing enhanced customer servicing experience that allows them to personalize the loan servicing, digitize the back-end processes to achieve enhanced operational productivity, ensure complete customer view to achieve unparalleled specifics and full-scale reporting / analytics.
Verinite’s experience covers end-to-end life cycle of loan management that includes system selection, program management, implementation, upgrade, migration and support covering industry standard loan management systems.
Collections
Debt collections is an unavoidable facet of the lending industry. Irrespective of the best practices, controls and processes while approving loans, lenders have to face the eventuality of some of their borrowers failing to pay on time or even turning into a Non-Performing Asset (NPA).
Lenders are now expecting their collections process to be automated, achieve 100% visibility into borrowers profile during collections, automate distribution of cases across collectors, analytics to guide the collection strategies, integration with customer servicing channels and humanize as well as digitize the collections.
Verinite’s experience covers end-to-end life cycle of loan collections that includes system selection, program management, implementation, upgrade, migration and support covering industry standard loan collection systems.
