Industry: Loan Origination

Accelerate Your Loan Origination Processes from Start to Finish

Written by Amy Sariego on 1 Jan, 2021. Posted in Resource. No Comments on Accelerate Your Loan Origination Processes from Start to Finish

GUIDE

Accelerate Your Loan Origination
Processes from Start to Finish

It’s not easy balancing customer demands for fast response with the need to reduce time, costs and risks associated with each credit and lending approval. Too often, manual origination and risk decisioning processes drive up time, costs and inconsistency.

Provenir delivers a unified solution for automating credit and loan origination. From simple credit requests to complex loans requiring extensive due diligence, Provenir orchestrates the origination lifecycle from end to end. With Provenir, you can make the right decisions and make them faster to deliver outstanding customer experiences, shorten time to revenue and minimize risk.

Offer highly responsive service to your customers with multi-channel applications, instant decisioning and straight-through processing for all types of credit and lending requests.
Cut processing time and costs with automated workflows that guide every step in the origination process.
Streamline data gathering and enrichment with pre-built adapters that consolidate information from virtually any data source.
Increase compliance and reduce risk with industry-standard analytic models operationalized in your risk decisioning processes.
Enhance business agility with user-friendly configuration tools to create and change user interfaces, rules and processes, enabling immediate response to new opportunities, competitive challenges and regulatory changes.
Accelerate deployment with our unified solution which offers a highly secure cloud computing environment with flexible options for domain setup, managed services, deployments and scalability.

Provenir for Loan Origination orchestrates and automates the entire origination lifecycle

Simplify the Application Process

Industry-standard web technology makes it easy to configure a user interface suited to your exact business needs.
Multi-currency and multi-language support ensure users in different countries can work in their native languages and currencies.
Multi-channel support lets customers submit credit and lending applications over any channel and device including the Web, mobile phones and tablets.

Streamline Data Enrichment

Pre-built adapters speed integration with enterprise systems to automatically enrich an application with required data such as merchant, customer, loan and collateral details, credit bureau reports, financial information and document verification.
Business-friendly configuration tools simplify data integration and mapping to multiple sources including enterprise and third-party systems, websites and social media.
Native document management and adapters for leading document management systems ensure relevant documents are attached to and travel with applications.

Operationalize Your Analytics

Easy integration allows any type of model developed in industry-standard analytics tools, including SAS, R and Excel, to be operationalized in automated decisioning processes.
Wizards import a model, map and validate data within a decisioning process in minutes and without any coding.

Speed Up Risk Analytics and Decisioning

Straight-through processing enables instant decisioning for simple credit and lending requests, including document generation.
Automated terms of business and pricing recommend the specific conditions for each customer and credit/loan request.
Rules-driven decisioning identifies exceptions, determines when manual intervention is required, recommends the next best action and routes the application to the appropriate underwriter.
Champion/challenger testing uses live data to test and determine the validity of alternative decisioning strategies before they are deployed.

Streamline Closure

Configurable adapters support quick integration to core banking systems to complete the origination lifecycle.

Also, read:

What is Auto Loan Origination?

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Accelerate Your Loan Origination Processes

Consumer Lending

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The ‘under banked’ foreigners are an untapped customer base for lenders in the US

Written by on 15 Aug, 2016. Posted in Blog. No Comments on The ‘under banked’ foreigners are an untapped customer base for lenders in the US

BLOG

The ‘Under Banked’ Foreigners
are an Untapped Customer Base for Lenders in the US

In 2015, the U.S. Department of State issued 477,780 temporary work visas to foreign nationals

These people represent 0.3 percent of the U.S. labor force and are a largely untapped customer base for U.S. businesses. Why? They do not have traditional credit history established in the U.S. and so businesses are not comfortable taking on the risk of their business. When I moved from Australia four years ago on a work visa, I could not even get a cell phone contract.

I approached multiple phone providers and they all told me the same thing. That I did not have enough of a credit history to merit a long term phone contract with their company. This is because most companies – not just phone providers – use traditional databases and resources like the FICO score to determine the creditworthiness of an individual.

FICO scores are a purely U.S. based metric and so, while I own property in Australia and hold a job in the U.S., I was requisitioned to a month to month plan on a lesser phone carrier. This month to month plan has allowed me to build my “financial reputation” and one day I hope to graduate to a regular cell phone plan within the U.S.

My new credit reputation will then also give banks the confidence to one day give me a business, home or auto loan. But it will have taken them over two and a half years to do so. In the meantime, my phone carrier and other traditional lenders have lost out on millions of dollars on potential long term contracts with me and thousands of other “under banked” foreign nationals.

As financial tides turn around the globe and the makeup of the U.S. workforce continues to diversify, many alternative and P2P lenders are realizing that relying on the limited data of a FICO score to provide a credible risk assessment of a potential customer is no longer viable. Casting a wider net to incorporate data from international bureaus and an individual’s social media profile can provide a better risk profile for customers who come from overseas, so that both customers and businesses can benefit in a more positive way.