Introduction:
One of the leading NBFCs is witnessing waves of changes sweeping across the retail loan origination process. There is a felt need for dynamic, and continuously evolving applications to help retail lenders keep up with the changing market conditions, increasing competition, evolving regulatory compliances and the corresponding impact on operations and technology.
Business Challenge:
There are a lot of small and micro businesses who are in need of loan and client wanted to cater to their maximum requirement by having a full proof defined process and also enure lesser turnaround time. Colllecting all the required information, documents, verification and eligibility process takes a lot of time which may be frustrating for the customer.
Below are the business challenges -
- Continuously changing needs of business and market conditions
- Regulatory compliance
- Reduce TAT to increase business
- Decrease business risks by getting the right information
- Operational challenges throughout the loan journey
Solution:
The client approached Bajaj Technology Services to provide a digital lending platform with tailor made journey and allow lenders to authenticate borrowers' identities with digital KYCs swiftly, evaluate their credit scores, and analyze transaction data. Additionally,
- Perform due diligence
- Risk Management for Fraud Identification
- Digital KYC
- Collateral Capture and Assessment
- Financial Analysis
- Comprehensive Document Management
- Automated Underwriting
- Disbursal
- Straight through Processing
- Integration with LMS
Highlights:
- NextGen LOS: It was one of the complex projects where the entire application was built from the scratch and went to multiple requirement iterations and workflow change during the complete duration.
- The team built an agnostic lending platform, so that the client can plug in any type of products. The journey was designed in such a way that the users were able to customize it based on their product preferences.
- Processes were automated to ensure reduced average cycle time.
- Detected and reduced fraud cases across different products by robust real time rules.
- Developed tailored enterprise applications to meet unique business needs.
- Streamlined infrastructure operations, improved agility and development velocity.
- Implemented cloud-based solutions for flexibility.
- Scalability to accommodate growth.
Impact
- The solution helped client to create a well defined Loan Origination System with required process for data collection and verification
- Elimination of manual process with increased accuracy and reduced turnaround time
- Risk reduction through financial analysis and eligibility calculation
- Tailor made journey as per the client requirements to increase efficiency
