Retail Lending Software Solution
An agile yet robust Retail Loan Origination Software Solution with automated and integrated everything that handles huge volume of consumer and retail loan requests.
Retail Loan Project Overview
Retail Lending Software Requirement
Servosys Solutions was called upon by a leading Asian bank to deploy a solution and transform their retail loan origination system to improve on customer satisfaction index.
The bank has more than 4000 branches of which about 100 branches are for retail assets. The lender was grappling with issues such as managing a high volume of loan applications, accommodating changes pertaining to regulatory norms, and other business dynamics in their process workflow. In the absence of an Omni-channel or an end-to-end retail lending software solution, the bank was not able to streamline its operation, starting from lead generation to customer onboarding, loan request processing, and underwriting to post disbursement processes.
Retail Lending Process Challenges
- Under-utilized manpower, inability to handle peak loads of retail loans during month-ends.
- In the absence of end-to-end retail lending solutions, not able to scale sales operations for penetration in remote areas/locations.
- Unable to plug direct selling agents of retail lending for support.
- Delays in disbursements.
- Inability to track turnaround time and customer experience parameters.
- Cumbersome multiple system touch points for users.
Retail Lending Software Solution
- With an end-to-end retail lending software, smoother execution of peak loads during month-ends and festive seasons.
- With retail lending software, all core systems are integrated and a single User Interface is provided for end users
- The users can upload disbursement requests from anywhere and anytime.
- Now with automated disbursement, the credit institution could avoid opening of new Retail Asset Centers in remote locations.
Major Benefits Of Retail Lending Software
- Delays in disbursements are a thing of the past now as the TATs are completely monitored and exceptions escalated in time, disbursements within 3 days for most of retail loans
- Capacity utilization to the fullest, manpower requirement reduction of 38% within the first year of deployment of our retail lending software.
- Loan Book Size increased by more than 3 times in 6 years.
- The Bank, now, processes 100 thousand retail loans per month.