An evaluation of features, functions, and security
Digitizing and automating your credit origination system and process is critical to keeping up with increased consumer demand for efficiency and convenience. There are many benefits to using cloud-based technology, including faster deployments and reduced cost of ownership.
Cloud-based solutions are not all the same, however, so you will need to consider how each would align to your business needs. The bottom line is that a solution built on secure and flexible technology can more easily align to your internal policies and changing business needs. Questions to keep in mind are:
- What deployment option is best for my credit business?
- How easily can I access my data and who else has access to it?
- Can this solution integrate with the systems we already have in place?
- What new technology can I expect the provider to be investing in?
Many financial institutions are digitally transforming their commercial lending process through digitization.Furthermore, advances in machine learning and artificial intelligence are rapidly changing the game, making it possible to identify risk during the credit application process and throughout the life of the loan without exhausting resources.
Make Better, Faster Credit Decisions Webinar Presentation
Make Better, Faster Credit Decisions with Automation
For the purpose of this paper we define entities or counterparties as the institution’s customers. These could be individuals, traders, partnerships, trusts, charities, governmental bodies, companies, or special purpose vehicles.
Choosing the Right Cloud-Based Credit Origination Solution
Join our implementation and security experts for this live discussion on choosing the right SaaS solution.
There are many benefits to using cloud-based technology including faster deployments and reduced cost of ownership. Modernizing your credit origination system and process is critical to keeping up with increased consumer demand for efficiency and convenience. With an ever-growing number of SaaS credit origination solutions popping up, how do you know which technology and which provider is right for you?
There are many benefits to using cloud-based technology including faster deployments and reduced cost of ownership. With an ever-growing number of cloud-based credit origination solutions popping up, how do you know which technology and which provider is right for you?
Within every banking institution many different internal systems are required to facilitate the customer relationship and fulfill its myriad activities. While each of these systems typically has its own unique identifier for the entities defined therein, linking the entities from disparate systems continues to challenge banks. Uniquely identifying each entity is thus proving to be a critical step in organizations' pursuit of a complete understanding of their relationship with each entity to more accurately know where their risks lay. This need has become even more critical in the current regulatory environment, as evidenced by many of the recent compliance measures related to identifying a specific counterparty. In this paper we will see how origination software could fit into the organization's overall entity identification strategy and enhance the credit decisioning and monitoring process. We will also explore the operational and regulatory drivers of the need to uniquely identify entities at banks, and will look at some best practices to accomplish this end.
With new technology applications being made available every day, lenders now have an opportunity to tackle automation holistically across all elements of the credit origination process.