Loan Automation
Manual processing slows down credit approvals. These cumbersome processes oftentimes include multiple technology stacks and are inconsistent and cannot scale.
Efficient Loan Processing is a Competitive Advantage.
Manual Processing slows down credit approvals. These cumbersome processes oftentimes include multiple technology stacks and are inconsistent and cannot scale. How long does your credit approval process take – days, weeks, or even longer?
Loan processing time is directly correlated to customer experience and revenue. Decision Management Solutions helps eliminate unnecessary processes and automates decisions to bring the change cycle down, potentially from weeks to days.
Over the course of six months after a recent engagement with a regional mortgage bank, they saw funding activity increased 12% monthly. Additionally, their capture of existing customers into newly funded credit originations increased 17% monthly.
With similar ROIs, what would that translate into new revenue for your institution?
Banks must adapt to the changing market.
Customers are free to shop around for credit. Slow turnaround times, from lack of automation, or taking a one size fits all approach and rejecting potential candidates because lack of refinement of automation causes banks to lose business.
Effective automation simplifies the loan process and improves the customer experience while staying compliant and meeting high security standards.
Companies looking to innovate their loan origination system often get trapped into just moving to a digitized process solution but with DMS’s Loan Automation Solution, we offer truly intelligent automation.
75% of lenders are increasing their IT spend in 2022, and 60% expect to make major changes to their loan origination system (LOS) within two years. Unfortunately, by implementing a process or book of record solution, you can improve processes while also growing technical debt. Leverage decision automation to deliver maximum ROI through process improvement – modernizing the technical solution while eliminating inefficient processes through harnessing the power straight through processing.
Loan Origination Automation
Credit Risk
Automated Credit Risk strategies began to emerge in the 1970s and 1980s. Back then, decision trees were the standard automation approach. Combined with procedural rule flows, if-then rules and scorecards, increasingly complex credit risk strategies were implemented. It became clear that these approaches didn’t scale well and that using them to automate a modern credit risk strategy was complex, fragile, and expensive.
In recent decades, decision models and decision tables have established themselves as the best approach for managing complexity in decision automation. It’s time for credit risk organizations to adopt decision models and decision tables and refactor their aging decision trees.
Modernizing Credit Risk (Whitepaper)
Three Ways to Protect yourself from the Next Banking Crisis (Webinar Replay)
How Decision Modeling Reduces Complexity in Regulated Industries (Webinar Replay)
Real-world Value:
One USA national mortgage lender, after implementing automation within it’s mortgage department, became 57% more efficient in processing loans, down from an average of 57 to 11 business days.
A regional bank in Southeast USA implemented an online solution to automate pre-qualification with Decisions First methodology resulting in a prequalification decision within 19 seconds of the loan application submission on the clients online portal.
DecisionsFirst™ Solutions ― Enable your organization to make more straight-through, data-driven decisions with advanced analytics, machine learning, business rules and artificial intelligence (AI).
