See How Digital Lending Platforms Enrich Strategies with End-to-end Customer Journey Data
Without the right data sources and analytics capabilities, pre-qualification can stretch for days. This can be devastating when dealing with emergencies and can badly affect fund-driven businesses.
Several initiatives and changes in banks’ policies have narrowed down the hassles. More importantly, the wider adoption of critical lending solutions has transformed how Banking was previously perceived.
So What is a Digital Lending Solution? What is CRisMac Loan Origination Solution?
Before we dive into the details of Digital Lending Solutions, we need to understand the gaps it addresses.
A Loan Application goes through a series of checkpoints before finally being granted or rejected. The application can get rejected at any stage, making it cumbersome for Banks to track hundreds of thousands of applications at any point in time.
CRisMac Loan Origination Solution manages the entire loan dispersal cycle. Our solution's features are customizable for different loans. For instance, the requirements of a mortgage differ vastly from a personal loan, but the backend data processes control the flux.
How CRisMac Digital Lending Solution Performs at Different Stages of Loan Origination
The stages of loan origination can be categorized into several broad aspects. However, the initial stages play a crucial role in user experience. The CRisMac Digital Lending Solution works as a dynamic data aggregation, data analytics, and rule-based decisioning engine.
The standardized stages and the role of our solution in loan origination are:
Pre-qualification
Lending Interfaces
Application Processing
Underwriting
Credit Decisions
Pre-qualification
The first step of the loan origination process is the pre-screening step. The borrower reveals their requirements to a Bank and submits crucial details to verify their authenticity.
CRisMac Digital Lending Solution sources information from multiple credit bureaus and alternative data sources.
Digital Lending Interfaces
The next step is the application stage. In this stage, the applicant shares relevant information such as any existing loans, assets, and business functionalities to the banks.
CRisMac Digital Lending Solution easily integrates with apps, websites, and digital portals including BaaS platforms to secure data and build data transfer pipelines for customers' declarations and sensitive data.
Application Processing and Underwriting
Post submission of details, the Banks go through a critical stage where the information is verified, and the decision on the application is made.
Further, the Bank decides how much amount could be allocated using different scoring mechanisms such as credit scores, outstanding loans, risk scores, etc.
CRisMac Digital Lending Solution offers a well-built information flow and comprehensive dashboards for customer profiling and sharing information to different verticals.
Credit Decisions
The result of underwriting is the credit decision. In this stage, the bank decides whether to loan or not. Again, automated, AI/ML-powered solutions simplify the entire process within a few minutes.
CRisMac Digital Lending Solution runs Intelligent Decisioning based on advanced Statistical Analytics Solutions (SaS).
Get in touch with D2K Banking Fintech Consultancy Experts for more information on roadmaps for comprehensive data analytics in digital lending.