Orchestrating the Retail Loan Lifecycle for Faster Consumer Lending

The Newgen LOS solution offers an AI-driven intelligent queue-based workflow approach for initiating and completing the application or performing relevant tasks and activities. Each user within the process can have access to their queue. They can log in and see only work items assigned to them, or all users of the same department can view the work items in a queue based on the bank’s requirements. The rights-based queues allow only an authorized user to view and access them. Further, filters may be applied so only certain users see specific items in a queue (e.g., loan requests under $1 million). Each application moves from one user to the next within the process flow. Once one user completes an application, it goes into the following user/department queue as defined within the application workflow. Our agentic AI-led journey automation can also orchestrate the loan origination process for autonomous execution.

Newgen’s consumer loan origination software includes dashboards or reports that monitor key performance indicators such as loan cycle time, performance (time) relative to expectations, and office production forecasts.rnrnThe solution has a built-in business activity monitoring tool with in-built productivity and process metrics. These reports can be functional, operational, or investigative. While Newgen will configure a set of reports for the bank during the implementation cycle, any new report can be easily configured in the solution using the report designer wizard. No programming effort is required to create these reports.rnrn rnrnReports can be in the form of bar charts, pie charts, or tabular reports and are displayed on dashboards. These are drill-down reports that provide critical information about the performance, work item completion rate, bottlenecks, etc. Also, multiple filters can be created for different reports to create ad-hoc reports based on date, month, year, branch, line of business, etc.

The solution leverages the underlying low code process automation framework (BPM) to automate the loan origination workflow. It supports loan value-based approval, parallel (committee-like), and sequential (chain-like) routing of the loan request to the appropriate lending/credit authorities.rnrnThe routing and distribution of loan requests can be done manually or automatically based on business parameters such as loan value, customer relationship, total exposure, risk rating, etc.rnrnAn approval matrix/lender tree will be configured in the master data management of the proposed solution as per the bank’s requirements.rnrnDuring the entire process, the solution maintains a detailed audit log that records all actions, changes, etc., made by the bank’s user, along with the username and date/time stamp.

Yes, the Newgen LOS provides a customer portal for the online initiation/application of a new loan request. The online initiation is an extension of the financial institution’s website and is tightly integrated with the underlying LOS platform. The online initiation is configured as per the branding guidelines of the financial institution.rnrn

Newgen LOS solution uses advanced AI and GenAI capabilities that allow users to auto-decision/straight-through process loan requests based on meeting the parameters/checklists defined by the bank. By leveraging the underlying AI-powered low code process automation platform, requests for credit/loans can be routed through different workflows based on the request type, loan amount requested, entities, etc. For example, there could be a “no-touch,” “low-touch,” or “high-touch” type of approach to requests. Suppose all the bank’s defined parameters are met. In that case, a loan can be approved entirely and booked with no manual intervention, or if specific criteria are not met, then the loan will be routed to the required queue for processing.

Newgen’s consumer lending software integrates with Topaz Systems, LexisNexis, IMMeSign, Experian, Wolters Kluwer, Compliance Systems, CoreLogic, RIMSrnrn

Typically, Newgen has seen that once a consumer account is opened, the new customer is onboarded into the core. If the bank views onboarding activities as a separate process/requirement different from this, Newgen would need a more detailed understanding of the bank’s consumer onboarding process. Newgen will work with the bank during the implementation process to align the solution to the bank’s specific requirements regarding consumer onboarding.rnrn

Newgen’s account opening and loan origination solutions are available on the cloud and on-premise.rnrn

Newgen’s solution can support each of the loan types listed below. Further, the solution can be configured so that the workflow for each loan type will adhere to the financial institution’s specifications.rnrnPersonal loans, Credit cards, Direct auto loans, Shared loans, Secured loans, Unsecured loans, Personal line of credit, Overdraft line of credit, Retail loans, Small business loans, Commercial loans.

Yes, Newgen integrates with different credit bureaus such as Experian, Equifax, etc.

Consumer Lending Automation refers to the use of digital platforms and AI-driven tools to streamline the entire loan origination process-from application to disbursal-reducing manual intervention and improving speed, accuracy, and compliance. 

Traditional lending is document-heavy, slow, and prone to errors. Automation helps overcome challenges like manual processing, regulatory compliance, risk management, and slow decision-making, ensuring faster approvals and better customer experience. 

Newgen’s Retail Loan Origination Solution (RLOS) offers: 

• Straight-through processing (STP) for faster approvals 
• Automated underwriting using AI/ML models 
• Digital KYC and fraud checks for compliance 
• Comprehensive document management 
• Real-time application tracking and omnichannel access 

Yes. It supports home loans, personal loans, vehicle loans, and education loans, making it a versatile platform for all consumer lending needs. 

The solution integrates AML checks, blacklist screening, fraud detection, and risk segmentation, ensuring adherence to regulations and minimizing lending risks. 

• Low-code platform for faster go-to-market 
• AI-driven decisioning and risk profiling 
• Hyper-personalized, contactless journeys 
• Real-time updates and instant disbursals 
• Scalable architecture for high-volume processing 

Yes. It enables digital KYC, due diligence, and secure digital signing, eliminating the need for physical visits and reducing turnaround time. 

By offering contactless onboarding, real-time status updates, and faster approvals, the solution ensures a frictionless and personalized experience for borrowers. 

• 80% reduction in process turnaround time
• 90–95% improvement in quality and compliance
• 50% reduction in operational costs
• 75% better tracking and monitoring of applications

Yes. It integrates seamlessly with core banking, CRM, LMS, credit bureaus, and other third-party systems for a unified lending experience.