Revitalize your retail loan origination process by implementing a flexible and responsive consumer lending application, built on our digital transformation platform. Enable digital experience, automated underwriting, instant decision making, and efficient exception management. Ensure a customer experience-oriented, simplified loan disbursement for all loan types, including credit cards and personal loans for borrowers, without any manual intervention. Leverage digital collaboration for high-touch loans—HELOC, home equity loans, etc.—for a faster turnaround time. Utilize real-time dashboards for tracking processes, pipelines, and productivity workflows.

Features of Retail Loan Origination System

Digitized Lending Processes

Transform consumer loan origination with end-to-end automation of loan requests, underwriting, loan decisions, closing, and booking processes in a paperless environment. Get a lending platform with straight-through processing for quicker loan approval and disbursements from financial institutions. Support for no-touch, low-touch, and high-touch loans processing.

Multi-channel Loan Application

Omnichannel and multi-device initiation of loan applications. Ensure intuitive self-service customer portals and real-time status tracking. Enable auto-underwriting and online approvals/soft-approvals. Real-time integration with core banking and online banking for a seamless digital lending experience. Third-party integration with rating applications, credit bureau systems, and more integrations.

 

Intelligent Underwriting and Configurable Rules

Intelligent underwriting and credit analysis processes driven by business rules and scoring models. Rules engine for business owners to apply the required policies and exception rules. Customer and product-specific data capture through configurable templates.

Risk Management, Audit and Reporting

Identity verification/authentication and fraud management through third-party integrations IP-based/device-based filters for applications. Comprehensive auditing capabilities for increased compliance with dynamic regulatory requirements. Real-time reports with process insights for continuous process improvements. Drilled-down monitoring of productivity, pipeline, and service levels.

Digitized Lending Processes

Transform consumer loan origination with end-to-end automation of loan requests, underwriting, loan decisions, closing, and booking processes in a paperless environment. Get a lending platform with straight-through processing for quicker loan approval and disbursements from financial institutions. Support for no-touch, low-touch, and high-touch loans processing.

Multi-channel Loan Application

Omnichannel and multi-device initiation of loan applications. Ensure intuitive self-service customer portals and real-time status tracking. Enable auto-underwriting and online approvals/soft-approvals. Real-time integration with core banking and online banking for a seamless digital lending experience. Third-party integration with rating applications, credit bureau systems, and more integrations.

 

Intelligent Underwriting and Configurable Rules

Intelligent underwriting and credit analysis processes driven by business rules and scoring models. Rules engine for business owners to apply the required policies and exception rules. Customer and product-specific data capture through configurable templates.

Risk Management, Audit and Reporting

Identity verification/authentication and fraud management through third-party integrations IP-based/device-based filters for applications. Comprehensive auditing capabilities for increased compliance with dynamic regulatory requirements. Real-time reports with process insights for continuous process improvements. Drilled-down monitoring of productivity, pipeline, and service levels.

Financial Institutions using NewgenONE Platform
american-national-bank-logo
Bank of The Bahamas
Clarien
Available Integrations with Financial Ecosystem
All you need to know about Retail & Consumer Lending Software

The Newgen LOS solution offers a 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 queues are rights-based, allowing only an authorized user to view and access them. Further, filters may be applied so that 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. As soon as one user completes an application, it goes into the queue of the next user/department as defined within the application workflow.

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.

The 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.

Reports 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.

The 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.

An approval matrix/lender tree will be configured in the master data management of the proposed solution as per the bank’s requirements.

During 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.

Newgen LOS solution allows for auto-decisioning/straight-through processing of loan requests that are based on meeting the parameters/checklists defined by the bank. By leveraging the underlying 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. If all the bank’s defined parameters are met, a loan can be completely approved and booked with no manual intervention, or if certain 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, RIMS

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.

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

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.

Personal 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. It allows for different models to be used by product origin.