LENDperfect Suite – Case study
Leading small financing bank automates their lending operations to gain business efficiency
Solution Provided
LENDperfect – Loan Automation Solution
An advance end-to-end loan automation solution that allows you to manage the whole lending process (Application processing, Underwriting, Sanctioning, Account generation, and Collections) under a single unit.
KNOW OUR CUSTOMER
A financial institution started back in 2005 providing a full range of financial services to the economically weaker section of society. The institution received in-principle approval from the Reserve Bank of India (RBI) on October 2017 to set up a small finance bank and floated its wholly-owned subsidiary bank. The company transferred its business to its subsidiary and commenced banking operations in February 2017. The bank serves over 37.13 lakh active customers through 441 branches spread across 209 districts and 24 states in India. Their Loan Bookstands at INR 7,095.28 crore, over 121 full-service banking branches with a deposit base of INR 2,437 crore as of December 2017.
ISSUE FACED
The bank has been processing Unsecured Loan Applications through their existing Loan Automation Software. The client’s request was to provide them an efficient & advanced end-to-end loan automation software to process their Secured Loan Applications that can also integrate with their existing LOS (Loan Origination Software) module and processes the applications without any manual intervention through auto-population of data, auto-validation, auto-processing of the application and auto-transfer of the application to a loan management system.
The client also required an extensive Loan Management System that could automate all post-disbursement activities and operations of the institution.
HOW DID WE SOLVE THE ISSUE?
SysArc, considering the requirements, recommended to provide them LENDperfect Suite as a web-service that could be easily integrated with their existing software to fetch applications and process those loans in the most efficient manner reducing TAT (Turnaround Time). We also suggested LENDperfect Loan Management System for the requirement of managing their post-disbursement activities.
All loan applications entered from the existing system would be directed to the LENDperfect LOS module where the collected data auto-populates in respective fields, undergoes the entire loan process and would be directly transferred to the loan management system for post-sanction activities. LENDperfect LMS is a real-time web-based application that automates loan billing and payments, collections management and accounting under one robust, flexible and secure platform.
Product Efficiency
Post-implementation of both LENDperfect LOS and LMS, the bank has been able to process, sanction and manage their loan applications with a remarkably reduced TAT. The system seamlessly integrated with their existing system and has been efficiently capturing data making it easier to disburse loans.
WHAT DID OUR CUSTOMER SAY
We implemented the system in 2015 and we are able to process 300 applications per day effortlessly. The system efficiently automates the entire loan life cycle which reduces the stress taken by our credit officers. LENDperfect is an efficient system that caters to all our business requirements with highly adaptive and advanced framework.