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Largest government-owned bank automates their lending operations

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

One of the largest government-owned financial institution in India and currently operates through over 4200+ branches across the nation. The bank has been playing a very active role in the economic growth of the nation and extends credit to various sectors of the economy. The bank has a large clientele base of over 5.7 crores. They have been in the forefront when it comes to technological advancements, the bank has moved all operations under Core Banking Solution and has taken early initiatives to computerize all the branches.  The bank achieved a total business level of INR 5,79,627 crore as of March 2015.

ISSUE FACED

The client placed two requests:
  • An extensive Loan Origination Software
  • An independent Risk Rating Engine
The client was manually processing their loan applications. Physical movement of loan application forms from desk-to-desk was taking more time. The bank required a tech-driven system to reduce their processing time and gain a competitive advantage in loan disbursement. Physical management of documents, assessing eligibility and analyzing data was a painful task and led to many errors and loan disbursal took too long. The client required a Loan Origination System that could reduce the humungous amount of paperwork involved, reduce Turnaround Time (TAT) and minimize human errors. The bank also required an independent Risk Rating Engine designed to assess the quality of the applicant based on various parameters to help them make the right decision.  

HOW DID WE SOLVE THE ISSUE?

SysArc, considering the requirements of Union Bank of India, recommended to provide them LENDperfect Suite for Retail, Agriculture, and Corporate. With a systemized automated system in hand, the response to a customer with regards to the approval of loan becomes more instant than before. This enables in reducing the long Turnaround Time taken for loan approval due to the complex process. The expenses incurred on data duplication, multiple forms, labour, data collection, storage space for documents, etc., are very high and with LENDperfect this can easily be shunned. The system enables the bank to store all necessary documents submitted by the applicant on a common database and maintains the same. We also agreed to leverage our exclusive Risk Rating Engine as an independent system for our client.

Product Efficiency

The bank drastically reduced their TAT, human errors and company overheads after implementing LENDperfect suite. UBI has been able to enhance their data accuracy and efficiently manage applicant documents with less effort and time involved. Through seamless integration with external credit bureau interfaces, UBI has been able to make the right decision without any data misinterpretations. Our Risk Rating Engine has enabled the bank to configure various business rules and parameters to coherently assess and manage the applicants.

WHAT DID OUR CUSTOMER SAY

We bought LENDperfect and today we are able to process 800 loans per day.  Our entire loan process – from documentation to execution to NPA Management is all done through the system. The system efficiently assists in recovery proceedings, generates alerts & notifications, and even legal notices. SysArc’s Risk Rating System has reduced the burden of manually assessing our applicants which involved strenuous efforts and human errors. The system analyses all the required parameters and generates an overall report based on which we make our decision

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Posted in Agri, Case Study, Corporate, LendPerfect Suite, Mobile and Tab Solutions, NPA Credit Monitoring, Online Solutions, Retail