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Why a Full-fledged Loan Origination System Is Very necessary for Co-operative Banks?

In almost all the applications of banks are used by co-operative banks and the Lending Process starts with Opening the Loan Account. A perfect ‘Loan Origination System’ with an end-to-end automation solution to automate the Loan Origination Process which gives outcomes into loan approval is not yet available to co-operative banks.

Today, the co-operative banks have enough funds for lending but the biggest challenge is to identify a genuine loan customer. The financial position of banks is badly affected by turning loans into bad loans. The helplessness of banks to screen out bad customers is mostly due to the unorganized and non-automated process of loan approval.

A good ‘Loan Origination System’ makes sure that uniformity and operational effectiveness in the Process of Loan Approval. It shall facilitate:

  • Automation of Credit Department Process; Proper documentation of every loan case.
  • Online & centralized access with Graphical User Interface and Dashboards to Core Teams.
  • For each loan application calculation of Credit score.
  • For approvals need quick responses to loan applications.
  • Techniques of uniform credit appraisal and processes across all credit officers.
  • Centralized configuration of Loan Schemes And checklists of documents.
  • Documents related to scanning, storage, and quick retrieval of Loan cases.
  • The Loan Applications can be tracked online on PC or Smartphone by Loan Applicants.
  • For Sanction letters, Agreements need standardization of Templates.
  • Online access to external agencies like valuer, lawyer, architect for quick responses.
  • The exceptions are documented, If Loans are approved with exceptions.
  • Complete workflow of hierarchical authorizations.
  • Online Integration with CIBIL system and e-Kyc system for checking credit score online and online KYC of the applicant.
  • Useful for selecting dealerships with access online for a dealership to Bank's LOS system.
  • Uniformity in applying the Loan Appraisal related to Charges.
  • Integration with CBS to keep away from duplication of entries.
  • MIS, Dashboards to management for the status of Product-wise of loan applications.

LOS shall make sure that business advantageous to bank by decreasing TAT which is necessary for obtaining better loan applicants AND decreasing the risk of bad loans and better recovery prospects.

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