Overview
Consumer lending has been correlated with the housing market. Due to trends of slowdown in the housing market, lenders are continuously looking at coming up with new products to capture customers. The added pressure to secure more loans in new markets comes with the added pressure of costs and risks. Variability in the market is an added challenge, and as lenders try and expand, their staffing needs grow exponentially.
At Quale Infotech, we have developed frameworks and solutions to help lenders grow efficiently while keeping costs in check. Our solutions help reduce time to market of new products, and at the same time, manage risks effectively. Automating processes from onboarding new customers, to helping underwriters effectively calculate risk for the loans.
Success story: SME Loan Underwriting
To meet the requirements of increasing the (Small to Medium Enterprises) SME loan portfolios, banks and lending institutions face many difficulties like manually intensive underwriting process, deterioration of portfolio results by simply adding manpower, and high delinquency rates. There is also a lack of detailed insights for the underwriters caused by lack of automation, and the systems to access the SMEs are loosely integrated.
For one of our client, a leading Indian bank, we developed an AI/ML based solution to automate approximately 70% of the SME loan underwriting process. Thereby, considerably reducing the turn-around time for underwriting loans, and increasing the loan volume without increasing the underwriting staff.
Features and Benefits
Easily Scale Up Operations
Lenders that are in continuous expansion mode are able to use active robots to help scale up operations at no additional costs.
Reduce Loan Processing Time
Stay ahead of competition with faster loan processing with the help of automation, resulting in short turnaround time for customers.
Stay Ahead of Regulatory Compliance
Changing regulatory landscape in the banking space requires continuous investments—automation and AI helps you stay ahead.
Add features to Legacy Applications
Intelligent Automation helps modernize your infrastructure without the high cost of changing legacy applications.
Analytics for Underwriting Risks
Get deep insights from your customer data using analytics to help identify risks which helps your underwriters in new loans.
Enhanced Customer Experience
We help enhance your customer experience with the help of chatbots and NLP. AI helps bring more self-service abilities to your customers.