Automated Credit Scoring: Utilizes algorithms to evaluate creditworthiness and assess risk based on customer data and credit history.
Income Verification: Integrates with external databases for real-time income verification and risk analysis.
3. Loan Approval Workflow
Custom Workflow Management: Configurable workflows for different loan types (personal, mortgage, business) to streamline approvals.
Decision Dashboard: Provides loan officers with tools to review applications, make decisions, and communicate with applicants efficiently.
4. Loan Disbursement
Instant Disbursement Options: Facilitates quick disbursal of funds directly to the customer’s account upon approval.
Payment Scheduling: Allows customers to choose repayment schedules and methods, including monthly, quarterly, or annual payments.
5. Repayment Management
Automated Payment Processing: Manages scheduled payments automatically, with options for direct debits or manual payments.
Flexible Repayment Options: Offers varied repayment plans, allowing customers to adjust their schedules based on financial circumstances.
6. Loan Tracking and Statements
Real-Time Monitoring: Customers can track their loan status, remaining balance, and upcoming payments through the mobile or web application.
Digital Statements: Provides detailed loan statements, including interest accrued and payment history, which can be accessed anytime.
7. Customer Communication
Alerts and Notifications: Sends reminders for upcoming payments, loan renewal opportunities, and promotional messages for new products.
Support Integration: Allows customers to easily contact support for queries or assistance with their loans.
8. Late Payments and Collections
Automated Reminders: Notifies customers of missed payments and provides options for restructuring or settling overdue accounts.
Collections Management: Tracks overdue accounts and manages collection processes, including integrating with external collection agencies if necessary.
9. Reporting and Analytics
Performance Tracking: Generates reports on loan portfolio performance, repayment rates, and default trends for better decision-making.
Risk Analytics: Evaluates the risk of default based on historical data and customer behavior patterns to inform lending strategies.
10. Regulatory Compliance
Compliance Checks: Ensures all loans adhere to local regulations, including documentation and reporting requirements.
Audit Trails: Maintains comprehensive records of all loan transactions for auditing and compliance purposes.
