At
one time, all financial institutions wanted a single loan delivery platform for
all loans. Installation and integration
of a Loan Origination System (LOS) on their servers was complex, required extensive
days of training for employees and compliance relied on a broad, complex set of
documents. One system served to produce
all types of loans.
Digital
technology changes the borrowing experience, marketing and efficiency. Cloud-based system require nothing installed
on FI servers with simple integration.
Self-service, mobile technology puts the user in control, and compliance
and documents can be focused on a specific user experience. Digital incorporates information and
processes from the internet into the specific loan process that previous internal
LOS processes could not. No longer will
FIs choose a single platform or digital delivery system but will have a multi-channel
digital delivery by loan market segment.
Digital Allows Lending Delivery Segmentation Beyond Single LOS to Multi-Channel
For
example, in addition to existing loan platforms, US Bank has implemented
AutoGravity digital lending targeted specifically for auto lending that integrates
auto purchase and delivery with financing. TD Bank partners with Roostify for a
digital mortgage experience providing home purchase selection, document
verification and simplified mortgage loan processing. SunTrust provides their
Lightstream digital channel for loans in minutes in addition to in-branch
platforms. United Community Bank uses RCGILTNER MinuteLender® technology for consumer and small
business self-service loans in minutes.
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