SynChordia Loan Lifecycle Management
SynChordia Loan Lifecycle Management is a complete Loan folder/task management software solution delivering a variety of functionalities and wide range of tools to cover any need of the loan management industry. The powerful operational segmentation tool and the rigorous establishment of a variety of business rules executes the strategic requirements of the business, automates all the appropriate processes and uses the most effective communications techniques and channels to guarantee the elimination of delays in processes/management of customer’s loan folders, at the lowest cost.
This advanced and integrated solution aims to replace the existing excel-based process of the Customer’s documentation (Loans, insurance, mortgages, etc.) arrived at Bank’s Back-office team with SynChordia LLM Platform providing more accurate results in less time with significant lower operational costs.
Loan Lifecycle Management features a wide range of capabilities in order to manage customers’ loan folders/task effectively and employs a variety of integrated and easy to use functionalities
With bank business expanding fast, there is a need for Banks to keep pace with rising loan transaction volumes, but inflexible systems are threatening to buckle under the pressure. Regarding the modern economic context and business challenges, banks are looking for a more efficient way to process and manage customers’ loan folders, which would enable them to deliver services more effectively to end customers.
Customer’s Folder and Task Management, is a complex and frustrating process with drawbacks and problems. Tracking of hundreds of tasks and missing documents across branch network including excel based shared information is always a pain for back-office department. At the same time, employees and branch managers may not have the information they need to perform their actions and conduct successful interactions with customers. As a result, Banks see delays in task/folder management, increased operating costs, and lower customer satisfaction.
The current integrated solution aims to replace the existing excel-based process of the Customer’s documentation (Loans, insurance, mortgages, etc.) arriving at Banks’ back office teams with BOP Platform providing more accurate results in less time with significant lower operational costs. Improved efficiency will enable the Bank to effectively double its loan portfolio while keeping staff levels relatively flat. Employees can use timely, accurate information to drive better-informed decision-making, improving services.
Product Tree Configurator holds all available types of banking available products offered on each channel / partner or through branch network. A tree of associations is produced indicating the integrity rules of each request and its incoming documents. Each document has a variety of attributes. Product tree configurator serves its information to every integration control during workflows, tasks and assignments. Moreover, each product can have one or more product policies!
Through Incoming file management process, excel files (customers’ loan data and other metadata) are uploaded into the application which imports all necessary information, categorizes it, indexes them and starts building lists for each request, based on product tree configurator and product policies. SynChordia LLM knows all completed requests as a result of feeding these excel files to the application. Thus, initial tasks for collecting appropriate original documentation is automatically generated. These tasks are spread all over branches network and put into queues (baskets) with appropriate initial status.
SynChordia LLM maintains a branch list. LLM will not only keep the initial branch where a case is initiated but also the current branch which is responsible for handling a case. One queue will be created for each branch. One or more users are assigned to queues and branches for handling related tasks as only one queue is allowed per Branch. But there are task types & categories which actually generate many custom queues through filtering.
SynChordia LLM Customer Profile module provides to remote users such Branch users and officers for gaining the complete picture of a customer. Every customer’s profile is available at WebClient for retrieval. An overall status declares the step of the internal process the request and related tasks may exist for this customer. A wide range of search criteria is available to the user. WebClient has access to core DMS repository where all Documentation / scanned images / faxes / emails or other document types reside. Searching capabilities and depth of search level depends on user roles and defined access permissions.
SynChordia LLM is also offering a great reporting functionality. LLM offers out-of-the-box pivot reporting with data mining capabilities with a wide range of reports such as Configuration and Lists, Monitoring tasks, Historical Info. All generated reports can be exported to excel.
Managing all types of loan products, from residential, mortgage and commercial lending to capital markets participations, in a single integrated system, leads to a wide range of benefits, such as:
- Cost savings
- Efficiency for operations personnel between 20% – 50%, and free them up to focus on customer interaction and other value-add activities.
- Information Security
- reduce waste, and often save up to 80% per loan file
- Allocation of resources into areas that will have a positive impact for the project.
- Flexibility, by speeding up key business processes such as task management, and increasing response time with reduced cost.
- Reduced time-to-market. By allowing organizations to retain flexibility and agility, LLM also ensures that companies do not become too bureaucratic.
- Expansion of the platform to related areas.
- Helps streamline loan processes.
- More efficiencies for new loans, renewals, and reviews
- Reduce bottlenecks so priority decisions/customers can be treated as such
- Provides better analysis and data
- More effective decisions , often in much quicker timeline
The key principles of the loan Lifecycle Management solution are the following:
- Loan Stage and Status
- Business Verification Purposes of documents
- Recurring Tasks
– Insurance policies
– Re-evaluation (for collaterals)
– Credit Files update (verification purpose)
- User and Role management
- Task Management
- Automatic Tasks
- Manual tasks
- My Tasks
- Task Types
- Task statuses