The client wanted a single Loan Origination System (LOS) which could support loan applications from multiple channels, such as offline methods (POS), partner apps, partner websites, their own app etc.
- The client’s legacy LOS could handle only offline applications and was unable to fulfill the needs of newer channels.
- The system needed to support multiple APIs from different integrations and decision engines.
- It required the capability to integrate with partner websites/ apps to work as a payment method.
- The system needed to have a configuration module to set pricing policies for each partner.
We delivered a highly customized Loan Origination System with a lot of custom integration capabilities.
Our solution enhanced the client’s offerings with:
- Mobile App for customers with the following capabilities:
- Self initiated Journey
- Upload documents directly from Mobile App – OCR Functionality
- Alternate score from the app
- Instant decisioning based on credit score, alternate score and credit rule engine
2. SDK/widget journey integrated with partners, that offered:
- Lead generations using partners mobile app or website
- Single LOS across channels
- Reusability of API
The new LOS helped the client onboard over 1 million customers within six months without any physical/manual verification by their partners.