Modern banks are creating increasingly sophisticated loan products catering to personal, housing, education, auto, payday, small business needs, etc. But can banks afford to continue with the practice of using multiple Loan Origination Systems (LOSs) to manage their complex needs? Not any longer.
Confronted by the urgent need to enhance customer experience, improve efficiency and contain technology-related costs, banks have been aiming to switch to a single enterprise-grade LOS. A single LOS is attractive for an additional reason: It means managing just one vendor. But, up until now, the lack of a powerful end-to-end multi-channel LOS has made the transition tricky.
What banks need is a single LOS with next generation lending features for all asset classes. This means leveraging mobile and web capabilities, maintaining uniformity in loan applications, appraisals, processing, governance and compliance for all loan types. More importantly, banks need systems that maintain all lending data at one place, providing a comprehensive 360-degree view of the customer to all businesses for better loan servicing, default/ delinquency prediction, and cross-sell and upsell.
The good news is that banks don’t have to delay the decision to move from the existing LOSs that are, in all likelihood, already lumbering under the weight of poor features, redundant processes and sluggish responsiveness. They can shift to a single intelligent, automated and flexible LOS that can address the changing trends, new markets, third party integrations and regulatory requirements across loan types.
NetOxygen, an award-winning enterprise-class loan origination solution, fills those needs. As a digital platform, it has the unique ability to provide full POS and LOS experience for consumer and real estate loans and manage all asset classes including consumer non-real estate loans (personal, education, housing, auto, etc.).
Is your bank ready for a single LOS that meets all your evolving challenges? Is your bank ready to retire the expensive-to-maintain front-end tools and customizations? Is it ready for superior customer engagement and business reporting management? To start your journey to a single LOS and future-proof your business,
Please fill up this short form: Our experienced consultants will speak with you and put you on the path to tomorrow’s loan origination system.