Loan processing is time-consuming and not always uniform across locations. Disparate operations can lead to higher processing costs, approval delays, increased loan risk and a bad customer experience for applicants.
To improve this process, Wipro introduced an industry-leading tool, NetOxygen’s Automatic Income Calculator. The calculator provides faster, more accurate income validation and calculation. It reduces risk from manual or disparate methods and improves audit and traceability.
The calculator brings the entire income conversation inside NetOxygen for rapid dissemination of results. The tool is designed to reduce time and effort on complex income scenarios by up to 90% and reduce standard scenario time by 20-35% – all with increased accuracy and consistency!
The highlights of the tool include:
- Faster, more accurate income calculation and validation process, providing loan officers and underwriters with more accurate income estimation and validation
- Archiving and auditing improvements that reduce effort by up to 70% using advanced automation and AI-driven technology
- Rapid dissemination of results by bringing the entire “income conversation” inside the tool
Additionally, the tool accepts optional OCR and automatic Micro Services as alternative data induction types, complementing the goal of automated end-to-end processing and underwriting. The tool also enables the financial institution to configure business rules to leverage AI predictive services that increase the percentage of touchless validated income scenarios.
There is a centralized place to manage all income validation types. Management rules allow business users to modify and add new rules without needing to get the development team involved.
To learn how the calculator works, watch the on-demand webinar as our highly trained team demonstrates how this powerful tool can reduce risks from manual, disparate methods while improving audits and traceability. See first-hand how this income calculator can alleviate “off-system” roadblocks, free up valuable bandwidth and ensure accurate and reliable calculations.