The Origination product family offers industry-leading solutions in North America for account and loan origination. Temenos' next-generation system streamlines the application process and has raised the bar in automated solutions. This dynamic technology, with its powerful decisioning, highly customizable functionality and multi-channel capabilities will truly take the account and loan origination experience to the next level.
Issues faced in account & loan origination
Today’s environment, with the variety and digitization of account opening and lending application opportunities, has resulted in increased lack of consumer loyalty. With the emergence of new channels and less hassle in opening an account or getting a loan, account holders are viewing a broader set of options, even into non-traditional financial service providers. Consumers can go just about anywhere to open an account or obtain a loan in today’s environment, which means financial institutions can’t afford to be bogged down with manual, slow-paced origination processes. Below are some of the challenges that financial institutions struggle with, inhibiting their ability to compete:
- Internal departmental dependencies requiring one department to finish their origination activities before the account or loan can progress to the next department, resulting in longer processing time.
- Lack of automation, leading to excessive manual effort in validating data and verifying the identity of the new account holder, retrieving credit reports or generating documents.
- Disconnected processing of credit and debit applications for the same account holder.
- Limited access for the applicant to view the real-time status of their request.
- Lack of support and presence for every channel – branch, call center, online and mobile.
- Lack of configurability or user-friendly editing, requiring IT to step in and manage system changes on behalf of business users.
- Lack of third-party integrations compelling users to toggle between and enter data into multiple systems, delaying turnaround time with lending partners as well as directly with account holders.
How our solution helps
Our account and loan origination modules allow you to run a single application that supports processing for multiple products, with cascading decisions for deposit, service, loan or referral, while only displaying pertinent screens and information, saving users time and providing a streamlined process. The system supports interdepartmental cooperation by ensuring account and loan requests go to a relevant staff member and automatically emailing referrals to other departments, increasing cross-sell opportunities. Our solution offers the flexibility to configure the system to your institution's specific business needs, including automated decisioning, configurable screens to control security access, identity verification steps, streamlined workflows, notifications and much more.
Additionally, our technology allows you to reinforce existing origination channels by capitalizing on integrations with industry-leading third-parties, as well as virtual capture functionality and an extensible architecture courtesy of the open API.
How it’s delivered
There is a growing realization of the need to embrace streamlined and cutting-edge technology, but where to start and how to mitigate risk?
- Temenos boasts an extremely broad range of complementary solutions providers, bringing you the ability to choose from a specialized and diverse pool of experience to complement the Collection & Recovery platform.
- The system is modular, allowing financial institutions to deploy solely the products they need, or the entire system either using a phased approach or a holistic implementation, based on their needs.
- The system is deployed onsite, along with any “connectors” to third-parties. Once the infrastructure is in place, other modules from the Lifecycle Management Suite can easily be plugged in.
- During the initial stages of the implementation process a Temenos representative is available on-site in order to implement configurations specific to the organization’s needs, while also offering training to system administrators.