Automate the entire loan life cycle to give clients answers in minutes and create high bottom line impact and business model agility

Your Challenge

Client requirements are increasingly demanding, delivering the correct product at the correct price with a frictionless experience is essential to ensure loyalty.

At the same time competition is intense, efficient service delivery is critical for profitability and business model agility essential to adapt to changing conditions.

Those constrained by legacy technology lose, those enabled for the era of digital finance outperform.

Our Solution

Union provides a full stack solution to automate the client engagement, onboarding, credit scoring and loan management processes, in real-time 24/7.

Approval times are measured in minutes with low quality or fraudulent applications identified at the point of origination. Fully automated processes including client messaging, reporting and accounting are possible within an auditable framework.

Agile architecture which is open to API, customisable and Cloud hosted allows you to deliver effective operations. If you wish to use your own or a third party solution in the mix this is possible.

We cover both consumer and corporate lending and it is easy to add new, or adjust existing, loan types.

Client First

A major failing in transformation is replicating inefficient existing processes in digital form. Union works with its clients to ensure that digital strategy, UX and service design are integrated to deliver a superior client experience. We map end-to-end processes, prototype, test and iterate to ensure the target solution is optimised, efficient and scalable.

Engaging Propositions

Union | online provides SEO websites and POS Portals with engaging visual elements such as calculators and infographics which make it easy for clients to understand. Loan applications are made fast and accurate by combining drop-down menus, auto-complete forms and integration of AML and KYC solutions.

Keeping Quality High

Union | comply allows lenders to define their scoring criteria, choose which internal and external data is integrated and it’s relative weighting. When an application is received Union | comply collects and analyses data in real-time. If a score is above/below the threshold the loan is automatically approved/declined, marginal scores are referred to loan officers for restructuring or payment insurance.

Accurate Approvals

All applications simultaneously create a client record in Union | lms. For approved deals the system will automatically issue a term sheet detailing key terms and the payment schedule. When the client accepts these terms a agreement is issued for digital or traditional signing. Declined/marginal clients receive an appropriate message via the website, email or SMS.  

Disburse in Minutes

On signing the loan is automatically live in the system. For hire purchase a limit is marked and goods released, for conventional loans funds are disbursed automatically via the payment module. Lenders may also design processes to be paused pre-disbursement until approved by management.

Smooth Servicing

Smart automation such as automatic interest application makes loan serving accurate and efficient. Clients receive regular statements, repayment reminders and confirmations by SMS, email or letter. Union | lms automatically monitors for repayment, updating client records and general ledger accounts when payments are received.

NPL’s create a separate process including automatic application of penalties, adjusted repayment schedules, alerts to clients and loan officers, specialist reporting and accounting. It is possible to integrate collection agents to automate data exchange.

Real-Time Management

On a loan level there is granular information including the credit score, terms, collateral, payments schedule, etc. Portfolio level data can be filtered on a range of parameters including live and NPLs and results analysed by client, loan type, exposure, days overdue, loan officer, currency, etc

Being a multi-tenant solution, it is possible to run reports on an entity or consolidated Enterprise basis, including activity levels, what changed and P&L and B. Sheet’s compliant to IFRS. Reports can be run ad-hoc or automatically delivered to management and regulators.

Strong GRC

In addition to real-time reporting, Union solutions have multiple GRC features including user validation using digital ID and signature, process control, and a full audit trail of activity within the system.

Your Benefits

By automating the loan life cycle clients generate immediate and long-term benefits:

Better Value Propositions

Clients receive personalised service and answers in minutes with a frictionless online experience.

By delivering the right product at the right time you create loyalty and cross-sell among valued clients.

Bottom Line Impact

Improve the accuracy and efficiency of operations using smart automation.

Union’s superior technology reduces IT costs via modular, Cloud and SaaS options. Full-service support ensures lean operations.

Business Model Agility

Having a digital core embeds efficiency and agility into your business model.

Receive deep, real-time insights of performance and add new products, entities and countries in a fast and effective manner.

See More

To see full Union I lms functionality please visit here.

To see how we helped our banking , FinTech and credit union clients improve their lending performance please visit the case studies.

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