The impact of globalization,
and newer delivery channels are the prime forces in motivating the
deployment of cutting edge technology in the banking, mortgage banking
and the financial sector. The demand from customers for better services
is adding impetus to this change. Mortgage bankers are operating
in market conditions characterized by increasing competition, stringent
regulatory compliance & fluctuating interest rates. Implications
are that, Mortgage bankers are focusing on compressed loan origination
cycle, better loan servicing & faster transfer to the secondary
market.
This would entail working
on; better customer relationship by providing new products and prompt
services; maintaining a lean workforce and cutting down costs for
physical infrastructure in setting up new branches; cutting transaction
processing and monitoring costs by centralization of operations;
improving the efficiency as well as productivity of each process
and every employee. In order to service customers better, Banks
and FI’s need to expedite the start up time to set up operations
for a new branch with minimum investment. In addition, as the number
of branch offices increase and more customers approach for services,
the processing time of the application will get affected. Physical
documents need to be transferred from branch offices to Central
office. At times this method of document transfer can prove to be
risky and time consuming. Moreover for processing some special cases
in case of high value Bills; advice of specialist is needed, which
often is difficult to get at the branch offices. In such a scenario,
Individual’s productivity and process capability are difficult
to measure and hence companies are looking at harnessing the advantages
of IT to improve upon process time and better control over the processes.
Benefits of Newgen’s BPM Solution for Mortgage Banking
Reduced turn-around time for loan application processing
Reduced costs of setting up new branches by saving on manpower
and infrastructure costs
Reduced costs in existing branches by rationalization of
manpower and infrastructure
Tracking the exact status of each loan application
Fraud control through seamless process compliance
Parallel processing to allow quick soft approval and disbursement
while the processing continues
Reduction in processing complexity while being able to offer
multiple variants of the loan
Introduction and servicing of new loan products quickly
Newgen’s
queue based workflow solution OmniFlow takes a process view of Loan
Processing. Centralization of operations using Newgen’s OmniFlow
solution will help banks achieve all that is required to be successful
in this competitive environment namely:
Lower cost of setting up branches
Increased reach
Higher customer responsiveness
OmniFlow helps in streamlining
workflows, increasing process efficiency and in cutting down operational
costs. Automation of the business processes with OmniFlow results
in reduced cycle time to process requests, Reduced response time
to customer queries, efficient monitoring of the processes, Identification
of bottlenecks , MIS reports depicting user performance, lower costs
and audit trail. The solution is extremely scalable. It can be set
up on the local LAN, WAN or across locations via satellite links.OmniFlow
provide a means of attaching documents to the workflow, and allows
a very fast image search.
OmniFlow can be set up on Local Area Network (LAN) of a single branch
or can be scaled to cover multiple locations via leased lines or
VSATs. It can also be WEB enabled and can be accessed via browser
thus providing global connectivity.
Process Modeler
Ensures that the complete process including transactions and exceptions
are mapped and enables re-configuration of the process.
Various activities are defined which for a to-do list based on the
rights allocated to each user.
Integrated imaging capabilities are built for image-based data entry.
The image view component allows zoning and easy manipulation of
the image including annotation, watermark etc.
All types of rules, roles, exceptions etc can be configured on the
system for providing rule based and ad-hoc routings. This also is
effectively used to enable compliance based on authorization and
audit trails logging.
System has capabilities
to integrate with Core Insurance, Core Banking, ERP, CRM and Legacy
Mainframes applications. Omniflow systems have API exposed for seamless
integration to trigger legacy applications from the Omniflow client.
A single sign on capabilities can also be build into Omniflow.
