The last blog stated the diverse platforms OPL is offering to lenders and borrowers to ease the complexities involved in the credit ecosystem. Banks are metamorphosizing to deliver personalized digital-first experiences while optimizing cost efficiency, operational excellence, and compliance. In the blog, lets us discuss, in addition to the OPL platforms, how OPL solutions are assisting banks in the significant transformation with radical digitization leading the way.
Streamlining Loan Management
Digital Loan Renewal: With little manual intervention at the branch level, the digital renewal automates existing loans with predefined set parameters by banks. This process is available for Working Capital Loan as well as for Term Loan Renewal cases. Manual renewal process is time consuming resource & helps, not adding to revenue and are credit quality agnostic processes. Digital auto renewal process bankers to renew existing loans quickly and with minimal efforts. Quicker and resource efficient process • Low-cost alternative to perform routine activity • Reward good quality borrowers with hassle free experience • Track status of all renewal accounts with single dashboard • Unbiased and accurate credit decision • Seamless and digital process for borrowers • No need to visit branch in current scenario.
White- Label solutions: OPL creates customised, whitelabel solutions for banks, corporates and financial institutions to simplify and optimise their credit business. Equipped with a revolutionary, fully-integrated matrix that can create robust, secure and need-based solutions, OPL can turn around the entire lending system by fully digitizing each and every step. Super-secure and scalable, OPL solutions improves assessment efficiency, fast-tracks loan processing and ensures exceptional customer service. Periodic reports and predictive inputs gives banks the edge to make innovation their biggest strength.
Invoice based lending: A well-integrated strong financing solution that extends credit to MSME based on invoices. STP process, this solution is supplemented by fully integrated technology and analytics.
Cash flow-based lending: Provides instant loan (working capital without loan) offers to the customers based on eligibility derived by various factors such as, GST Data, Income Tax return, Cash flows generated in the current account of the customer and based on eligibility derived through BRE risk model. Digital process from application to disbursement leveraging CEN and AA framework.
Specialized results for Different Sectors
Agri- infra solutions: OPL set a new benchmark in the Agri infrastructure loan processing sector. Digitizing these loans was made simple and efficient with deep integrations with multiple vendors to get authentic data from source. Sophisticated algorithms & automation eliminate time- & tedious processes benefiting lenders and borrowers. Proposals are processed with a rules-based engine built using banks’ eligibility criteria. An end-to-end digitized platform for borrowers who require loans for setting up Agri Clinics or Agri Business Centers.
Kisan Credit Card (KCC): OPL enables borrowers to apply for Kisan Credit Card (KCC) without visiting the bank physically, while helping the banker access a real-time assessment report of the borrower, which will improve the efficiency of the loan process, speed up approvals and disbursement and save time and cost for both parties.
Micro-Finance: Understanding the pivotal part micro-enterprises play, OPL steps up with micro-finance solutions. OPL’s micro finance solutions is developed to facilitate affordable credit to micro enterprises. Under the scheme all credit processes including collection of application information, digital documentation, collections, etc. are made possible with faster credit delivery.
STP journey: Automating the entire lending cycle from application to disbursement makes it easier for lenders to process more loans and do so faster, focusing on more complex cases. OPL’s whitelabel solutions for credit institutions include STP processes encompassing the lending lifecycle.
The fundamental solutions aforementioned, all function flawlessly in the background to provide a safe and easy interface with bank systems. The integration of these modules improves client experiences, enforces security measures, and promotes operational excellence in addition to streamlining transactions as banks and other financial institutions engage in modernizing and digitizing their systems.