IBM launched its comprehensive Digital Loan Processing platform which integrates the core lending business process with mobile applications and analytics, allowing lenders to transform the online experience for customers. Through this new solution, borrowers can now engage in real-time during every aspect of the loan application process: applying online, uploading documents, acting on inquiries and monitoring loan approval status – all from their smartphone or tablet device.
Aligned with IBM's Smarter Commerce initiative, the new Digital Loan Processing solution is a secure integrated managed services solution that will serve top lenders around the globe, giving their customers the ability to apply for and quickly close a mortgage loan, in context of their busy lives, how when and where they desire from any mobile device.
“We believe delivering a transformational customer experience will differentiate future mortgage leaders from the pack,” said Eric Ray, IBM General Manager, Financial Services Sector. “By partnering with IBM, lenders can out-maneuver the competition with a rich digital customer experience that gives borrowers the self service and transparency they desire.”
Today’s mortgage lenders are tasked to manage application data and documents, deliver compliant loan product options and close loans in rapid fashion. Leveraging the IBM Digital Loan Platform solution, application forms are automatically aggregated and indexed to ensure consistency for efficient underwriting. As a result, both borrowers and lenders benefit from significantly compressed cycle times, lower origination costs, reduction in errors, and compliance enforcement.
In addition, the solution offering bundles in deep social analytics to mine customer data, seeking to refine and continually improve the end to end borrower experience. The solution is easily adaptable to lenders business rules and compliance objectives.
“Over the past four years IBM has spent nearly $4B acquiring cloud analytics capabilities to offer customers unparalleled insights into their customers and their business,” said Chitra Dorai, Ph.D. IBM Distinguished Engineer. “IBM analytics tools and patented predictive models are foundational to delivering continual improvement in both mortgage operations and customer satisfaction.”
IBM delivers the premiere Digital Loan Processing solution by integrating its Impact loan fulfillment platform and borrower portal, with Worklight mobility capabilities, leading edge Optical Character Recognition, Intelligent Character Recognition, FileNet imaging, IBM Business Process Manager workflow, and IBM’s Social Media Platform.