Our industry specific precise solutions
With customer onboarding being the prime business factor in banking operation, it involves regulatory issues if not handled cautiously. Paper based processes are error prone and are inclined to compliance risks. As it involves the collection of vital customer information, secured verification process and accurate documentation is necessary for an error free operation. Manual processes across risk profiling, negative list verification, etc prolongs the operations and are error prone. The key challenge lies in providing an enhanced customer experience in line with compliance requirements and operational efficiency.
OspynDocs offers a compliance based Customer onboarding solution, which automates the complete business process. It offers complete visibility into customer details and verification process for informed decision making.
OspynDocs offers a comprehensive customer on-boarding solution for financial institutions covering the entire journey of customer acquisition. The solution is highly configurable with no-code approach, envisaged to meet the needs of financial institutions in line with dynamic banking regulations and compliance.
Banking and financial institutions face a great deal of hardship in ensuring KYC compliance to the continuously changing regulatory laws. Physical document collection and management, manual customer data extraction and updation to the core banking solution are highly error prone and time consuming. Usage of multiple software solution for scanning, document management, KYC management with no integration to the core-banking solution complicates the processes resulting in compliance breach so very often. Non-compliance to various standards incurs great revenue loss in terms of regulatory fines and diminished customers.
The need of the hour is a common digital platform to automate and perform the KYC processes online in a secured platform for refined banking processes and optimized end results.
An end to end KYC solution to digitalize the collection, verification and approval of KYC documents. It transforms the traditional KYC process with automated workflows, digital verification and real time re-KYC alerts for instant processing. The solution intelligently captures customer KYC documents and extracts metadata without manual intervention. With automated workflows, the verification processes are handled online with accuracy and efficiency. It integrates with other solutions and initiates automated updates to the core banking solution. It enables the stakeholders with complete visibility and transparency into the customer KYC for informed decision making.
Supporting the ever increasing list of regulatory mandates and legislative norms has become the greatest challenge of lending industry, making it increasingly difficult for banks and other financial institutions to refine the banking processes and mitigate regulatory compliance and operational risk. Completing a loan cycle from customer data collection to loan approval takes 35-40 days in traditional process which involves tremendous paperwork and manual screening that are time consuming and error prone. Major roadblocks include difficulty in receiving documents from branches, manual errors, email and spreadsheet dependent processes, prolonged verification to identify fraudulent practices, inefficient approval process, document retrieval from paper archive, etc. Disparate processes and outdated technology is the key cause for organizational inefficiency that incurs higher operational cost for development and advancements. Inability to track outstanding post disbursement documents after loan closure is highly risky as it includes trailing critical documents that may lead to regulatory scrutiny.
OspynDocs offers an integrated loan origination solution to automate the complete loan processing activities with visibility and transparency.
OspynDocs offers an integrated loan origination solution to ease the operations across various loan processes with automated workflows and verification parameters. The solution offers efficient tools to capture, verify and process loan approvals digitally with improved speed and agility. It enables the financial institutions to handle all operations in one platform with collaboration to contractors, evaluators and other stakeholders for informed decision making. It improves the lending process with automated verification and routing of documents to the right officer for views, opinions, verification, evaluation and comments. Approval features based on verification check, external legal consultation, legal and property evaluation eliminates possible risks and offers accuracy across all operations. The solution eliminates data entry and spread sheet dependent tasks by integrating with core banking solutions, LMS and other APIs for efficient data transfer.
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