Armonk-based IBM Corp. launched its new Digital Loan Processing platform Thursday, integrating the lending business process with mobile applications and analytics.
Through the platform, borrowers can apply for loans from a smartphone or tablet, then monitor all or part of the application process from uploading documents, acting on inquiries and checking loan approval status.
The new Digital Loan Processing solution s aligned with IBM’s Smarter Commerce initiative.
“We believe delivering a transformational customer experience will differentiate future mortgage leaders from the pack,” Eric Ray, IBM General Manager, Financial Services Sector, said in a written statement. “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.”
Loan application forms are automatically compiled and indexed to make sure there is consistency for efficient underwriting. Both the borrower and lender benefit from these compressed cycle times, lower origination costs, reduced errors and compliance enforcement, IBM said.
The product also provides social analytics to mine customer data, which can help refine and improve the experience for borrowers. The tool is adaptable to lenders business rules and compliance objectives.
In the past four years, IBM spent nearly $4 billion acquiring cloud analytics capabilities offer customers insight into their clients and their business. IBM analytics tools and patented predictive models serve to improve mortgage operations and customer satisfaction.
Comments 1