|
Overview
The constant challenge for financial
institutions to keep pace with the accelerated rate of change is
driven by competition, economics, regulations and industry
trends. The result is that account origination has become a
complex and specialist process for financial service
organisations. It is essential for any organisation that offers
accounts to effectively manage the account origination process
from end to end.
While the application origination process may vary from
organisation to organisation
AppSmart
provides a workflow framework that can be
easily customised by the business institution to derive the
specific processes required to establish a new account within
their organisation.
AppSmart
is a best practice, flexible and modular
account origination system that automates the origination and
risk evaluation of credit applications captured via a web based
interface.
AppSmart
has been designed to deliver the most
efficient application process by evaluating an applicant’s
expectant payment performance, thus reducing the amount of
applications for referral.
AppSmart
processes transactions in real time and uses
internal workflow for managing accounts. The workflow system
facilitates business in developing and maintaining the policies,
practices and procedures that define the complex business
strategies used in application originations.
AppSmart Features
Specifically
designed for new account originations, the AppSmart
solution offers many key features, including:
-
Automated
decisioning that assists in simplifying every step of the
application origination and enables real time application
origination and risk decisions.
-
An integrated
application scoring system providing user configurable and
flexible scorecard and characteristic definitions and
scorecard assignment.
-
Comes with
pre-configured industry best practice workflows,
‘calculation’ fields, reporting and policy rules and is user
configurable and customisable.
-
A risk-based
pricing system that offers configurable price and fee set
definitions by sub product to calculate applicant
affordability.
-
An application
fraud prevention system offering storage and retrieval of
fraudulent information as well as online capture or bulk
load of fraudulent data via XML.
-
Security
maintenance to allow for roles and permissions to be defined
for individual users and user groups. This security also
allows access levels to specific work queues.
-
Product
maintenance which provides the ability to capture product
details, associated loan type, scorecards, evaluation
cut-off and interest rate models per product.
-
Interfacing with
external and internal data sources, such as account
processing systems, credit bureau and fulfilment agents
(e.g. letters and SMS).
-
Data validation
rules and work queues configured and defined at delivery to
ensure correct, useful and meaningful data.
AppSmart Benefits
Tailored
Solution
At the heart of the tailored solution is the graphical
interface that enables easily modifiable screens, workflows,
work queues, interfaces and decisioning. This functionality
centres on the user and their associated tasks.
AppSmart
can be used for a variety of credit products, and
the presentation can be modified to meet specific needs.
Fields may be defined as mandatory (or non-mandatory) to
ensure that all necessary information is collected.
New products and policy rules can be defined, business rules
and decision strategies can be modified for immediate
implementation to deliver the tailored solution.
Scoring
AppSmart provides an integrated scoring engine with flexible
scorecard assignment capabilities. An unlimited number of
scorecards can be installed, each with different
characteristics, attributes and values.
IIntegration
and Interfacing
AppSmart has been developed utilising industry-standard
software development and database tools, languages and
technology and the software can be easily interfaced to any
host (core) software system.
Automated Decisioning
AppSmart's automated decisioning solution provides
organisations with indicators that presents industry best
practice risk management decisions and enables the entire
lending process to be streamlined. This includes processes
from application origination and data gathering to analysis,
decisioning, workflow and approval functionality.
The decision tree assignment for risk-based lending enables
the assessment of the application and administration of the
appropriate risk rating parameters combined with credit
bureau scores to automatically decision applications.
|
