Optimising digital lending with Finastra and ATTUNE
The two companies integrate Finastra’s LaserPro loan document management and MortgagebotLOS loan origination solutions with ATTUNE’s engagement banking platform.
Finastra LaserPro is a cloud-based loan documentation system for use across commercial, consumer and mortgage portfolios. Its Mortgagebot product is a scalable, cloud-based mortgage platform that simplifies the real estate lending process. Both these solutions reduce costs and risks while offering a better borrower experience.
ATTUNE platform integration enhances Finastra’s solutions for a faster lending experience from application to closing. Research shows that after five minutes, 60% of borrowers abandon a loan application and go to another financial institution.
ATTUNE’s end-to-end digital origination platform provides digital onboarding and lending with integrated cross-selling capabilities within one workflow. Financial institutions are thus increasing the number of applications they originate and close. According to ATTUNE, banks are experiencing 90% faster closes when using its solution.
Importance of digital lending
Digitisation of the lending process brings several benefits for financial institutions, including better decision-making, improved customer experience, and cost savings.
Delayed decisions can drive members to seek alternatives. Digital lending, with auto-decisioning capabilities, ensures quick responses to loan applications, enhancing member satisfaction and retention.
US consumer loans hit a record in 2021, driven by digital-first lending options. In 2020, the Digital Banking Report showed that 85% of financial institutions allowed customers to apply for loans online, with 66% of these loans being completed completely online.
However, a hybrid loan process can feel disjointed. A continuous, end-to-end digital loan process enables a quicker, more consistent experience, and offers flexibility and continuity. Additionally, automating loans allows banks and financial institutions to identify gaps in their existing loan process and optimise the entire experience.
