By leveraging this module, financial institutions can digitise aspects of their commercial and SBA lending process that are currently being handled manually, allowing them to fulfil loans and grow commercial relationships, as mentioned in the official press release.
The module will be rolled out in three phases throughout 2021 and 2022. Phase one, now available, underwrites loans, creates credit memos, funds loans, and provides customers with a portal to view the status of their loan.
By integrating with the financial institution’s core banking system, phase two expands the customer portal to show loans in progress, active or closed, along with the ability to upload and see all documents needed, closing date and the ability to add other users like CPAs and controllers. This phase will roll out in late 2021.
Phase three will introduce personal financial statements and integration with other bank services including online banking.
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