HomeHotfoot Insights HubBlogLending Leap: Hotfoot’s Next-Gen Customer Onboarding Solution

Lending Leap: Hotfoot’s Next-Gen Customer Onboarding Solution

In this digital age, time is of essence, and accuracy is paramount in the lending process. Hotfoot’s customer onboarding solution is built to offer a seamless and rapid customer onboarding experience for borrowers with zero data entry through data capture via image processing technology.

Therefore, this platform eliminates the data entry hassle, enabling borrowers to sail through the onboarding process effortlessly. With the zero data entry feature, the system captures the borrower’s data via image processing technology.

Digital Onboarding:

Digital onboarding not only replaces traditional, time-consuming paper processes but also incorporates KYC verification. This includes validation of identity and information of applicants swiftly and securely. This feature expedites the customer onboarding process, consequently creating a foundation for an efficient loan origination experience.

The platform has the capability to run Dedupe, integrate with Bureau, and run rules based on the details captured during the onboarding phase. It notifies the user whether the application can be taken forward or not based on the bank’s credit & product policies. This feature enhances the decision-making process by allowing the user to act promptly on qualified leads. As a result, this feature reduces the time taken to onboard new clients.

Instant Go-No-Go Decision:

One of the key features of our platform is the ability to provide instant Go-No-Go decisions for the loan eligibility of the applicant. Powered by our state-of-the-art business rule engine, the user receives instant responses. This enables them to filter out the right prospects and further manage their time efficiently.

Deviation Workflow:

Exception handling is another crucial feature in our application. The deviation workflow enables efficient management of loan applications by handling anomalies and special scenarios in loan applications.  This ensures every application is thoroughly reviewed and processed based on its merit of the application. 

Product & Credit Policy Compliance:

Aligning loan applications with credit policies is important for risk management and regulatory compliance. So, our solution incorporates technologies that can ensure compliance with internal credit and product policies and, thereby, complete adherence to the organizational risk framework. 

Multi-Bureau Capability:

Furthermore, our system has multi-bureau capability, enabling it to optimize bureau access and bring in the efficiency of scale both from a risk assessment perspective as well as from a cost optimization perspective. The comprehensive assessment provides lenders with a holistic view of borrowers’ credit profiles. On top of this, extensive capabilities around bureau visualization synthesize the information in a manner that can facilitate ready reference for underwriters if need be. 

30+ API Integrations:

With over 30+ API integrations, the platform weaves a 360-degree view of the applicant with a string of validations and data enrichment, facilitating a comprehensive assessment of credit risk while orchestrating an optimized journey for the end user.

In summary, our customer onboarding solution revolutionizes the loan origination process by offering 

  • Zero Data Entry
  • 30+ API Integrations
  • Instant Go No-Go decision
  • Deviation Workflow
  • Alignment with Credit and Product policies
  • Multi-Bureau Capability

By leveraging advanced technologies, our solution empowers lenders to streamline operations, mitigate risks and provide superior customer experience.

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