LeapXL Case Study
Removing Bottlenecks and Customer Friction for Banks in Closing Loans though Work-flow Automation and Customer Messaging
To save lenders time and keep borrowers up-to-date in the loan approval process, LeapXL built a unique document management portal and an automated customer-facing mobile loan origination application.
Takeaways:
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The solution is standardizing the loan approval and onboarding process and saving time and duplicative work for multiple bank specialists managing the loan pipeline.
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Using the Leap platform, this complex loan system was launched in a little more than seven months and designed to specifically meet the needs of the lenders and borrowers.
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Leap can eliminate outdated legacy systems or manual processes with software that will not only fit into existing solutions but can adapt and grow with the bank.
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Leap can unlock the business rules in spreadsheets saving time in discovery and development.
Customer Problem
There are a lot of loan management systems out there but none that keep the borrower in the loop through all the paperwork required to get a loan approved while helping the lender save time managing the process.
Lack of standardized loan requirements depending on loan type, manual processes, reliance on spreadsheet data, and regulatory approvals from multiple parties can cause confusion and delay.
Loan officers are overloaded responding to customer progress calls, and it’s just not easy to put their fingers on where everyone is in the process.
Leap to the Rescue
LeapXL worked directly with the people in the bank to de-construct current manual bank processes and build an automated solution that saves bank staff time in loan origination. Now, the lending team can focus intensely on direct customer services, not endless paperwork.
During the product design phase with the bank, Leap technologists mapped out the current mix of manual and digital core actions in the work flow.
LeapXL developed a highly configurable loan origination system using the Leap continuous digital transformation platform. After development and testing, we deployed it with bank staff connecting to the Jack Henry core customer ledger software.
The mobile dashboard shows the customer what docs are required, what has been uploaded and what still requires approval in the loan approval journey. In Leap, app builders can easily build mobile applications as in this example.
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Leap is the only platform that grows with your business. Using the same Leap technology, IT teams can build small internal apps to improve efficiency or develop full-blown workflow solutions with complex data integrations.