Inefficient processes, reduced revenues and profits, and increased fraud and risk are part of the torrent of issues financial institutions face. While this may seem a hopeless situation, institutions that focus on creating a streamlined application processing and loan origination system can overcome the barrage and reap the financial reward.

Current Origination Solutions: Apples and Oranges
Many loan origination systems force institutions to choose between excellence in automation and excellence in manual decisioning. If an application is kicked out of the workflow for manual review requirements, these outdated systems prohibit it from re-entering the automated workflow (or, at best, return it to the beginning of the automated process) and result in further manual underwriting to complete the approval process. Some solutions also lack the connections to multiple data sources that help companies make informed lending decisions; if they do offer connections to other, competing vendors, then the referring company may employ punitive pricing, making the data cost-prohibitive.

If financial institutions could figure out how to optimize their loan origination and application processing systems, it would make a difference in the institution’s bottom line, both for time and money. The trick is finding a way to conserve capital in a tightened economy while making the improvements necessary to have a competitive edge tomorrow.

Zoot’s Approach: The Right Fit for Your Company
Zoot’s loan origination solution and application processing capabilities help FIs to grow their lending portfolios. Institutions can reduce the cost of originating new loans and mitigate risk through enabling business user control to configure the origination process that best fits each FI’s business initiatives. Our solution facilitates the entire origination process, from application entry to cost-effectively integrating data and service providers through to the decision and on to realtime account booking.

Zoot’s solution increases the efficiency of the origination process by automating as much as possible, seamlessly integrating automated and manual processes when necessary. This means that if an application has to leave the automated workflow for manual review, it can be re-entered at the exact point it left the automated process once the stipulation is cleared. Business users have extensive control to easily manage their origination solution utilizing integrated tools. Zoot’s tools and services allow an unprecedented level of control and flexibility to help your company adapt rapidly to any market.

Learn More:
Solution Brochure, zOriginate® Loan Origination
White Paper, "How to Choose the Right Credit Decisioning or Loan Origination Vendor"
White Paper, "Good Origination Solutions Can Be Better: The Hierarchy of LOS"
Webinar, "Modernize Origination Before Your Competitors Do: Top 5 Initiatives to Increase Lending Profitability"
Case Study, “First Interstate Bank”