The Record - Issue 21: Summer 2021

115 productivity, close more loans, and increase revenue per loan with cheaper, faster and auto- mated services. Moving to digital loan solutions empowers banks to customise borrowing options for differ- ent clients and situations, enabling them to offer more flexible loans and reach a larger audience. As the entire credit process is based on auto- mated machine learning, risk and credit policy departments can easily update, alter and recre- ate products and processes to rapidly react to the emerging and ever-evolving market needs. Digitising the lending process also provides an effective system for increasing trackability and performance monitoring within the regular credit decision-making framework, including follow-up and escalation service-level agreements. Drawing on the expertise we have gained by working with hundreds of banks worldwide for more than two decades, VeriPark helps financial institutions to keep pace with industry regula- tions and compliance standards such as EBA, General Data Protection Regulation, and Open Banking through technology-based innovation. VeriLoan, our loan origination solution, inte- grates with information that already exists in the bank’s ecosystem, thereby eliminating paper- work and facilitating fast decision-making on credit reviews and approvals. Hence, banks can provide customers with a seamless experience both on digital and assisted channels. The automation and end-to-end integration give customers the complete transparency they expect across all their transactions, allowing them to fully understand which factors banks evaluate when approving loans. Banks can also incorpo- rate real-time status updates across all channels to ensure that customers always get the most up-to- date information for every transaction. According to a recent independent third- party assessment, VeriLoan proved to be fit to support banks in meeting the highest compli- ance standards with the new EBA Guidelines. Consequently, it’s clear that a carefully archi- tected digital loan origination solution can help lenders meet regulatory requirements while allowing them to keep their eyes on the future, be ready for change and upgrade fragile legacy platforms to support new market offerings. Bohumil Hyanek is general manager of VeriPark Germany F I NANC I A L S E R V I C E S “Moving to digital loan solutions empowers banks to customise borrowing options for different clients”