1.2 Originations
The following enhancements have been made in the Originations module in this release:
Table 1-3 Enhancements in Originations
| Enhancements | Description |
|---|---|
| Oracle Digital Assistant (ODA) support for Insta Unsecured Personal Loan Application via Whatsapp Banking | OBDX Originations now enables existing customers to
apply for an Insta Unsecured Personal Loan directly through WhatsApp
using our Oracle Digital Assistant (ODA). Leveraging conversational AI,
ODA provides a seamless, fully guided loan application experience.
Customers can opt for a personalized loan repayment schedule that is
tailored to their spending habits.
The digital assistant guides users through eligibility checks, document uploads, and application submission in a conversational flow. Upon submission, the loan account number is displayed in real-time, and the approved loan amount is disbursed immediately, eliminating the need for follow-ups. This feature reduces physical visits and manual form submissions, delivering a faster, more convenient, and user-friendly application process. |
| Originations Workflow Maintenance Enhancements | The Originations Workflow Maintenance screens available to bank administrators have been enhanced to improve usability. The administrator can now also define Online KYC preferences at the applicant role level for each banking product category. The Employment Information section can be enabled or disabled (at product category level) for each applicant role from the Originations Workflow Maintenance screens. |
| Capture of Loan Repayment Frequency | A new field has been introduced in all loan product application forms to enable applicants to select their preferred loan repayment frequency. This enhancement provides greater flexibility by aligning repayment schedules with customers’ earning patterns – accommodating those who receive their income weekly, bi-weekly and monthly. This update is especially relevant for regions where pay cycles vary. |
| Joint Application Enhancements | Applicants can now initiate online Checking and Savings
Application forms where, if the joint applicant is an existing customer
of the bank, only basic information of the joint applicant is required
to be captured - the joint applicant’s name, date of birth and banking
customer ID. This reduces effort and greatly shortens the application
form as well since detailed personal, contact and identification
information of the joint applicant is not required to be captured.
Joint application forms also now cater to Retail CASA applications that support the overdraft feature. If the applicants want to apply for overdraft, they can identify which of the applicants’ financial information will be provided – the primary applicant’s, the joint applicant’s or both applicants. Based on the selection, the application form will be designed so as to capture the financial information of the specific applicant. Enhancements have also been made in the application tracker to support joint applications. The application tracker details page now mentions the application type i.e., whether it is a single or a joint application and in the case of joint applications, the names of both the primary and joint applicants are displayed. The joint applicant can also track the status of the application and can download and view the application form in PDF format and can also view offer related documents (specific to overdrafts only) and can accept/reject the offer. |
| Applicants can identify if they are staff/employees of the bank | Retail applicants can now identify that they are currently employed by the bank so as to avail staff benefits on the banking product they are applying for. Additionally, this also helps banks manage internal compliance and risk. This flag is stored by the party management module so that the staff benefits can be applied to all future products being applied for as well. |
Other Enhancements
Table 1-4 Other Enhancements
| Enhancements | Description |
|---|---|
| Enhanced Existing Customer Application Forms | Existing customer application forms previously did not have kick-off page nor review pages. The application forms for existing customers have been enhanced as part of this release to include the kick-off page which displays eligibility criteria and also, in case of checking or savings account applications that support joint applications, the fields to support capture of account type (single or joint) as well as overdraft specific fields in case of joint account selection. The review page will also be displayed offering the standard features of editing information in sections, as required. |
| Employment Section made Optional | The section capturing employment information of applicants has been made optional so as to provide greater flexibility to banks while designing the application forms. Bank administrators can enable or disable the Employment Information section for each applicant from product application forms (at Product Category level) from the Originations Workflow Maintenance screens. |
| Display of Applicant Role under Terms of Service Page | The terms of service page have been enhanced to display, the applicant role (Primary Applicant/Joint Applicant/Guardian) in addition to the party’s name against the terms and conditions applicable to each party. |
| US Region specific Enhancements | The following enhancements have been made
specifically to the US region product application forms –
The application tracker has also been enhanced so as to enable applicants to complete post account funding from the application tracker. This feature comes in handy if the customer had opted to skip initial account funding from the application submission confirmation page or if funding could not be completed due to technical or other reasons. This feature is specific to Checking and Savings account product applications in the US region. |
Parent topic: Features and Enhancements