1. Release Notes
  2. Release Enhancements
  3. Functional Features

2.1 Functional Features

This topic explains functional features that are enhanced or added in this release.

Ability to perform an early Know Your Customer for minor customer

  • Based on the configurations defined in the Origination Preferences screen, the Early KYC functionality can be enabled for minor customer.
  • If the rule for the Early KYC is enabled in the Origination Preferences screens, then the Initiate KYC button appears to perform Early KYC for the minor customer.
  • Quick onboarding service of Party Module will be called on the Submit of Application Entry stage for that applicant.

Ability to capture the account level address for Loan Accounts

  • The Account Address Preferences section is introduced to select the account address from the drop down list in the Loans Details data segment of the Application Entry stage.

    The account address appears in the drop down list in the below format:

    <First Name>, <Applicant Role>, <Address Type (Current Address with or without preferred flag)>, <Address>.

  • All the addresses captured for all the applicants involved in the application are listed in the drop down list.
  • The selected address is stamped as an account address and is sent to the host system.

Simplified Process is introduced for Term Deposit Accounts

  • The simplified account opening process is introduced for Term Deposit products. This process is applicable only if the Simplified Application flag is selected for the product while configuring in the Business Product Preferences data segment of the Business Product Configuration screen.
  • Multiple stages are combined which enables a quick and easy account opening
  • In this process, the Initiation and Application Entry stages are combined to enable capturing of all relevant information for account opening.
Enhancement in Term Deposit account opening process

The Funding and Payout Instruction data segments are introduced for the user to initiate the funding amount and to set payout instruction of the maturity amount of the Term Deposit account.

In the Payout Instruction data segment, the maturity instruction options as mentioned below are introduced to set the maturity instructions for the term deposit account.
  • Renew Principal and Interest
  • Special Amount Renewal
  • Renew Principal and Redeem Interest
  • Redeem Principal and Interest
The following sections are enhanced in the Account Details data segment:
  • The Interest Accumulation with the revised interest handling configuration, it enables banks to support both cumulative and non-cumulative options using one business product. This feature reduces unwanted product proliferation.
  • The Simulation of maturity amount is represented graphically for better understanding. This pie chart comprises of below fields:
    • Principal amount and percentage
    • Interest amount and percentage
    • Annual Percentage Yield (APY) - This field appears only for US localization.

The Documents and Clarification sections are revamped for better and intuitive user experience.

Simplified Process is introduced for Personal Loan Accounts

  • The simplified account opening process is introduced for Personal Loan Account products. This process is applicable only if the Simplified Application flag is selected for the product while configuring in the Business Product Preference data segement of the Business Product Configuration screen.
  • In this process, the Initiation and Application Entry stages are combined to enable capturing of all relevant information for account opening.
  • Capability to create a direct application with multiple data segments in a single view.

Ability to handle frequency and multi-currency while capturing financial details of applicants

  • The Financial Details data segment is revamped for better user experience to capture Income, Liability, Asset and Expenses as required.
  • Income, Liability, Asset and Expenses can be captured in any supported currency and the same is converted to the account currency.
  • Income and Liability can be captured for any frequency and the same is converted to monthly frequency.

Loan Disbursement related enhancement

  • The new option the Automated Clearing House (ACH) is introduced in the Disbursement Mode list of the Loan Disbursement data segment.
  • Ability to split the disbursement between different modes in case of single disbursement schedule is supported

Loan Repayment related enhancement

  • The new option the Automated Clearing House (ACH) is introduced in the Repayment Mode list of the Loan Repayment data segment.
  • In the Business Product Configuration screen, new fields are introduced to set the repayment schedule such as,
    • Stage
    • Supported Term Units
    • Max Term <Term Unit>.
    • Default Term <Term Unit>
    • Repayment Frequency
    • Default Frequency

New configuration and setup to generate Advices based on pre-defined events

  • The maintenance of the documents to generate and share it using the set delivery mode in the Loan Origination workflow.
  • The maintenance of the documents provides the flexibility for a bank to configure the mapping of pre-defined events and map the advice to generate and send same to the configurable list of recipients such as Primary, Joint, Guarantor.
  • The maintenance feature allows the user to configure templates and conditionally trigger them based on specified rules, enabling the required documents to be sent to the intended recipients.

Ability to generate, dispatch and accept the Outbound Document for Deposits and Loans Applications

  • The new stage Application Documents is introduced for generating, dispatching and accepting the outbound documents based on the configuration for loans product. The Document Generation, Document Acceptance and Review are the data segments configured for this stage.
  • The documents in the data segments appear as maintained in the Advice Maintenance screen setup. The bank can configure the documents for the Document Generation event.
  • The documents linked to a Document Generation event gets generated and dispatched as per the configurable and a specified mode of delivery such as Email, Post, Print.
  • The documents which are configured as Yes for Signature Acceptance Required appears in the Document Acceptance data segment. The banker must ensure that the signed documents from recipients are uploaded in this data segment.

Ability to maintain the Outbound Document Templates, Events and Rules

  • The new document templates for sending Notices and Disclosures are introduced in Personal Loan process. The documents such as Offer Letter, Counteroffer Letter, Application Form and so on.
  • The Events to Document Templates to a specific list of recipients and Mode of Delivery are maintained at configuration level.
  • The list of new facts and new rule conditions to generate the documents are introduced.

Ability to search the unique ID and display the column name based on the localization.

  • Unique ID should be displayed in the search party screen under search results table. The value displayed should be preferred unique ID value captured for the party in Party Module.
  • In the Advance Search section the field label should appear as based on the localization configuration such as,
    • The field appears as Unique ID and National ID for other region.
    • The field appears as Unique ID and SSN for US region.
  • The search result table also displays the column name as per localization.
    • The column name appears as National ID for other region.
    • The column name appears as SSN for US region.
  • The search parameter is applicable for both Preferred and Non Preferred while searching the Unique ID field in the ID Details within party records for all ID details.
  • In the Applicant and Relationship data segments while searching party, the system should limit the search within the customers records of party module.
  • In Stakeholder Details data segment both customer as well as non-customer records are allowed to fetch in party search results.

The Application Tracker enhancements

  • The Application Tracker screen is revamped for better and intuitive user experience. This includes enhanced view for applicants and product details, intuitive indicators, improved slider and realignment of fields
  • Ability to view the status of Party Module or Credit Facility Process Management (CFPM) tasks initiated for Oracle Banking Origination application is introduced.
  • The Customer 360 and Account 360 quick links for seamless access to servicing screens are provided.
  • Ability to perform below actions on the stages for quick access from the Application Tracker screens instead of Free Task or My task.
    • Acquire and Edit
    • Acquire
    • Edit
  • The Customer Clarification history section is enhanced.

Parent topic: Release Enhancements