Needs Analysis Interviews for Leads and Opportunities in Retail Banking

Needs analysis is based on Intelligent Advisor and enables bankers to rapidly conduct dynamic interviews based on customer's needs and interests.

Following are the objectives of needs analysis:

Recommend financial products based on customer needs and circumstances.
Ensure that recommendations comply with corporate and regulatory policies.
Generate loan application letters based on Intelligent Advisor templates.

Improved loan process through interview-based needs analysis helps banks to ask relevant questions such as credit score and value of house that customers (individual contacts or households) are looking to purchase. Needs analysis provides personalized recommendations to customers that helps in retaining existing customers and gaining new customers quickly. As a retail banker or a retail bank manager, you can create new interviews for account, contact, household, partner, lead, opportunity, and activities. You can modify ready-to-use lead and opportunity needs analysis interviews. Dynamic interview-based needs analysis delivers consistent and compliant banking services to customers.

Using Needs analysis, as a retail banker or a retail bank manager, you can navigate from Opportunity Detail page or Lead Detail page to Intelligent Advisor Needs Analysis page and back to Opportunity Detail page or Lead Detail page. You can navigate from the Edit Opportunity page or the Edit Lead page to Intelligent Advisor Needs Analysis page to enable immediate display of updates from the Intelligent Advisor. After needs analysis is performed, lead or opportunity is updated with a product or products selected during the interview in addition to the attachment that contains interview questions and answers being made available.

Oracle Policy Modeler is the Intelligent Advisor tool for creating new interviews for configuring Intelligent Advisor interviews. You can create new interviews in Oracle Policy Modeler for company, contact, household, partner, lead, opportunity, and activities. You can also modify the ready-to-use opportunity needs analysis interviews using Oracle Policy Modeler.

Note:

Intelligent Advisor provides the ability to define templates for PDF attachments.

Needs analysis comprises of the following four steps:

Enter Loan Information
Enter Assets and Income
Select Loan
View Payment Information
Confirmation

Step-wise process for performing needs analysis for opportunities:

Click Opportunities on springboard and then click Create Opportunity to specify details about the opportunity including the opportunity type, whether home purchase, home refinance, or home equity. After you save the application, you can find the opportunity in the Name column on the list page of opportunities.
Click the opportunity that you created and open the Edit Opportunity: Summary page.
Click Needs Analysis link to enter loan information details.
Click Next to specify income and assets details.
Click Next to select an appropriate loan, view payment information, and then click Submit on the confirmation window.

The Edit Opportunity page lists products that are selected in the interview based on the needs analysis for the opportunity that you specified.

Step-wise process for performing needs analysis for leads:

Click Leads on springboard and then click Create Lead to specify details about the lead including the lead type, whether home purchase, home refinance, or home equity. After you save the application, you can find the lead in the Name column on the list page of leads.
Click the lead that you created and open the Edit Lead: Summary page.
Click Needs Analysis link to enter loan information details.
Click Next to specify income and assets details.
Click Next to select an appropriate loan, view payment information, and then click Submit on the Confirmation window.

The Edit Lead page lists products and attachments generated based on the needs analysis for the lead type that you specified.

There are three types of loans:

Home Purchase
Home Refinance
Home Equity

Following information is required for home purchase type of loan:

Loan purpose (home purchase)
Home price
Down payment percent
Down payment value
Loan amount
Interest type (fixed or variable)
Credit score

Following information is required for home refinance type of loan:

Loan purpose (home refinance)
Home price
Mortgage balance
Interest type (fixed or variable)
Credit score

Following information is required for home equity type of loan:

Loan purpose (home equity)
Home value
Mortgage balance
Loan amount
Interest type (fixed or variable)
Credit score