2.1 Functional Features

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

Insta Personal Loan

Oracle Banking Origination (OBO) now supports a quick account opening process in origination workflow. This workflow is available for initiating an account opening process for Unsecured Personal Loan. This product is introduced as Insta Personal Loan.

Insta Personal Loans can be originated in the self-service channels as well as assisted channels. The following combinations are allowed:

• OBDX Initiated - New and Existing Customer – (For New Customer KYC compliance is handled STP)
• Branch Initiated - Existing Customer – (KYC compliance already available)

The workflow is designed with the minimum stops before the account creation request is sent to the host. It is mandatory to capture details in the Application Initiation and Application Entry stage in full application mode.

The following data segments are introduced in the Application Entry stage to enable the STP of the loan origination flow:

• Interest Details
• Charge Details
• Disbursement Details
• Repayment Details
• Qualitative Score Card

The Loan Assessment and Offer Issue stages occurs automatically. In the origination flow, if the loan assessment stage is approved then offer is issued to a customer and the Offer Accept / Reject stage is triggered. In this stage the customer response is captured as Accept or Reject. The system proceeds based on the captured response.

• If the response is Accept, then the system approves the loan account creation and the final payload is pushed to the host for account creation.
• If the response is Reject, then the application is terminated, and a rejection advice is sent to the customer.

In case of exception are also handled where the manual assessment recommendation is provided by the Decision Service. Based on the response captured in the Manual Credit Decision stage, the subsequent approval or rejection workflows are inline as explained above.

Rejection Advice generation for all Product originations

Ability to generate the rejection advice for all the product originations. The rejection advice is generated once the application is rejected and same is communicated to customer through email. The rejection advice is generated based on the below conditions and are handled as part of the process configuration.

• If the customer response is Reject.
• If the Manual Credit Decision stage response is Reject

This advice is applicable for all Liability and Asset product of origination.

Financial Details

Ability to capture the basic details of the applicants based on the employment type is enabled in the Financial Details data segment. The organizational details with in the Employment Details sections are introduced to capture them as basic details. Below sections are introduced to capture the employment details:

• Salaried
• Self – Employment / Professionals

Based on the configuration in the Business Product Preferences data segment of the Business Product Configuration screen, the financial and employment details are enabled for deposit product such as Saving, Current and Term Deposit.

Liability Creation process moved to CFPM

If the Oracle Banking Origination (OBO) is integrated with Credit Facilities Process Management (CFPM) for collateral onboarding, then for new customers the Liability ID is created by CFPM. OBO provides the already created Liability ID to CFPM in case of existing customer.

Ability to maintain Questionnaire

Ability to render below consents workflows as configured in Questionnaire Maintenance screen:

• Composite Component Architecture (CCA) for dynamic rendering of questionnaire in Decision Service
• Rendering of questionnaire as per setup in Decision Service
• Refresh of questionnaire on every visit in Consent/Product page. If consent is captured, it'll display the captured consents.
• Addition/deletion of questionnaire

Debit Check – Bureau Decision

Debit Assessment functionality is introduced for Checking and Saving product in origination workflow for Individual party type. It is introduced in OBO as below:

• Ability to configure Debit Check at Product level
• Ability to provide Debit Check Decision status as Approved/Declined/Referred
• Ability to perform actions based on the Debit Check Decision:
  • If application is Declined, then the Declined letter is generated and dispatched.
  • If the application is Approved, then auto approval process is triggered.
  • If the application is Referred, then the bank user either approves or rejects the application manually.

State code maintenance

Ability to configure state codes. User can view, create, modify and delete the codes that are mapped to a country.

Welcome Letter

Ability to generate and dispatch the welcome letter of account creation. This welcome letter is applicable for Current Account, Saving Account and Term Deposit products.

Consent & preferences capture for all applicants

Ability to capture consent and preferences for all the applicants that are involved in single application.

Guardian consent for Minor Account

Ability to capture guardian consent for minor account.

Ability to calculate majority date for minor customers based on configured rule.

Ability to calculate and send the date of majority to party module in case of minor applicant in the account opening application. The date of majority is calculated based on the configure rule and date of birth captured in customer information details.

Marketing Consent details

Ability to capture and maintain the email preference, phone number & fax details of all the applicants involved in the account opening application. This is applicable if capture is opt in this section.

Terms and Conditions

Ability to capture the terms and condition questionnaire in the Term and Condition data segment for all the products. This questionnaire is configured in the Questionnaire Maintenance screen. In the origination workflow this data segment is validated before opening an account. It is mandatory to capture and accept term and conditions for all the products.

Account related data like nominee details, activity profile, consents, Terms and Conditions, is passed to Oracle banking Routing Hub to enable the product processors to consume the related data.

Ability to capture Guardian relationship type with the minor and a preferred flag for guardian

• Creation and maintenance of party to account relationship as Guardian
• Creation and maintenance of minor party to account relationship as Guardian with preferred flag for guardian
• Capture consent from minor’s guardian to obtain personal information of minor. This is applicable for party type individual. The facility is available only for minor party that are calculated based on date of birth captured

Ability to mandatorily capture one preferred ID type

Ability to capture one of the ID details as Preferred. This field is mandatory is the ID Status is selected as Available, as it is mandatory to provide one of the ID details as Available. Preferred flag is not allowed for more than one ID details, if the ID Status for more than one is selected as Available.

Ability to fund the account post account opening

The Initial Funding workflow is enhanced to fund the new account after its creation. A new Fund Post Account Opening toggle is introduced in Business Product Preferences data segment of Business Product Maintenance screen to configure this new functionality. This toggle appears on the screen only if the Initial Funding toggle is selected. If only Initial Funding toggle is selected, then the regular workflow continues.

Based on this configuration the existing Initial Funding fields are not applicable in the Product Details and Account Details data segments in respective Application Initiate and Application Entry stages. In this scenario the Initial Funding stage is handle procedurally while configuring the Business Process.

Ability to view the IPA Offer letters in Self-service channel is enable

In the Service Channel, as an In Principle Approval feature to view the IPA letter or advice is enabled in OBDX. The Loan applicant can view the In Principle Approval advice if the IPA request has been successfully approved by the Bank.

Ability to configure customer category or type that are allowed to specific origination product

While configuring origination product, user can select the customer category or type that allowed to open an account. This functionality is introduced in the Business Product Preferences data segment of Business Product Configuration screen.

Ability to integrate self-service channel for small and medium business type of customer for Savings and Current Accounts

Oracle Banking Origination has an ability to integrate self-service channel for small and medium business type of customer for the Saving and Current Accounts product. The necessary API integration are structured in order to consume them by OBDX.

Ability to fetch existing customer details

Once the new customer is onboarded the customer information such as ID details, Consent & Preferences are stored. If the same customer is selected in the account opening application, then ability to fetch that stored customer information and auto populate the data in the relevant fields is supported.

The party module exposes the services to OBO, which populates the previously captured customer data like Insider, PEP, ID Details, Service Member Details, Supporting Documents, Consents and Preferences, Relationships like Related to Insider, Service Members, Consent & Preference details during the new account origination.

APR push to OBRH

In OBO for loan and overdraft product, the Annual Percentage Rate (APR) value is displayed in the Interest Details data segment. For credit card product APR value is displayed in the Assessment Details data segment of Credit Card Assessment stage.

The system initiates a call from OBO to Oracle Banking Routing Hub (OBRH) for sending APR value further this value is forwarded to downstream product processors such as OBRL system. This value is used to generate offer for loans and overdraft products.

Credit Card Enhancement

Ability to capture Addon Card holder details with the Preferred ID and other Supporting documents for Credit Card product is introduced. This is applicable for new as well existing customers.

Stake holder details captured in origination now available seamlessly in Party module

For SMB type of Customers, where the stake holder details are captured using Existing customer CIF or Party ID (non-customer), the details are now pushed in the transformation layer and are available in the Party Module.

Dynamic display of Questionnaire

The Questionnaire ID is maintained in the Questionnaire Maintenance screen. In order to fetch questionnaire ID in the account opening workflow, OBO initiates a call to Decision Service for questionnaire set and the set appears on the below data segments:

• Customer Consent and Preferences – The question header appears as the section header.
• Product Details or Account Details – The question header appears as the section header in the Activity Profile section.
• Term and Condition – The section header appears as the Product Processor such as business product name.

Regional Frame-work requirements (US)

Regionalization configuration helps to implement the dynamic changes on UI screens which user enables based on the entities such as Default or US, for rendering UI elements. On the selection of entity, the UI fields and workflow changes based on the region-specific flows configure for entity.

The following change are implemented:

• Entity - User is enable to login with either US or Default credentials
• Customer Information data segment – Some of the basic details fields not pertinent to US geography have been hidden.
• Address details - Additional Information section is not applicable for US login
• Zip Code – Field size limited to 5 characters
• Product Details data segment - Product currency value is defaulted USD so will not appear as UI field
• Interest Details data segment - APY calculated and based on product rate is rendered on landing of this data segment screen
• Account Preference data segment
• Banking channel preferences section is not displayed for US Region
• Account related information section is not displayed the Passbook option

Address Search & auto population of address details

Capability to integrate with external address search engines like Oracle address or any other third-party vendor. The Address search feature has been plugged in the address section of the Customer information Details data segment.

The user will have the option to search with any given string in this address search field, and the suggested addresses are displayed for the user to select. Once selected, all the details will be propagated in the respective address fields which are maintained in the UI. The user will also have a choice of editing the same, or even capturing a completely new address.

External Refinance feature

External refinance details are captured in the origination flow. Based on the business requirement, the user can enable the External Finance required flag in the Business Product Configuration screen. This flag is available only for loan product types.

In the Product Details or Loan Details data segments of account opening workflow, the external refinance toggle is introduced to capture external refinance details. The External Refinance Details section appears if the toggle is selected. In this section user can capture other bank loan details which is proposed for external refinance.

The added collateral in the loan account opening application can be earmarked to the refinance. The settlement of the disbursement amount is included in the GL account or an External Account. The details are available in the External Refinance summary as part of the Loan Disbursement details.

Solicitor, Conditions & Covenants

The Solicitor and Conditions &Covenants are applicable for lending product based on the configurations. In the Business Product Configuration screen, the Solicitor Applicable and Condition& Covenant Applicable toggles are introduced in the Business Product Preferences data segment.

Based on the configurations, the Solicitor Details and Conditions & Covenants Details appears to capture in the More tab. This More tab appears on the header as common action. User can also capture the pre-disbursement and post disbursement conditions in the Condition & Covenant section.

Configuration of allowed applicant role in Business Products

The Allowed Applicants Roles field is introduced to configure applicant roles that are allowed for the specific product in the Business Product Preferences data segment of Business Product screen for all products.

The available options are:

• Primary
• Joint
• Guarantor

The customer role appears in the account opening workflow in the Customer Information data segment if you add customer. This customer role is displayed wherever the applicant details section appears.

Collateral Ownership details & Summary

Ability to capture the ownership details for all types of collateral supported in Oracle Banking Origination (OBO). If the joint applicant provides the collateral support, then the ownership details and the percentage of ownership are captured. These values are stored and pushed to downstream.

The Collateral Summary details appears in the Collateral Perfection Details data segment of the Account Approval Stage. This collateral summary appears only for Property type of collateral.

Oracle banking Account (OBA) Integration

Ability to integrate with OBA, the product processor for retails accounts. The integration with OBA further reiterates OBO product’s capability of being host agnostic and building seamless compatibility using the transformation layer, Oracle Banking Routing Hub. (OBRH).

In addition to the regular payload values, the following data points will also be available in the transformation layer and will be pushed to the underlying product processor.

• APY – value based on Product Interest Rate
• Courtesy pay details
• Activity Profile Details
• e-Sign consent

Business Product – OBA host Product mapping

In the Business Product Host Mapping data segment of the Business Product configuration screen, the Interest and Charge Details are fetched from the host. If OBA product processor is integrated with OBO then this interest and charge details are fetched from OBA.

If no interest or charges details are configured for the selected product in the underlying product processor then the system allows the user to proceed with the Business Product configuration without these details.

If interest or charges are configured for the selected product in the underlying product processor, then the system validates for the details before allowing the user to proceed.

Business Product Preference enhancements

Ability to configure the Banking Channel Preferences in the Business Product Preference data segment of the Business Product configuration screen. The underlying service fetches and validates the banking channels configured in the host product and are mapped with the product.

Banking Channel preferences configured in OBO Business product are the sub-set of the banking channels and preferences that are allowed or disallowed as maintained in the underlying HOST product (OBA)