3 Instant Retail Loan Account Opening Process

This topic describes the instant account opening process of retail loan product.

Instant personal loan account opening flow is applicable only for the Individual type of customer. The reference origination flow has been optimized to ensure that the loan request is processed with minimal manual intervention.

This personal loan request can be triggered from the Self- Service Channel such as Oracle Banking Digital Experience for both new and KYC compliant existing customers For the Assisted Channel, this loan request can be triggered only for KYC compliant existing customer.

In case of new customer, the self-service channel uses the automatic flow to verity or provide KYC compliance to customer. This automatic flow is indicated as Video KYC in OBDX. The necessary KYC types for compliance verification is configured in Oracle Banking Party Module. Please refer the Retail Onboarding User Guide for more details.

Below configuration are set for Instant Personal Loan product in the Business Product configuration screen.

• In the Business Product Details data segment, the Application Submission is Mandatory toggle is selected to capture application details in initiate stage.

Below configurations are set for Instant Personal Loan product in the Business Process screen.

• Document and checklist verification is set as non mandatory
• The Offer Issue Advices are configured

Account Opening Process Flow

The Instant Personal Loan account opening process is descried below:

1. Application Entry Stage:
   • In case the application is initiated through Self-Service Channel, the system automatically triggers the Application Entry stage without any manual intervention and completes the data segment level validation. On successful completion of the validation, the system automatically submits the Application Entry Stage.

     OR

   • In case the application is initiated through Branch, this stage is automatically submitted, if the application details are captured by clicking the Application button from the Product Details data segment. On submission of Application Entry Stage, system will perform an Assessment and if the system decision is Approved then the application process in the Offer Accept / Reject stage.
2. The Assessment and Offer issue stage automatically handled and hence the stage are not generated:
   • If the offer is successfully generated, then offer letter is communicated to an applicant on email.
   • If the automatic offer issue workflow fails, then the Offer Issue task is generated to perform manual action on loan application.
   • If the assessment is Auto Rejected, then an application is terminated automatically and an email communication along with the rejection advice is sent to the applicant. As an exceptional case for Insta personal loan, Assesment recommendations which are Manual are also handled.
3. Manual Credit Assessment stage:
   • If the Assessment Decision is Manual Queue A or Manual Queue B, then the system proceeds application to the Manual Credit Assessment stage to assess manually.
   • If the application is approved, then the system proceeds and the Manual Credit Decision stage is generated.
   • If the application is rejected, then the application is terminated, and a rejection advice is mailed to the borrowing applicant.
4. Manual Credit Decision stage: On submitting the Manual Credit Assessment stage, the system generates the Manual Credit Decision task to assess the loan application. In this task the assessment officer can either Reject or Approve the application manually.
   • If the application is approved, then Offer Issue is automatically trigger and an email with the attached offer letter is communicate to an applicant. The application proceeds with the next logical referenced stage.
   • If the application is rejected, then the system terminates the application and a rejection advice is sent to the applicant.
5. Offer Accept /Reject: Once the offer is issued successfully, the applications proceeds with the next task which is generated based on action selected in the previous stage.
   • If the application is initiated through branch channel then you can capture the applicant’s response. If the application is initiated through the self-service channel, the applicant’s response is received from OBDX. In both the cases, once the offer is accepted OBO initiates call and shares data to the host for creation of Instant Personal Loan Account.
   • If the customer response is reject, then the application is rejected.by selecting the Reject option from the Outcome screen while submitting the stage. The rejection advice is sent to the applicant through email.
   • If the bank reject the application, then the application is rejected.by selecting the Reject By Bank option from the Outcome screen while submitting the stage. The rejection advice is sent to the applicant through email.
6. Handoff Retry: Application moves to this stage and appears in the Free Task only if the Instant Personal Loan Account creation has been rejected by Product Processer. The users with the necessary access rights can pick such task and can retry submission to Host after taking required actions on the Failure reason.