Functional Features

2.1 Functional Features

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

Workflow Simplification- Reduced Stages
The approval stage has been removed from certain origination processes, such as Insta Savings account, Insta Current account, and Term Deposits to simplify the onboarding process.
Advanced Address Search for Solicitor Details
Advanced address search enabled in Solicitor Details for consistent entry and usability.
Capturing Household relationship details during onboarding
Ability to capture the optional household or applicant relationship details with propagation of this information across all related records. This ensures smooth integration with Oracle Banking Party’s bidirectional view.
E-sign consent for Minors
For minor applicants, the guardian or custodian must be assigned as the signatory and the recipient of all associated documents.
Redesign the Application Search and My Applications Widget
- Visual and UX enhancements applied to both widgets, offering a standardized Oracle Redwood style.
- The system now shows product counts as plain text, zero values are shown explicitly while no products are available. Additionally, all product logos have been removed from the widget.
- Application priorities and aging are now represented visually with pie and bar charts, providing a clear overview of the distribution of applications across different priority levels and the duration they have been in the system.
Redesign Conversion Analysis Widget
- Filters have been moved to the side panel drawer for easier access, and the system displays the selected options as chips.
- The "Product" filter now defaults to "All Products", and the user/team filter has been streamlined.
- The pie chart and color scheme have been updated to the Oracle Redwood style.
Redesign Applications Nearing Expiration widget
- Filters selection is now moved to side panel drawer and all chips display the selected filter parameter.
- Applications are grouped into expiry buckets, such as 5, 10, and 21 days, showing counts and total values.
- Drill-down functionality is available for each expiry bucket.
Redesign Loan Offer Nearing Expiration widget
- Filters selection is now moved to side panel drawer and all chips display the selected filter parameter.
- Buckets display the count and value of expiring loan offers, with quick access to drilldown lists.
Redesign Loan Offer Status Widget
- Updated filters, with all settings are now in a side panel, with selected options displayed as chips.
- Status breakdown and drill-down functionality remain unchanged.
Redesign SLA Status Summary Widget
- Filters are now displayed in a side panel and selected options are displayed as chips.
- Main pie chart logic and drill-down for SLA breach, near-breach, and compliant statuses preserved.
Redesign Stage Wise Details Widget
- Visualization of all product types has been expanded (not just loans) with enhanced filtering by product and sub-product.
- Drill-downs and groupings aligned with Redwood guidelines.
Redesign Account Opening Trends widget
- Enhanced filters for currency, user/team, branch, and period.
- Summary of opened accounts are visualized by product, with graphical views and realtime updates.
Contextual Navigation, Status Refresh and Actions UI enhancements
- Contextual navigation links have been added to the Application Tracker for easy access to Simulation and Recommendation.
- Updated the “Actions” drop-down menu with options displayed based on user permissions.
- Introduced a refresh button to provide real-time updates for in-progress applications.
Auto Expiry for Loan Simulation, Quick Assessment and Product Recommendation IDs
Introduces expiration of inactive Loan Simulation, Quick Assessment, and Product Recommendation IDs after a configurable number of days, their status is marked as "Expired," and they are accessible in view-only mode post expiry.
Upfront Eligibility Checks during Product Simulation
Eligibility is now validated during simulation, reducing inconsistencies in downstream origination processes.
Credit Appraisal Memorandum (CAM) for Retail Loans and Overdrafts
Credit Appraisal Memorandum can be generated or updated at key stages for retail loans, consolidating credit information and commentary. This feature is available only for Individual customer applications.
Loan Against Deposit (LAD) Enhancements
The workflow has been simplified by removing the Account Parameter Setup and Supervisor Approval stages. Loan Against Deposit is now available as a dedicated process for SMB.
Dynamic Interest Payout Options
Ability to select the payout frequency for Oracle Banking Account-hosted term deposits. If this option is disabled, the system uses the host configuration by default.
Automatic Floating Rate Code Fetching
The system automatically fetches floating rate codes from Oracle FLEXCUBE Universal Banking based on currency and other parameters during business product configuration.
Loan Origination: Ensuring Current Interest Rate Alignment on Offer Issue
The latest interest rates are now automatically fetched and applied at the offer-issue stage to ensure accuracy.
Flexible and Accurate Loan Term update for Inflight Application
Users can now modify the loan tenure during the Manual Credit Assessment and PostOffer Amendment stages. The Stage Grid and other dependent segments update dynamically. This enhancement ensures the revised term is accurately reflected in the loan account details, including Repayment Details, without causing validation errors.
Accurate transmission of capitalized fees to Oracle FLEXCUBE Universal Banking
Capitalized fees are included in the payload for new FCUBS-hosted loans.
Expanded Repayment Options for Billing Loan Accounts
Oracle Banking Retail Lending Servicing billing loans supports weekly, bi-weekly, and quarterly schedules, in addition to the monthly option.
Loan Origination using Existing Collateral
The system supports secured loan origination using existing collateral. Existing collateral details for the customer are fetched from the collateral product processor. If sufficient unutilized collateral balance is available, same can be used for a new loan for the customer(s). This functionality is currently supported for Oracle Banking Retail Lending Servicing as the host.
Interest and Principal Installment Schedule support
The system supports Interest and Principal Installment schedules for Oracle Banking Retail Lending Servicing as the host. In an Interest and Principal Installment schedule, each instalment includes a fixed principal amount plus the interest for that period, resulting in varying instalment amounts.
Floor and Ceiling Rates
System supports Floor and Ceiling interest rate validation for Oracle Banking Retail Lending Servicing hosted products.
Account Identification for Fees collection
For split-disbursement loans, a single account must be nominated to collect disbursement fees and included in the host payload.
Solicitor, Conditions & Covenants for SMB Loans
Capture of solicitor details, conditions & covenants is now enabled for SMB loans, similar to retail loans.
Default Product Preferences from Host
Product preferences such as branches, rules, terms, and parameters are now automatically fetched from Oracle Banking Retail Lending Servicing.
Origination of Secured Vehicle Loan
Introduced an end-to-end workflow for Oracle Banking Retail Lending Servicing vehicle loan origination.
Pricing Enhancements
1. AER/APY/APR Display Configuration
  Introduces the centralize display settings in Origination Preferences to show or hide AER/APY for liability accounts and APR for loans, by replacing the region-specific configuration.
Disclosures and Agreements
1. Pre-contractual Disclosures for Overdrafts and Loans
  The system now generates and dispatches pre-contractual disclosure documents during overdraft and loan origination, so borrowers receive the required information at an early stage of the process.
2. Overdraft and Loan Agreements
  Introduces the market-specific agreement templates that are generated and sent to borrowers when an overdraft or loan offer is issued. These templates also support cooling-off periods within the disclosures.
Onboarding and Verification
1. Minor Onboarding Controls
  A new age-check rule is introduced in Origination Preferences. For minor applicants, the system now requires a guardian/custodian or a joint holder to open an account. The system also validates the mode of operation (such as single or joint) based on the account-holder relationship rules configured in Origination Preferences.
2. Verification Framework
  Supports definition of verification types, policies, and rule-based checks, and apply them at any stage of the onboarding process. This supports both manual and external verification, provides a complete audit trail for compliance, and ensures appropriate checks for individual and SMB onboarding through a configurable and easy-to-use interface.
3. Digital Banking Enablement for New Customers
  The Origination flow now includes an option to automatically enroll retail and Small and Medium Business customers in the digital banking channel. Once selected, the system sends the enrollment request to the host, which publishes onboarding events to initiate the digital banking onboarding process for each applicant.
Address, Documents, and Privacy
1. Address Standardization
  The system now supports structured, hybrid, and unstructured address formats in line with Common Core and Oracle Banking Party standards. It provides a unique, consistent experience for capturing and maintaining addresses, ensures synchronization across domains, and enforces single active address per address type.
2. Inbound Documents
  A new flexible, policy-driven framework is introduced to manage inbound documents across the origination workflow.
  - Document Category
    Related documents can be grouped and simple rules can be defined (for example, require any 2 out of 5 documents)
  - Document Policy
    Document requirements can be configured based on customer type, applicant role, and other conditions, ensuring that only relevant documents are requested.
  - Event and Stage-Driven Configuration
    Documents can be marked as mandatory or optional according to the workflow stage and the corresponding lifecycle event.
  - Improved User Experience
    Only the relevant required documents are displayed during processing, based on configured rules (such as application type and workflow stage), reducing manual effort.
  - Inbound Documents in Global Actions
    Applicant documents have been moved from the Applicant Data Segment to the Global Actions quick link, making them easier to access across all stages of processing.
3. PII Masking
  Sensitive identifiers in identification documents are now automatically masked to protect customer privacy and comply with regulatory requirements for both individual and Small and Medium Business customers.
Collateral and Vehicle Lending
1. Estimated Market Value for Existing Collateral
  The system now allows to capture the Estimated Market Value while linking the existing collateral to a new application and automatically updates the available linkage amount to reflect any appreciation. This value is included in the loan-to-value ratio and credit assessment calculations.
2. Configurable Parameters for Collateral
  - A new “Enable Fetch Vehicle Detail” option is added in Origination Preferences to allow automatic retrieval and valuation of vehicle attributes through external interfaces.
  - A new Collateral Parameters section allows users to set default values for collateral type, valuation mode (Manual, External Interface, or Not Applicable), charge type, and seniority, ensuring consistent defaults and handling across applications.
3. Vehicle Collateral Capture Enhancements
  Streamlines the capture of vehicle details with dedicated fields and offers optional integration with third-party valuation services for automated valuation, while still supporting manual valuation. This improvement accelerates vehicle collateral onboarding and ensures compliance with business rules and configured preferences.
4. Single-Stage Vehicle Loan
  Introduced a single-stage vehicle loan process (INSTAVECHICLELOAN) that reduces manual effort, speeds up turnaround time, and improves onboarding efficiency. Supports integration with external vehicle valuation providers for automated upfront valuations and automates collateral onboarding and validations, shortening the time to account opening.
Stress and Affordability Test (Loans)
Introduced a new data segment to perform stress and affordability assessments, reusing read-only loan, stage, and interest details from existing segments. It supports three repayment schedules that are
- Account Interest: Displays the current effective rate and instalment details.
- Stress Test: Applies a configurable read-only Stress Margin (from Business Product - Preferences) to simulate higher interest rates.
- Affordability Test: Uses a user-defined Affordability Margin to simulate affordability repayment schedules.
Stress and Affordability margins are mutually exclusive per section. All generated schedules are stored for underwriting and regulatory purposes, and both Stress and Affordability schedules are required before proceeding.

Parent topic: Release Enhancements