Wolters Kluwer has introduced a cloud-hosted offering to improve online loan origination capabilities of US-based community banks and credit unions.
The new solution, launched by the company’s Compliance Solutions business, is named Online Applications for Consumer Lending (CLA).
Temenos Infinity-powered CLA will enable the consumers to initiate a loan application process from any digital device.
The solution also integrates with Wolters Kluwer’s loan documentation and processing system called ComplianceOne that expedites lending and document preparation processes and reduces associated costs.
Furthermore, the solution eliminates the need to visit a bank branch to apply for a consumer loan.
The platform supports collateralised and non-collateralised loans such as auto loans, signature loans and home equity lines of credit.
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By GlobalDataWolters Kluwer Compliance Solutions executive vice-president and general manager Steven Meirink said: “Until now, community banks and credit unions had few options available for providing online consumer loan applications, other than to build their own in-house functionality.
“CLA helps level the playing field with larger institutions and internet-only banks, delivering an appealing consumer design and high-tech experience without a heavy technology investment.
“Ultimately, it empowers smaller, regional lenders to compete in a compliant, convenient and efficient manner in today’s rapidly evolving financial marketplace.”
A part of the company’s Governance, Risk & Compliance division, Wolters Kluwer Compliance Solutions assists banks and credit unions in managing compliance obligations.
The parent company, Wolters Kluwer, is headquartered in the Netherlands and reported annual revenues of €4.3bn last year.
In August, Israeli lender Bank Hapoalim partnered Wolters Kluwer to manage its credit risk.
