Digital Lending Technology for the Modern Financial Institution
In the lending space, financial institutions struggle to deliver loans quickly, conveniently and profitably. That’s why Akouba’s secure cloud-based SaaS platform has been designed and built to reduce end-to-end time, streamline operational processes and increase profits.
Your institution retains control over the decision, the pricing, the credit policy, the risk metrics, the loan dollars and the borrower experience. The result is that your commercial and consumer borrowers and your institution benefit from an enhanced digital experience that minimizes costs, time and risk, and maximizes approval rates!
- You could drastically reduce the cost, time and risk of originating loans?
- You could increase the profitability of all the loans you originate?
- You could reduce processing time with a system that identifies your credit policy exceptions so you don’t have to find them?
Easily Comply with Reg. B’s
Akouba’s loan status reporting is based on when the application is completed and tracks the days until a decision is made, ensuring compliance with Reg. B’s 30-day rule. This reporting feature requires no additional charge or upgrade.
Omnichannel Application & Borrower Portal
We’ve optimized the experience and rich features to provide the best, simplest and most secure portal for your borrowers to easily input all of the data you need to make a lending decision.
Automated Financial Analysis & Spreading
Cloud-based software solution eliminates the need to manually spread deals. Your lending cycle becomes more productive, determining applicant qualification in seconds.
Renewals and Reviews
Using your existing portfolio, Akouba can automate the collection of data, send communications to borrowers and provide a dashboard view of your annual renewals or interim reviews, reducing time and cost by as much as 50%.
Risk Rating & Financial Analysis
Akouba’s platform collects and aggregates all of the data your financial institution needs to decision a loan, then compares that data to your unique credit policy and risk rating metrics.
Automated Document Management
All documents live in one central location and can easily be referenced by any calculations made by the platform or your analysts. Documents can be requested and uploaded through our portal.
Loan Status Tracking
Akouba’s platform gives visibility to the stages that have been completed at each step of the process, helping to facilitate cross-departmental communication and accelerate the loan’s processing time.
4506T Tax Transcript Automation
Akouba’s platform uses the 4506T form in our application to dynamically pull tax return data that is secure, accurate and quickly collected.
PayNet Credit History Reports
The PayNet Credit History Report (CHR) and PayNet MasterScoreⓇ v2, available in the Akouba platform, provide more robust small-business credit data while reducing costs and increasing efficiency.
Transfer Data to LaserPro
Truly automated loan processing functionality needs to include a digital process for the closing phase. All the information in the Akouba platform can be transferred to LaserPro with one click.
You’ll have the ability to import loan files directly into your core to book and fund the loans. Akouba also integrates with several third-party systems to automate booking and funding the loan.
Pipeline View & Lead Generation
You’ll have the analytics and the ability to track how many people are viewing, starting and completing your application so you can do a better job forecasting the week ahead.
Data-Driven Marketing & Targeting
By analyzing your accounts, Velocity can identify prospects in need of credit and likely to borrow from your FI, or those account holders obtaining credit outside of your FI.
In this series, we will lay out a battle plan for overcoming obstacles and conquering the competition in the digital small business lending space.
In Part 2, we’ll discuss the power of a digital platform in defeating the competition! Digital technology allows your bank or credit union to provide small business loans efficiently, quickly and profitably.
In Part 3, we’ll talk about effective rallying cries to bring the business borrowers to your financial institution. In other words, why should they borrow from you rather than a challenger bank, online lender or even worse, a megabank?