For small and medium-sized banking institutions, CLPS Incorporation has announced the establishment of a new iteration of the loan management system. CLPS will introduce the debt management system in Hong Kong and the Southeast Asian region in 2023.
CLPS’s preliminary market analysis amongst banking customers in Southeast Asia and Hong Kong discovered an extensive need for a loan management system. By combining its established solutions with cutting-edge technology like blockchain, robotic process automation (RPA), optical character recognition (OCR), and facial recognition, CLPS has been optimizing its loan management system with a favorable outcome.
Jackson Yuen, Product Manager of the Loan Management System, CLPS, stated, “From a high-level design perspective, we leverage our expertise in innovative technology and our achievements in fintech to optimize our new product, creating a new generation of the loan management system that will reduce costs and increase efficiency among banks.”
The improvement seeks to generate a further thorough and simplified loan application workflow, comprising drawdown, credit check, mortgage application, and others while protecting the confidentiality and security of information transfer and significantly reducing waiting time. Consumers can effortlessly apply for a loan anytime, anyplace, lowering the operational costs of financial institutions and increasing the array of options available in the market.
Most bank loan management systems on the market today that use FinTech-based technologies are made for P2P lending and consumer loans to individuals. Due to this circumstance, CLPS has created a new system that can support complex scenarios like mortgage loans, so broadening the product’s application potential and addressing a market gap.
Raymond Lin, Chief Executive Officer, CLPS, commented, “Digital products and services offered by traditional banks should be improved in Hong Kong, as it actively promotes technological innovation in the banking sector. We hope to take this as an entry point to further invest in product development and help our clients build distinctive businesses to remain competitive in the future of digital transformation.”
The new system has a parametric configuration that will enable banks to alter the design to their credit regulations and target clients, which will speed up the product launch time. Additionally, it may be freely put together and taken apart as functional components thanks to the secure and effective integration interface. It can also be effortlessly connected with legacy systems and a bank’s current core banking system to adapt to the needs of the business as they change quickly.