Industry
Banking
Banking Services Transformation: Unlocking Exponential Value
Solution
Cognitive Business Operations
Unlock Business Agility and Future-ready Operations with TCS
Highlights
- Traditional mortgage lenders are looking for innovative business models to tackle challenges such as high costs, inefficient processes, and stringent regulations.
- They are partnering with service providers who offer the right mix of operational and technological capabilities to drive profitability.
- With its Digital Mortgage Suite, TCS is helping lenders simplify and standardize mortgage origination, underwriting, and quality check, and drive customer satisfaction.
Overview
Digitalization has triggered major shifts in the lending industry and in consumer behavior.
Enterprises are having to deal with a digitally-savvy customer base that demands expertise, transparency, and personalized offerings, even as they battle increasing costs due to inefficient and manual processes and stringent regulations. All this is prompting traditional mortgage lenders to explore new business models.
Consequently, they are looking for strategic partners with the right mix of operational and technological capabilities to drive profitability, shorten production cycle through efficient operations, increase the speed to market, and improve customer satisfaction.
TCS Digital Mortgage Suite leverages next-gen technology to simplify and standardize mortgage origination, underwriting, quality check, and customer service processes. This allows lenders to enhance customer experience; reduce origination, servicing, and compliance costs; increase topline growth; and improve operational efficiencies.
Solution
There has been a rise in digital services to minimize loan manufacturing cost, improve compliance, and acquire greater market share.
Mortgage firms across the globe are grappling with a sharp increase in costs associated with loan origination and servicing, primarily due to inefficient loan manufacturing processes and manual processing to ensure compliance with changes in regulatory guidelines. Additionally, the penalty for non-compliance and the cost to remedy any breach are significant. On the other hand, lenders are focusing on meeting the high expectations of technology-savvy and financially aware customers.
Industry incumbents are, therefore, looking to enhance and improve the customer experience.
Leveraging its technological expertise in tandem with the experience and domain-knowledge gained over years of working with banks, lenders, and other financial institutions, TCS has developed a suite of offerings to strengthen the business models of mortgage firms and accelerate their growth. TCS Digital Mortgage Suite covers the end-to-end mortgage processes—from origination to underwriting, disbursement, post disbursement, and customer service, enabling lenders to enhance customer experience and simplify processes across the business value chain. The TCS offering allows lenders to compete effectively with born-digital startups and build lean, highly scalable, and customer-centric operations.
TCS Digital Mortgage Suite, a modern, innovative suite of individual solutions, is built on a microservices architecture covering the full spectrum of the mortgage value chain—from lead generation and management, omni-channel point of sale, and cognitive document digitization, to digital underwriting, closing, and customer servicing. These solutions help tackle some of the most difficult challenges facing the industry and allow lenders to enhance the borrower experience, drive efficiency through simplification and automation, as well as establish a solid foundation for continuous innovation.
Technology models for faster time to market
Technology models for faster time to market
Benefits
TCS Digital Mortgage Suite helps drive growth and transformation of mortgage lenders by providing them competitive differentiation.
TCS Digital Mortgage Suite can benefit lenders in many ways.
Increased customer satisfaction: Streamline loan processes and improve interaction and visibility through digitalization and responsive experience design (adaptability to different screen sizes including tablet, phone, laptop, desktop). Reduce cycle time through agile processes that boost underwriting productivity and help disburse loans faster.
Reduced operating costs: Optimize origination costs by leveraging productivity enhancement features such as document digitization, powerful business rules engine, and a smooth workflow.
Enhanced regulatory compliance: Meet regulatory compliance requirements effectively and efficiently with streamlined processes. Minimize compliance costs by boosting credit decision quality and simplifying tedious compliance check processes.
Improved market share and revenue: Increase pull-through rate by converting more applications to loans resulting in higher market share and revenue growth.
TCS Advantage
We are helping lenders tackle some of the most complex problems around cost optimization, growth, and scaling
TCS has a large global team of mortgage professionals who work across all segments of the housing finance industry with customers across the globe. The team provides full-spectrum of services, from advisory, prototyping, and engineering, to business process services and digital solutions.
Domain and technology expertise: With nearly two decades of experience in mortgage and home lending, we have developed deep domain knowledge and expertise across the value chain, working with multiple lenders across geographies. Our offerings and solutions are reinforced by a large pool of contextual experts with well-established IT capabilities stemming from being one of the largest providers of IT and business solutions globally.
Delivery excellence: We offer flexible, scalable, and convenient engagement models, with a massive delivery center footprint, allowing clients to enjoy access to geo-specific language capabilities and a comprehensive understanding of local regulations. TCS has a vast talent pool comprising IT and operations experts, working together to create synergies that help clients deploy quick and cost-effective technology-enabled solutions.
Leading change through innovation: TCS Co-innovation NetworkTM (COINTM) is an open innovation ecosystem, created to connect multiple stakeholders who collaborate to tackle industry-specific challenges. With engagements spread globally in fields such as analytics, AI, machine learning, telematics, block chain, augmented, virtual, mixed reality, and IoT, the TCS COIN network includes the leading 2,000 tech start-ups, over 120 venture capitalist firms, industry analysts and executives, Tata group companies, and academic and research institutions. TCS COIN, thus, co-creates solutions that help enterprises realize their digital transformation goals.
