At Level 1 of loan automation, there are borrower/end user self-serve capabilities, such as online loan application and consent, digital onboarding, Know Your Customer (KYC) and anti-money-laundering (AML) requirements, as well as uploading of supporting documentation. However, there is no automation of back office processes, and no end-to-end integration of systems. Humans still process and assess all applications.
The loan officer remains responsible for driving the loan process, reviewing, and following up with the applicant manually. Gathering information about one or two of the five Cs of Credit can be automated at this level – parts of the process are automated but the decision making still rests with humans and is not automated.
Portershed,
Eyre Square
Galway, Ireland H91HY51
Luna Connect enables local lenders to provide online lending experiences in weeks with no capital investment.
If you believe you have found a security vulnerability on Luna Connect, we encourage you to let us know right away by emailing us at security@lunaconnect.io. We will investigate all legitimate reports and do our best to quickly fix the problem.
Portershed,
Eyre Square
Galway, Ireland H91HY51
Luna Connect is a software platform for banks and credit unions that automates lending, onboarding and compliance.