You are at Level 1

Level 1 means digital loan application capabilities for borrowers, no automation for lender

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.

Recommendations for Level 1

  1. Create new customer journeys for current and future states that includes the end user’s digital experience and internal processes
  2. Identify point solutions that require integration to provide an end-to-end digital user experience
  3. Implement a digital lending platform that has loan management and application processing capabilities