Online Applications Can Increase Loan Volume, Decrease Overhead

Minneapolis, Minn. //

Online Applications can empower community banks and credit unions to provide a new digital sales channel to reach new customers and grow loan volume, all without the overhead of additional branches. OLA enables lenders to accept applications without requiring customers to physically enter a branch, and completion of applications online vastly reduces lenders’ manual data entry, cuts overhead and streamlines lending processes.

This is why Wolters Kluwer’s Compliance Solutions division has launched Online Applications, a digital offering that integrates with the firm’s ComplianceOne solution and its recently announced Vanceo Mortgage offering. The new functionality seeks to enhance online loan application capabilities for community banks and credit unions, allowing consumers to begin a loan application with their community bank or credit union from any digital device, at any time.

“Online Applications is our flagship product commitment in providing community banks and credit unions with best-in-class digital solutions,” said Samir Agarwal, vice president of the company’s governance, risk and compliance banking solutions. “This innovative offering enables community banks and credit unions to foster growth at their own pace, meet consumer demands for more convenience and help level the market competition with larger asset-sized institutions.”

Combined with Vanceo Mortgage, a loan processing and origination workflow tool that helps lenders enhance their loan origination process, the solution is designed to help lenders optimize their loan and document preparation processes in a secure, fast and cost-effective manner. (Vanceo, which launched in October 2018, assigns role-based tasks and enhances visibility for an institution’s mortgage lending operations and compliance management.)

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