IBM Launches Cloud-Based Digital Loan Processing App

IBM announced a new Digital Loan Processing platform and mobile app in the cloud.

IBM has announced a new Digital Loan Processing platform that integrates the core lending business process with mobile applications and analytics, allowing lenders to transform the online mortgage loan experience for customers.

The new solution enables borrowers to handle, in real-time, every aspect of the loan application process, including applying online, uploading documents, acting on inquiries and monitoring loan approval status--all from their smartphone or tablet device.

IBM’s Digital Loan Processing offering is a secure, integrated managed services solution aligned with the company’s Smarter Commerce initiative that will serve lenders and help their customers apply for and quickly close a mortgage loan how, when and where they desire from any mobile device.

“We believe delivering a transformational customer experience will differentiate future mortgage leaders from the pack,” said Eric Ray, general manager of IBM’s Financial Services Sector, in a statement. “By partnering with IBM, lenders can out-maneuver the competition with a rich digital customer experience that gives borrowers the self service and transparency they desire.”

IBM said today’s mortgage lenders are tasked to manage application data and documents, deliver compliant loan product options and close loans quickly. Leveraging the IBM Digital Loan Platform solution, application forms are automatically aggregated and indexed to ensure consistency for efficient underwriting. As a result, both borrowers and lenders benefit from shorter cycle times, lower origination costs, reduction in errors, and compliance enforcement.

In addition, the loan processing solution comes with IBM’s social analytics technology to help lenders mine customer data to help refine and continually improve the end to end borrower experience. The solution is easily adaptable to lenders’ business rules and compliance objectives, IBM said.

“Over the past four years IBM has spent nearly $4 billion acquiring cloud analytics capabilities to offer customers unparalleled insights into their customers and their business,” said Chitra Dorai, an IBM Distinguished Engineer, in a statement. “IBM analytics tools and patented predictive models are foundational to delivering continual improvement in both mortgage operations and customer satisfaction.”

The new IBM Digital Loan Processing solution integrates Big Blue’s Impact loan fulfillment platform and borrower portal with the company’s Worklight mobility capabilities, optical character recognition technology, intelligent character recognition technology, FileNet imaging, IBM Business Process Manager workflow, and IBM’s Social Media Platform, the company said.

IBM launched its Smarter Commerce initiative just two years ago. It draws upon Big Blue's software and services expertise to define a new market to meet new commerce challenges clients are facing in today's social media and mobile computing landscape.

Under this initiative, IBM has delivered software, services and built a consulting practice dedicated to the emerging category of smarter commerce, which is focused on helping companies swiftly adapt to rising customer demands in new, digitally transformed marketplaces.

IBM's Smarter Commerce initiative was built on the foundation of the WebSphere Commerce platform and the company's $2.5 billion investment in on-premises and cloud-based software from its acquisitions of Sterling Commerce, Unica and Coremetrics. IBM acquired Sterling Commerce for its order management and supply chain optimization technology. IBM bought Coremetrics for its capabilities for analyzing customer behavior. And the company purchased Unica for its software for managing marketing campaigns from beginning to end.