Wolters Kluwer’s Compliance Solutions business has launched Online Applications for Consumer Lending (CLA), a digital offering that enhances the online loan origination capabilities of U.S. community banks and credit unions. CLA allows consumers to begin a loan application from any digital device, at any time. It integrates seamlessly with Wolters Kluwer’s ComplianceOne® solution, an industry-leading loan documentation and processing system that helps lenders optimize their lending and document preparation processes in a secure, fast and cost-effective manner.
With just a few clicks from their device of choice, a prospective borrower can begin the process for obtaining a loan online, rather than visiting a branch to get started. With CLA, the borrower enters information such as the desired loan amount and terms, contact details, and collateral —and the lender can use that information without rekeying. The platform recognizes a wide range of collateralized and non-collateralized loans for consumer use—auto loans, signature loans, home equity lines of credit, and many other lending scenarios.
The new online platform is powered by Temenos Infinity, the digital front office product from banking software leader Temenos, which helps CLA deliver a frictionless, world-class digital customer experience. CLA is cloud-hosted and complements Wolters Kluwer’s introduction earlier this year of its Online Applications capability for mortgage lending.
“Until now, community banks and credit unions had few options available for providing online consumer loan applications, other than to build their own in-house functionality,” says Steven Meirink, Executive Vice President and General Manager, Wolters Kluwer Compliance Solutions. “CLA helps level the playing field with larger institutions and internet-only banks, delivering an appealing consumer design and high-tech experience without a heavy technology investment. Ultimately, it empowers smaller, regional lenders to compete in a compliant, convenient and efficient manner in today’s rapidly evolving financial marketplace.”
“The collaboration with Wolters Kluwer portends great things for our business, with excellent CLA adoption already demonstrated by their bank and credit union clients,” notes Derek Corcoran, Chief Experience Officer at Temenos. “Our well-established, digital customer acquisition product, applied to Wolters Kluwer’s deep understanding of community banks and credit unions, is giving those institutions a rapid boost to competitiveness and customer service.”
Wolters Kluwer Compliance Solutions, part of the company’s Governance, Risk & Compliance division, is a market leader and trusted provider of regulatory compliance solutions and services to more than 10,000 U.S. banks and credit unions. The business helps these financial institutions efficiently manage compliance obligations tied to loan and deposit origination transactions and workflows, and gain the insights needed to focus on better serving their customers and growing their business.