Law
Steps Of The Lending Process You Can And Should Automate In 2020
The lending process is often a complicated exercise that requires perfect coordination between the various interfaces from the front-office and back-office. Then, the process slightly varies for the various kinds of lending. For instance, the consumer lending process will be different from that of commercial lending, and so on. However, the basics in all lending remain the same, and it includes the following steps:
âLoan Application
âLoan Processing
âLoan Underwriting
âLoan Approval and Closing
Though automation is fast becoming a buzzword, and there are several digital lending software options available, in many financial institutions, the process of lending involves many manual steps. It can start with consumers requiring to visit the bank to complete their loan application to the data acquisition and verification of the applicant. When these steps are processed manually, it requires a lot of manual labor and time. There are also chances of making mistakes as financial protection rules require increased documentation and verification. The same, when done using suitable lending software, results in much better efficiency and gets completed in no time. The automation of processes is a great boon in this scenario. Thus, we must automate whatever steps we can go forward within 2020.
Biggest Challenge In Initiating The Loan Process
According to a survey, 56% of bankers said that manual collection of data and following up with a client for that is the biggest challenge. Automating this process will help in eliminating the delays of manually collecting the data and the inconsistencies associated with it. Using APIs (Application Program Interfaces) and customer-facing web-based portals facilitate digital onboarding of both the existing customer data as well as the new prospect directly to the lenderâs loan origination platform.
Application Processing
Once the data is received, the next step can be automated to segregate the applications that are complete and hence ready for decision and those requiring more documentation.
Risk Evaluation
It plays an essential role in deciding whether the loan can be sanctioned to the particular applicant or organization or not based on credit history, worthiness, etc. Automating this process will help the lenders make more accurate and right decisions as the automation solutions will make use of AI and Big Data along with traditional and alternative evaluation approach.
Communicating with the Customer
The communication with the client is essential, and this step can be automated easily. The process should be designed such that at specific triggers, a customized email is sent to potential customers automatically. For instance, if there is an upcoming or overdue payment, then the system should send alerts and reminders to the users.
Account Management
Managing the accounts of the users manually inserting all details often leads to typing errors and a lot of time. If the account management process is automated, all details will get updated automatically each time the payment is overdue or paid, or status is changed.
Regulatory Compliance
It is often a hassle for the lenders to manage this as the laws keep changing. Having advanced bank lending software, integrated with the compliance solutions, will make life easy for lenders. It will save a tab right from the start while accessing the borrowerâs quality to collecting all the required documents following the regulatory compliance.
The standard practices lack consistency, auditing, and accuracy besides consuming a lot of time and resources. The lending process can get automated to a large extent. It will help in streamlining the process of integrating disparate systems and providing reliable and consistent dataflow from one stage of the lending process to the next. If we succeed in automating the various stages of the lending process in 2020, it will help in quick processing of loans with a robust audit and control benefits. It will be a win-win for both the lender and the consumer.
Education
Puthuppally bypoll: Meet Chandy Oommen who broke father Oommen Chandy’s record
Puthupally Bypoll News: In the Keralan constituency of Puthuppally, Chandy Oommen of the Congress could very easily beat his father’s previous record of 33,255 votes.
Chandy Oommen, the late Congress leader Oommen Chandy’s son, won the byelection for the Puthuppally assembly seat in Kerala on Friday by a margin of more than 36,000 votes.
Shashi Tharoor, a member of the Congress, campaigned at Kottayam for the party’s candidate and Chandy Oommen, son of former chief minister of Kerala Oommen Chandy. Chandy Oommen, son of former Kerala governor Oommen Chandy, and Congress MP Shashi Tharoor during Chandy Oommen’s election campaign in Kottayam, ahead of the Puthuppally assembly constituency by-elections. (PTI)
Since the first round, the opposition Congress-UDF candidate has gained a definite advantage; in contrast, Jaick C. Thomas, the candidate for the ruling LDF, has never been able to take the lead in any rounds. Chandy Oommen may probably beat his father’s record of 33,255 votes in the district, which the late Congress leader held for more than 50 years while representing Puthuppally in the state assembly.
On September 5, elections were held to fill the seat that Oommen Chandy’s death left empty.
Chandy Oommen, who is he?
Chandy Oommen, who was born in Puthuppally, Kottayam district, in March 1986, graduated from Loyola School in 1992 and earned a BA with honors and an MA in history from the prestigious St Stephen’s College in New Delhi.
From 2006 to 2007, he served as the college students’ union’s president. Chandy earned his LLB from Delhi University and LLM in constitutional law at Christ University in Bengaluru after completing his post-graduate studies in 2015â16.
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Scaler Academy: Supported 3. Chandy Oommen finished his LLM in criminology at the National Law University, New Delhi, in 2016, following the completion of a summer course at the London School of Economics. He is a practicing attorney who also teaches as an adjunct professor at Vivekananda Institute of Professional Studies in Delhi and Amity University.
Since his college days, Chandy Oommen, 37, has been a part of the Congress’ organizational structure. He is currently a member of the Kerala Pradesh Congress Committee (KPCC) and the chairman of the national outreach cell of the Youth Congress.
In 2013, Chandy Oommen served as the Youth Congress’ state secretary. Additionally, he had taken part in the Bharat Jodo Yatra from Kashmir to Kanyakumari, which was led by Rahul Gandhi. But because of his father’s illness, he had to abandon the padyatra in the middle.
Drugs
Danny Masterson sentenced to 30 years to life for two rapes
Danny Masterson, a US actor, was found guilty of raping two women and was given a sentence of 30 years to life in jail.
At the time of his offenses in the early 2000s, Masterson was a cast member of the TV show That ’70s Show.
Masterson, 47, was accused of avoiding responsibility by relying on his fame as a famous Scientologist, according to the prosecution.
Before imposing a sentence, Judge Charlaine Olmedo enabled the victims of his acts to read impact statements in court.
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Leah Remini, a well-known former Scientologist and actress, was present at the court on Thursday and consoled the women before and after they gave their testimony.
US media stated that one of the women remarked, “I wish I had reported him to the police earlier.”
I’m sorry, another woman said to Masterson. I can no longer bear your illness, according to Reuters.
Masterson didn’t say anything at all during the hearing.
His wife, Bijou Phillips, was spotted in court sobbing as the judge pronounced his sentenceâthe harshest penalty permitted.
After the initial jury was unable to reach a verdict in 2022, Masterson underwent a retrial and was found guilty in May. After being found guilty, Masterson was placed under jail because he posed a flight risk.
Three women who said he had sexually assaulted them at his Hollywood home between 2001 and 2003âduring the height of his television fameâled to the actor’s conviction.
He gave them drugs before assaulting them, according to testimony presented to the jury.
Of his three accusers, he was found guilty of rape by two of them. A mistrial was declared over the third accuser’s allegations, and the prosecution stated they have no plans to retry the case.
In a statement provided to BBC News, Alison Anderson, a lawyer for two of the victims, said that the ladies “have displayed tremendous strength and bravery, by coming forward to law enforcement and directly participating in two grueling criminal trials.”
These brave women helped hold a cruel sexual predator accountable today “despite persistent harassment, obstruction, and intimidation,” she said.
Prosecutors claimed throughout the trial that the Church of Scientology had assisted in covering up the assaults, a claim that the group has vehemently refuted.
Both Masterson and all three of his accusers were Scientologists at the time of the attacks. Many of the women claimed it took them years to come forward because Church of Scientology leaders allegedly told them not to call the police about the rape.
Prosecutors claim that Scientology leaders threatened one survivor with losing her membership unless she agreed to a non-disclosure agreement and took a $400,000 (ÂŁ320,000) payment.
Judge Olmedo permitted discussion of the theology and practices of Scientology during the trial, which infuriated the group.
The Church of Scientology said there was “not a scintilla of evidence supporting the scandalous allegations that the Church harassed the accusers” in a statement following the verdict in May.
Leah Remini, an actress, has a reputation for being a vocal opponent of religion.
SOURCE OF IMAGE: GETTY IMAGES
picture caption
Leah Remini, an actress, has been vocal in her criticism of the Church of Scientology and is shown here during a movie screening.
One woman testified in court on Thursday about being rejected by her mother, a Scientologist who is still active.
According to her account, “She texted me and told me to never contact her again,” as quoted by the LA Times.
She had told me beforehand that she wanted Danny Masterson to be imprisoned for what he had done to me, but not at the expense of her religion.
Another woman claimed that the Church of Scientology had treated her unfairly ever since she spoke out.
“For almost seven years now, the cult of Scientology has terrorized, harassed, and invaded my privacy daily since the week I came forward to police,” she claimed, adding, “But I don’t regret it.”
At the height of the #MeToo movement in 2017, Masterson was accused of rape for the first time. He refuted the charges and insisted that all of the interactions were consensual.
After a three-year investigation by the Los Angeles Police Department, charges were filed. Due to insufficient evidence and the passing of the statute of limitations, prosecutors decided not to press charges in two other cases.
Jessica Barth, who established Voices in Action in the wake of the #MeToo movement, also attended Thursday’s sentence.
One of the women who accuse scandalized Hollywood producer Harvey Weinstein of assault was Ms. Barth. Her nonprofit promotes reporting of abuse and encourages others to do the same.
According to a Los Angeles court official, the judge rejected Masterson’s defense team’s plea for a new trial prior to the hearing.
Law
Jawan box office collection Day 1: Shah Rukh Khan film likely to open at âč75 cr, as per early estimates
Few people would have predicted that the record-breaking opening day attendance of Shah Rukh Khan’s spy thriller Pathaan earlier this year would be quickly exceeded. According to early predictions, Shah Rukh’s own action film Jawan might possibly succeed, according to a report from Sacnilk.com. (See also: In most of his films, Shah Rukh Khan flawlessly blends the personal and the political; Jawan is not one of them.)
Jawan, Shah Rukh Khan’s newest movie, is probably going to surpass Pathaan.
New movie starring Shah Rukh Khan Pathaan will probably lose to Jawan.
There are preliminary estimations.
According to the source, Jawan’s domestic box office debut on September 7 is predicted to bring in roughly 75 crore across the three languages of Hindi, Tamil, and Telugu. This is merely a selection from Day 1, which also happens to be a holiday because of Janmashtami and falls on a Thursday. Before the first Monday arrives, it is expected to have a fantastic run on Friday, Saturday, and Sunday.
Statistics & facts
According to the same survey, the Hindi version had a 46% first day occupancy rate. The movie outperformed Pathaan on Day 1 with ticket sales of 14 lakh.
A long weekend was also enjoyed by Jawan vs. Pathaan Pathaan, which debuted on January 25. To have a successful run at the box office, it had Republic Day, the national holiday, on Thursday, the following Friday, Saturday, and Sunday.
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