TCS Digital Mortgage solutions...Digital Mortgage Solutions Increasing costs and stringent...

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Banking and Financial Services

Digital Mortgage Solutions

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About Tata Consultancy Services Ltd (TCS)Tata Consultancy Services is an IT services, consulting and business solutions organization that delivers real results to global business, ensuring a level of certainty no other firm can match.TCS offers a consulting-led, integrated portfolio of IT and IT-enabled infrastructure, engineering

TMand assurance services. This is delivered through its unique Global Network Delivery Model , recognized as the benchmark of excellence in software development. A part of the Tata Group, India’s largest industrial conglomerate, TCS has a global footprint and is listed on the National Stock Exchange and Bombay Stock Exchange in India.

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Awards & Recognition

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Benefits

With our comprehensive suite of digital mortgage services, services, mortgage firms can realize the following benefits:

The TCS Advantage

Domain and technology expertise: With nearly two decades of experience in mortgages and home lending, we have developed deep domain knowledge and expertise across the value chain, working with multiple lenders across geographies. Our offerings & solutions are reinforced by a large pool of contextual experts with well-established IT capabilities stemming from being one of the largest providers of IT & business solutions globally.

Delivery excellence: We offer flexible, scalable, and convenient engagement models, with a massive delivery center footprint, allowing clients to enjoy access to geo-specific language capabilities and a comprehensive understanding of local regulations. TCS has a vast talent pool comprising IT and operations experts, working together to create synergies that help clients deploy quick and cost effective technology-enabled solutions.

TMLeading change through innovation: TCS COIN is an open innovation ecosystem, created to connect multiple stakeholders who collaborate to tackle industry-specific challenges. With engagements spread globally in fields such as analytics, AI, machine learning, telematics, block chain,

TMaugmented/virtual/mixed reality, and IoT, the TCS COIN network includes the leading 2000 tech start-ups, 120+ venture capitalist firms, industry analysts & executives & Tata group companies and academic and research institutions.

TMTCS COIN thus co-creates solutions that help enterprises realize their digital transformation goals.

Increased customer satisfaction: Streamline loan processes and improve interaction and visibility through digitization and responsive experience design. Reduce cycle time through agile processes that boost underwriting productivity and help disburse loans faster.

Reduced operating costs: Optimize origination costs by leveraging productivity enhancement features such as document digitization, powerful business rules engine, and a smooth workflow.

Enhanced regulatory compliance: Meet regulatory compliance requirements effectively and efficiently as a result of streamlined processes. Minimize compliance costs by boosting credit decision quality and simplifying tedious compliance check processes.

Improved market share and revenue: Increase pull-through rate by converting more applications to loans resulting in higher market share and revenue growth.

Increasing costs and stringent regulations have pushed traditional mortgage lenders to explore new business models close on the heels of digital-led tectonic shifts gaining traction in the industry. In addition, enterprises have to deal with an increasingly digitally-savvy customer base who demands and expect expertise, transparency, and personalized offerings. Consequently, mortgage firms are looking for strategic partners with the right mix of operational and technological capabilities to drive profitable, efficient operations and boost the speed to market.

TCS Digital Mortgage Services leverage technology to simplify and standardize origination, underwriting, quality check and customer service processes. This allows lenders to enhance customer experience, reduce origination, servicing and compliance costs, increase topline growth, and improve operational efficiencies.

Overview

In recent years, the costs associated with loan origination and servicing have increased sharply across the globe, primarily due to the resources required to ensure compliance with newer guidelines. The penalties for non-compliance and the remedial costs incurred, in case such a breach does occur, have also gone up drastically. On the other hand, lenders are focusing on meeting the high expectations of technology-savvy and financially aware customers. Industry incumbents are therefore looking to enhance and improve the customer experience, and create offerings suitable for the average millennial – or risk being supplanted by alternative, technologically-driven market upstarts.

Leveraging its technology expertise in tandem with the experience and domain-knowledge gained over years of working with banks, lenders, and other financial institutions, TCS has developed a suite of Digital Mortgage Services. Our offering covers the end-to-end process from originations to underwriting, disbursement, post disbursement & customer service, allowing lenders to enhance borrower experience and simplify processes across the business value chain. TCS solutions allow lenders to compete effectively with born-digital startups and build lean, highly scalable, and customer-centric operations.

Our Solution

Digital Origination: Omni-channel digital self-service solution for Customers to submit and track mortgage loan applications

Digital Mortgage Advisor: Omni-channel digital solution for Advisors to originate and manage mortgage leads and loans

Digital Underwriting: Cognitive rule-based solution for Underwriters to make mortgage credit decisions by digitizing ‘Data, Document and Decision’

Digital Quality Control: Cognitive, check-list based solutionfor compliance and QC to ensure integrity and quality of mortgage loan data

Digital Servicing: Omni-channel digital self-service solutionfor customers to track and manage mortgage loan account and payments

AI based Chatbot: Conversational solution for customers to get any-time real-time query resolution of mortgage loans

Automated Document Classification and Extraction: Index, classify and digitize data from mortgage origination and servicing documents and images