Are you seeking more loan applications and growth? It’s a rhetorical question, we know. What financial institution wouldn’t want that? Whether you’re a credit union or small bank, you want to thrive while continuing to offer an appealing alternative to larger corporations. Your customers feel good about working with a local institution and appreciate the personal connection that you offer.
Modernize and Streamline for Profitable Lending Growth without Disruption
Consumer lending competition is fierce. Today’s financial institutions must be able to pivot on a dime to offer new loan products and promotions. To achieve continuous loan
growth, they need to make lending easier and more streamlined across all channels to reach Baby Boomers to Millennials. In fact, they not only need to consider these two generations as consumers but also as employees who need to be trained and efficient in days, not weeks or months.
To learn more, download the white paper here.
Webster First Financial Credit Union is a fast-growing financial institution with 15 branches in the New England area and assets totaling over $855M. Preparing for a change in membership demographics, they set their business goals on member service, optimizing loan growth among millennials and continuing to increase their overall membership base. Given these priorities, they knew they needed to simplify and automate their consumer lending experience with a focus on speed, consistency and convenience.
To learn more, download the white paper here.
FinanceGenius is a catalyst for change. We’re a FinTech company helping financial institutions streamline lending for today’s mobile-oriented consumers who demand
simplicity and speed.
To learn more, download the brochure here.
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Enabling smaller credit unions and banks to offer a seamless application experience to grow loan volume and automate the lending process
Austin, TX – FinanceGenius announced ExpressLOS, a new turnkey solution that enables smaller financial institutions to capture online loan applications from their existing website and manage loan growth seamlessly via a robust loan origination software (LOS). The solution automates the entire front end of the lending process.
ExpressLOS is an ideal digital lending solution for smaller credit unions and banks that until now has only been affordable for larger financial institutions. The result is a better experience for both the consumer and the lending team, one that fuels loan application growth and improves lending efficiency.
FinanceGenius ExpressLOS is delivered as a cloud-based, software as a service (SaaS) subscription solution that offers an easy-to-implement digital lending channel. Lenders gain an intuitive, turnkey solution that can be implemented and live in weeks as opposed to months, with limited training required.
“With FinanceGenius ExpressLOS, we’re able to put a loan application on our web site quickly and easily and automate the lending process without major integration. This is crucial to be competitive with other lenders in order to grow our loan volume and provide a great experience for both our customers as well as our lending team,” Lisa Connell, President and CEO, Mesquite Credit Union.
“ExpressLOS offers a fully automated lending capability in a SaaS package at a very competitive price”, said Tejas Vakil, President and CEO , FinanceGenius, Inc. “Smaller financial institutions can grow their consumer loan portfolio by using our mobile and web optimized solution to appeal to a younger generation of consumers, and do it without adding staff to either their lending or IT teams.”
FinanceGenius ExpressLOS Benefits:
- A Turnkey Digital Lending Channel
- Online loan applications synchronize seamlessly into the LOS without manual intervention.
- Streamlines various channels into a unified flow that helps to close more loans faster without affecting prevailing core system integrations.
- Borrowers can apply for loans from any electronic device anytime making loan onboarding a breeze.
- More Automated Underwriting
- Customizable and automated decision engine (ADE) solution that drives faster, quality decisions that lead to lending team efficiency and lower costs.
- Reliable and dynamic calculations and analysis of lending variables (e.g. debt ratios, loan-to-value) resulting in predictable approvals, counter-offers or recommended decisions via ADE.
- Lenders can track status, progress of applications and volume control from anywhere anytime, backed by data accuracy.
- Automatically generate final documents and disclosures to speed up loan closures.
- Improved decisioning process for compliance, remediation, exceptions and consistency.
- Low Impact Implementation and Easy Customization
- Secure, cloud-based, software as a service (SaaS) that has no upfront costs and a cost effective subscription model.
- Flexible, configurable workflow for applications, routing, and queues without IT support.
- Cloud-based implementation provides powerful redundancy for high reliability.
ExpressLOS is a scalable offering that is based on FinanceGenius’ flagship FinanceGeniusLOS solution. To schedule a demonstration, visit http://www.financegenius.com/contact-us/.
FinanceGenius is a FinTech company that is committed to disrupting legacy processes in financial institutions by delivering solutions that streamline workflows for increased efficiency and profitability. Lenders that use FinanceGenius can capture and process more loans without adding more staff by improving the consumer lending process for both the borrower and the lender. The FinanceGenius Loan Origination Software suite is based on technology that is intuitive and configurable with a powerful decision engine. FinanceGenius solutions are cloud-based, subscription software as a service (SaaS) with no upfront costs, easy implementation and affordable solutions. FinanceGenius is based in Austin, Texas and more information can be found at: www.financegenius.com.
rateGenius spins off innovative fintech venture offering a cloud-based loan origination system
Austin, TX– rateGenius, the industry leader in vehicle loan refinancing, today announced that it has spun off its software subsidiary, FinanceGenius, as an independent company. The separation was effective December 1, 2016. FinanceGenius is a Financial Technology (FinTech) company that provides a cloud-based loan origination system and associated mobility software that is used by credit unions and community banks.
FinanceGenius was incubated by rateGenius in 2010, and introduced its first product in 2012. The company developed a purpose-built cloud-based SaaS model in 2016 to give its customers the advantages of a fast, cost-effective implementation without having to invest in additional in-house IT resources. FinanceGenius provides an innovative automated decision engine that significantly automates the loan decisioning process, thereby increasing productivity and reducing costs.
“Through our incubation of FinanceGenius, we were able to develop a game-changing, simplified Loan Origination System (LOS) that built on rateGenius’s expertise in the consumer lending market,” said Chris Brown, founder and CEO of rateGenius. “Making FinanceGenius an independent company allows it to leverage its market success into an identity of its own, and to build leadership in a key, growing segment of the FinTech market.”
From a customer perspective, “FinanceGenius’s cloud-based LOS system gives us the ability to implement loan programs quickly and without extra cost,” said Jeff Cubberley, Vice President of Lending at Webster First Federal Credit Union in Worcester, MA. “Our goal is to increase loan penetration in our account base. FinanceGenius makes it easy for our members to complete the loan application and approval process with minimal human intervention. We want to automate 50% of our loans. Our legacy LOS was unable to get us there. We are looking forward to strengthening our relationship with FinanceGenius as an independent company.”
FinanceGenius announced the appointment of Tejas Vakil as President and CEO. Vakil is a 35-year veteran of the technology industry having held executive positions at Dell, Bertelsmann (arvato), and Compaq, as well as at several startups.
“I am grateful to the board for the opportunity to lead a dedicated and creative team at FinanceGenius,” said Vakil. “Our simple-to-use, cloud-based Loan Origination System products offer significant revenue enhancement and efficiency benefits to credit unions and community banks, and I look forward to working with the team to expand our presence in the market and grow the company.”
FinanceGenius also announced a six-person Board of Directors, led by Lary Evans. Lary is a 30+-year veteran of the computer industry, having held senior executive positions at Dell, Inc., Sequent Computer Systems, Xerox, and Digital Equipment. The other members of the board are: Chris Brown, Founder and CEO of rateGenius (and Founder and former CEO of FinanceGenius); David Baizer, a real estate developer, and long time investor and board member in several companies; Rick Salwen, retired former Vice President, General Counsel, and Corporate Secretary of Dell Computer Corporation; Rex Bohls, an Austin real estate developer, investor, and board member of several companies; and Tejas Vakil, President & CEO of FinanceGenius.
FinanceGenius simplifies loan origination for smart, fast and consistent automated loan decisions in half the time. It’s the first cloud and subscription-based LOS designed to streamline applications from all sources (web, mobile, in-branch, call centers and dealers) into one place. Consumers find it easy and fast to apply and get a loan decision anytime, anywhere. Employees become smart lenders in days, not weeks or months. Marketers and Lenders get self-configurable tools to launch loan promotions in minutes. Because FinanceGenius is cloud-based, it’s not disruptive to implement, it’s always up-to-date, and it provides for maximum redundancy. FinanceGenius is based in the innovation capital of Austin, Texas. Learn more at: www.financegenius.com.