The financial industry is evolving at an unprecedented rate, with banks all over the world entering into a new era of digital automation and decisioning. Financial products that once required large amounts of paperwork and manual labour are now completely automated, where most processes can be completed by customers at any location with the help of omnichannel platforms. Loan origination is no exception, as the traditional process is prone to human errors due to the need for multiple form entries, as well as other problems like the long loan approval wait time that would massively put customers at an inconvenience. 

Banks are beginning to forego the outdated traditional loan origination systems and are exploring options to digitise their processes, looking to eliminate the problems aforementioned and cut major long-term costs by making use of technology. However, financial institutions might still be experiencing new-found problems with their current loan systems, with parts of the loan approval processes still being manual, causing long waiting periods. 

Loan origination systems might also experience issues with how to successfully integrate their systems with the main core banking or legacy systems. Systems that require programming knowledge are also ineffective, as training hundreds of employees on different programming languages that each system implements individually can be extremely costly, and the alternative of hiring experts isn’t exactly cost-effective either. 

Thus, banks are looking for a solution. Finding a quality loan origination system that is able to solve these problems and ease the origination process all while saving time and resources.

What better system to upgrade to than Juris Origination.

So, how does Juris Origination help?

Juris Origination aims to simplify the entire loan origination process and integrate the system with the bank’s main systems. It is a one-stop web-based system built on powerful application server technology that uses a graphical user interface (GUI) with drag and drop capabilities, aiming to make the system easy to use, even if the user has zero programming experience. We go above and beyond to completely optimise our system and present solutions to problems that financial institutions (FIs) may not have considered. Here are some methods that Juris Origination implements to optimise and ease the user experience:

• Straight-through processing (STP)

Juris Origination makes use of STP that helps expedite the loan lifecycle process, from data entry to post disbursement management. Our system aims to completely ease the user experience by eliminating manual labour and paperwork effort. To achieve this, our system covers the entire process in customer application management, onboarding, financial approvals, document and disbursement, and post-disbursement monitoring.

• Automation of decision-making processes

Using our system’s built in credit decisioning engine that can be used for qualitative and quantitative scoring, the system user can define multiple score sets and can decide the criteria for each set, which the system itself will sort out. For example, commercial loan applicants that are running a business for more than 10 years are more likely to have a higher credit score than an applicant running a business for only 5-7 years. Each score set will consist of multiple scorecards with a final scorecard that is used to complete the final credit rating.

Juris Origination also allows users to simply combine multiple criteria and the system will then return the values. This enables the complete framework of multi-tier scoring which sorts out the hassles of manual decisioning and passes a fairer evaluation according to a pre-programmed system.

• Automation of document generation (such as offer letters and rejection letters)

Digital automation can eliminate the time spent manually inputting customers’ details and printing documents. Our system makes use of parameterised document templates where case-specific information can be auto-pulled upon generation, and can also be edited in the separate Word document if required by the user. However, the entire process is set to be done automatically to enable STP and significantly reduce human errors from manual input.

• Built-in parameters

Most financial institutions have a wide range of products that offer an equally large variety of set parameters and rules; creating new financial products can be time consuming as the product information may need to be entered completely when processing different cases. Our origination system aims to eliminate that need. 

Juris Origination comes with a built-in product parameter feature, which comes ready with a comprehensive feature set including regulatory parameters, scoring rules to run, link to facility codes, etc. The simplification process that we implement includes a duplicate functionality to create products based on already existing products to reduce the time needed to adjust each field.

• Seamless integration with other systems

JurisTech is a company with a wide range of products, all optimised and procured to deliver the best results in their respective markets. Juris Origination is able to seamlessly integrate into other systems to enhance the entire loan origination process. For instance, a lead management system, financial evaluation system, credit administration platform, including advanced technologies such as integrating an auto decisioning engine or AI (autoML platform) to achieve specific business goals. All in all, complimenting our origination system and enhancing the user journey further. 

Conclusion

The loan origination process can be a tedious one. Finding a suitable system that can cater to all your needs while being user-centric can prove to be difficult, and we aim to solve that. By streamlining, optimising, and automating the entire loan disbursement and its decisioning processes, Juris Origination walks its users hand-in-hand to heavily reduce uncertainty and otherwise make it simple, fast and easy for our customers. Thus, heavily emphasising one of our main core values, customer first!

Take a leap of faith and contact us to find out more at contact@juristech.net!

About JurisTech

JurisTech (Juris Technologies) is a leading Fintech company, specialising in enterprise-class software solutions for banks, financial institutions, and telecommunications companies in Malaysia, Southeast Asia, and beyond.

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Introduction

The evolution of financial transactions had surged at the height of technology, but before Fintech had been popular, simple things like lending a small sum of money had to be done through physical means. This meant if you wanted to give 10 cents to your friend Nathaniel, you’d have to roll off your bed, take a walk to the station, ride the train and order a taxi to his secluded house in the countryside. However, Fintech makes it so that you can laze in bed all day and still give Nathaniel his 10 cents, saving you from all the hassle. 

What is considered as Fintech?

Fintech is any sort of technology company that strives to either improve or help create financial products. This can range from e-wallets, cryptocurrency to even online trading platforms. Though all classified under Fintech, these companies all produce different types of products and might work with different types of technology.

On the surface, Fintech solutions are built to be as user-friendly as possible, making the system seem quite simple. We can take, for example, mobile banking apps that are set up by local banks. In a typical mobile banking app, actions like transferring 10 cents or checking your credit score can be done with a simple click of a button. Even more time consuming processes like requesting for a loan is as simple as filling up a form. However, most Fintech websites have very intricate systems running behind the scenes. For instance, if someone were to request for a loan, the system would have to run a digital background check and check the user’s credit score to confirm their eligibility. A similar process would happen during a credit card application. 

Therefore, there can be multiple softwares powered by different companies that keep the banking system up and running. These companies are considered to be Fintechs just as much as e-wallets or other consumer facing apps.

Other forms of Fintech can include embedded finance (financial products that are set up by non-financial companies, e.g., in-app currency in a shopping app) or peer-to peer (P2P) lending (third-party service that allows companies or individuals to lend or borrow money from each other without the use of a bank).

How does Fintech work?

Fintech is powered by technology of different uses in the banking and financial industry. In order to keep the software up-to-date and trending with the rapid digital transformation happening, a lot of Fintech businesses invest time and resources into emerging and fast-developing technology that might be the next big thing. However, there are the basics of advanced technologies Fintechs are looking into that we can identify with a simple acronym: “A.B.C.D.”

• Artificial Intelligence (AI)

AI is a popular concept even outside of Fintech, ranging from being advertised as robots working as a modern hotel receptionist to even self-driving cars. In Fintech, we tend to lean in more to making use of AI not for robotic machines, but rather for the machine’s (virtual) brain, though there are a few exceptions. 

Using machine learning (ML), an application of AI, we can take advantage of the AI’s predictive learning ability to analyse large amounts of data from different sources and gain valuable insights. Basically, making use of AI technology to help reduce the time and cost of human resources spent on repetitive tasks and shifting human resources to dealing with higher value tasks instead.

For a more detailed explanation on how AI can be applied in the banking and finance sector, you can read about AI Applications in the Banking and Financial Services in APAC.

• Blockchain

Used as the main technology to support cryptocurrency, blockchain is a decentralised, anonymous chain of record. Blockchain is renowned for being secure because it keeps a history of all the transactions in its system and multiple other devices.

Blockchain is another method used to transfer currency but with the added benefit of real-time database management. This ensures a record of all the payments and a platform where it is easier to organise, manage resources and so forth. It is also known to be more secure than other financial methods on top of being a solution to improve financial inclusion. The most popular example of blockchain technology is a cryptocurrency known as Bitcoin.

Note: cryptocurrency is a type of payment created using encryption algorithms

• Cloud Computing

Cloud Computing eliminates the cost of the hardware and software needed to be installed in servers by enabling businesses to “rent” out their own on a third-party software online. It also can be cost adjacent to the amount of users using the server and can provide data backups and other advantages at a much lower cost. For the Fintech sector, cloud computing enables them to operate across platforms/apps, have a low-cost solution for data storage and sharing, enhanced scalability, and have 24/7 uptime. 

In more general terms, cloud computing is an umbrella term that covers services that are offered online. You might already be using cloud computing without realising! Web services like Google Docs, Google Meets, Email or Whatsapp are all considered cloud computing.

• (Big) Data

Fintech and other softwares such as Google or Facebook thrive on data. Most big companies do. One of the many ways to utilise big data would be to personalise their user advertisements, to find out what they like and the products they’re looking for, the sort of content they’re into, or even to find out what they’re craving for dinner on a Saturday night. This is all known as consumer behaviour data. 

Financial institutions need to understand if you’ve been a good borrower, if you pay taxes on time and how likely you are to pay back your loans. Big data is essential to understand if a customer is dependable or not.

Conclusion

All in all, although Fintech can be a dry topic to consume at times, it is an essential part of our day-to-day lives. It has brought convenience to us in ways we cannot fathom unless we understood the days before it. Fintech is a difficult topic to grasp and exponentially more difficult to understand. The global Fintech market is reported to have reached more than USD 194.1 billion in 2022 worldwide and is expected to reach USD 492.81 by 2028.

If you want to learn more about Fintech and how you can be part of this growing industry, head over to our insights where we discuss numerous sub-topics and subsets of the industry. You can even join us by applying through our Careers page.

About JurisTech

JurisTech (Juris Technologies) is a leading Malaysian-based fintech company, specialising in enterprise-class software solutions for banks, financial institutions, and telecommunications companies in Malaysia, Southeast Asia, and beyond.

The post Learning About Fintech: How Technology can Change our Understanding of Finance appeared first on JurisTech.

The Phone Call that Changed Everything

“It was a normal working day, but I had to do some stuff at the bank, so I arrived at work late. Immediately when I walked into the office, my phone rang and I saw that the caller was my dad, but when I picked up it was a lady’s voice. She said that she had an accident and bumped into this old man and wasn’t sure if he was dead or alive. I couldn’t think, couldn’t see. Everything had disappeared and I was lost. Then I called my mother and my sisters, but for some reason they didn’t pick up. I told my boss and my colleagues that something had happened to my father. My office was like a one hour drive from that location, and I was crying while driving and I called my mother, my sisters, and anyone who I thought of but I couldn’t get through. So I continued to drive. True enough, when I arrived, my mother was holding my father’s neck, and my brother-in-law was next to her, and my father was gone. He was still lying inside the car. I couldn’t take it anymore, I started crying, but my mother stood strong and didn’t cry. She didn’t show any sadness on her face. My nephew came, and my children came too. We had to wait for the police to arrive and take the body. They took him to the hospital, and they said that he had suddenly died in the car. My father had a record of heart problems, so we didn’t need an autopsy to figure out what happened. It took them almost half the day until we signed the paper and my father was released. By that time it was seven. After everything was sorted out, we took him home, and buried him that night. The next few months, we were still in shock.”

~ Fazrina

“Look at those Planes!”

“An exciting experience I had in my life was when I was working at the airport, and I saw different types of aircrafts, from normal aircrafts to private, luxury jets. I got a chance to do all this while still studying in college, which meant I was an intern at that time. I got to fix small parts of an aircraft, and I saw the interior of a luxury jet. I got to hear the roar of the engine, which was amazing.”

~ Kenneth

The Best Thing she could give me

“My ex-girlfriend was a dancer. At the time we were dating, she was very committed to dancing and she was very serious about it. She had a dance community that she was so close with that she called them her family. We broke up because she had to go to the U.S, so I never really got to dance with her. Even though we were not living together, I wanted to impress her so I decided to look up how to dance on YouTube. For two weeks I practiced dancing and I went for the class, but when I went for the first class, everything was so different. I didn’t know any of the dance moves. Turns out, I was practicing the WRONG DANCE. So I thought, never mind, and I continued learning. The more I practiced, the more I enjoyed it and I got closer to the community. I started to call them my family. I started to realize that dance is the best way to express how you feel. Words express how you think, but dance really expresses how you feel. If you feel sad, or frustrated, or happy, its shows in your dancing. Same as the other person who’s dancing, so it’s really like communicating with each other. Expressing your feelings. It really helps you get relaxed mentally and emotionally, and helps with daily stress. When you’re dancing, you get captured in this whole different world and you just have fun. It really helps me listen to people, knowing how they feel. It helps me focus.”

~ Kiarash

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There are definitely more than 5 reasons why Juris is a great place to work, but Arielle has handpicked some of the best here.

1. You have access to the bosses.

In many organizations, there are strict hierarchies.  It is possible for an employee to work for years without ever meeting the C-level executives. Normally, in most organizations, you report straight to your manager and cannot communicate with the higher levels. However, in Juris, you could always talk to the directors if you need help, especially if you are seeking opinions and suggestions on how to improve yourself. Also, you are more than welcome to talk to our CEO if you feel like you have a radical new idea that could change the way we work, or if you’re simply feeling grumpy about that annoying coworker who keeps eating your lunch.

2. Don’t fret if you don’t know something, there is always someone else who can help you.

If you need to know something that you don’t have experience with, there are multiple people who might be able to help with experience in places that you don’t have, especially since there are people from diverse backgrounds working on every project. Also, every employee has a counselor along with a reporting manager. If you are unhappy with your job or want to try a new career path but you’re uncomfortable discussing these things with your boss, your counselor can help and act as an intermediary. The things you share with your counselor are confidential, and will only be shared with your boss if you provide consent.

3. You can never run out of work.

Even if you’re finished with your assignment, you can still help out fellow colleagues, and there are multiple tasks you can still do, sometimes you can compile a list of the things you want to help with and the main thing that you should spend most of your time on.

4. You can do a little bit of everything.

Even if your job is about graphic design, for example, there can be multiple projects or people who push you out of your comfort zone and you might end up learning something completely new and different, like programming. Some of our most talented programmers come from non-programming backgrounds.

5. Everything is set up from day one.

 Juris has an email address, business card, a computer and everything that you need to start working set up for you on your first day, so you can focus straight on the task you have to do without worrying about any materials you are missing.

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GECO values

Growing Heroes, Making Excellence Happen, Customer First, Opening Up. These simple phrases make up GECO, the values of JurisTech. But what do these values mean?

1. Growing Heroes

By Growing Heroes, we are mentoring and developing talent to grow the next generation from zero to hero. We are synergizing dynamite through teamwork. We make the potatoes grow into heroes.

2. Making Excellence Happen

Making Excellence Happen simply means to work together and do the best that you can. We deepen hard skills and broaden soft skills so we continuously learn, and by adapting and challenging status quo, we are continuously transforming. We go the extra mile and break all the barriers, and we strive to make the most difficult tasks look effortless.

3. Customer First

Customer First means that we see the customers’ big picture and the businesses/KPIs they wish to achieve. We want to WOW! the customer by innovating for them and looking out for their best interests.

4. Opening Up

Opening Up means you have to be open with others. Be outspoken about how you feel and what you wish to accomplish. If there are any criticisms, open up to receiving them with grace and learn how to improve. There are endless amounts of possibilities to open up to; the impossible can be made possible through the blessings of God! Just remember, the sky is the limit!

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