Predefined Banking Products

When you decide to offer your customers new products, you can benefit from a faster time to market by using our sample banking products that come along with the accelerators. You can also use the sample banking products to test them out in digital journeys before modifying and transforming them into your very own products, ready to be launched on the market.

The Value-Added Marketplace Powered Lending solution comes with a series of pre-configured, ready to use banking products, as follows: Nomad Personal Loan, Globetrotter Personal Loan, and Safe Travel Personal Loan. These products are quite similar, with differences in their interest and commission values.

Use these products as they are if you find they fill your business needs, or use them as starting points for your custom products to define tailored offerings for your customers. Based on your business requirements, modify the existing products by versioning them or create new products by duplication, so that they are ready to be used in your journeys.

Globetrotter Personal Loan

The Globetrotter Personal Loan banking product was configured as an unsecured loan product type for short-term financing that allows consumers to finance their vacation and repay the funds at a future date. Customers can take up loans up to EUR 100,000 with a no advance, for periods of 1 to 60 months. To filter out the applicants, you can use the predefined product availability item filters attached to the product, for example filter the customers with American, British or other citizenships, or customers trying to access amounts over EUR 5,000, or customers fitting certain customer personas.

The disbursement was set to be automatically performed at the contract approval. The loan is non-revolving, it doesn't allow refinancing, and it doesn't require guarantees, but allows up to 10 co-debtors. The repayment schedule is set for monthly equal installment payments.

To speed up development and implementation time, as well as increase flexibility, use the predefined interest and commissions lists. These are automatically loaded at the contract level, where you can apply the desired ones. The interest in the list was defined with a fixed value of 6.5%, and the commissions were set up as 0 analysis and monthly administration fees. Thus, your customers can see up-front the projected costs of the financed loan.

To safeguard against unwanted events, you can offer your customers life and loan insurances. These also add up to the total costs of the loan contract.

As an incentive to your customer, consider offering discounts, as we exemplified with the discounts attached to this product. Here, we offer a discount applied to the interest for customer who are income receiving and for those who buy travel insurance.

This product has no questions linked to it for the eligibility and underwriting processes, but you can add as many questions as you want based on your product needs. For example, add a question to determine whether the customer's income is higher than a specific monthly amount, approve it, and start using it in your journeys to filter out ineligible customers.

To further service your launched loan product in contracts using Loan Management's capabilities, we recommend using the following allowed transactions, which are already linked to the sample product: disbursement, early repayment, payment holiday, reschedule overdues, and reschedule debt. For a friction-free contract management process, the product is set up for automatic contract closure after full repayment, and the reconciliation account to be used for the contract is already selected. More servicing settings for your products can be defined as described here.