Employer Portal – Docflow Mgr

In the retail banking space in many markets where income documents are not validated by any Government prescribed regulator (due to non-existence of Income Tax), the process is to collect the income document from the retail loan seeker (applicant)and have it validated by the Employer. This process is manual in nature with little or no oversight on the validator or the turn-around time.

Banks have evolved a process through which they categorize Employers according to their size, nature of business and market feedback. They empanel certain employers to whose employees they offer a suite of retail banking products subject to validation of the income documents and meeting the KYC requirements.

Lack of a robust framework around this process has resulted in considerable losses to the Banks in UAE as the opportunity to wrongly represent the income or employment credentials, resulting in higher loan quantum leading to inability to repay are considerable in the existing process.

LAMICO Employer Portal (LEP) for Banks is designed to validate Employment and Earnings with the employer directly. Employees who require a service from the bank come via various touch points Branches, DSA, Contact Centers, Web etc. The back end teams within the Bank validate each of the application with the requisite validating bodies. LEP provides the validation of the employment of the applicant with the respective employers independently.

With this background in mind and with the purpose of addressing the following:

• Providing an Automated and digitized Workflow of the applicants information / application form and data
• Empowering the bank to ensure that the documents flows are done only to the authorized signatory of the Employer
• Control over the Turn Around Times
• Mitigating collusion and fraud risk.

• A Unique proposition to digitize the “credit document validation” process.
• Automated workflow of documents between bank and empaneled employers
• Realtime Turn Around Times
• Alerts and triggers to all stakeholders involved in the process
• Fraud Risk mitigation and total control of the process flow at the Bank.
• Reduction of overall turn-around time and costs

The product has been specifically designed to suit the GCC market requirements. The proposition currently delivers the digitally validated document to seamlessly integrate into the loan processing system of the bank.