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Customer onboarding / Application process

Definition

Customer onboarding (the application process) is the set of steps that capture a customer’s loan request and collect all the data the system needs before the request is handed to origination for a credit decision. It starts when someone opens the “apply for a loan” flow and ends when the customer (or operator) confirms the prepared loan conditions. From that point, the application is handed over to the origination process.

Purpose

The application process has one goal: intake. It collects all information required to evaluate the loan, namely identity, contact details, address, financial data, bank account, and—if the product group requires them—collateral details and any additional information.

Key characteristics

  • The process is the same regardless of channel. The same product groups, forms, and data collection logic apply in the Borrower Portal, the Back Office, the Agent Portal, and when the application is started from an agent invitation to a lead.
  • Up to three parties can be involved: a customer (the borrower), an operator (back-office or agent user who initiates the application on behalf of the customer), and optionally an agent attached to the deal.
  • The application has a single human-readable application number that identifies it across all channels and status changes.
  • The application times out: if the customer or operator does not submit the initial loan calculator step within 48 hours, the application is automatically canceled.
  • Starting a new application automatically closes any still-open application the same borrower had from a previous attempt.

High-level flow

  1. The customer (or an operator on their behalf, or a lead invited by an agent) chooses a product group and opens the application flow.
  2. The system checks that the customer is not on the blacklist and does not already have an active application.
  3. The customer (or operator) chooses the loan amount, term, and payment frequency on a loan calculator.
  4. The customer (or operator) fills in personal/company data, identity documents, address, employment or financial information, and bank account.
  5. The system runs an identity check (KYC) and verifies the bank account via open banking.
  6. If the product group requires them, the customer (or operator) adds collateral details and/or any extra information requested by the product group.
  7. The customer (or operator) reviews and confirms the loan conditions and, if requested by the product group, attaches the required supporting documents.
  8. The application is handed over to the origination process for decisioning.