One Vikar Suite Grows Stronger: Introducing SMB Loan Origination Software

Vikar releases Loan Origination Software specifically designed for Small and Medium Businesses.

Old Bridge, NJ – October 10, 2024 – Vikar Technologies, a leading provider of innovative banking software solutions, proudly announces the addition of our Small & Medium Business Loan Origination Software (“SMB Software”) to its existing suite of One Vikar offerings.

Vikar’s SMB software is designed to digitally transform outdated manual processes that banks currently use to serve small and medium-sized businesses. These traditional methods are not well-suited to the high-volume, low-margin nature of the SMB segment, where customers demand fast and convenient digital services. The existing processes are overly manual, inefficient & slow, often requiring multiple person-to-person interactions for data collection and entry. This results in long approval times and significantly limits scalability.

Recognizing this, Vikar developed software specifically tailored to the needs of small and medium businesses. This solution empowers banks to digitally transform the end-to-end process of loan origination with complete omni-channel support and auto-decisioning for quick and easy loan transactions with the additional benefit of optimizing cross-selling strategies that include bundle offerings for deposit accounts and treasury management services allowing financial institutions to profitably grow this business segment.

Vikar’s new SMB Software enables banks to drive growth with SMB’s while at the same time reducing operational inefficiencies and cost. 

 Key features of the SMB Software include:

• OmniChannel Submission: SMB customers can apply online or in the branch, save and resume applications with self-service portals for document uploads and status tracking. 
• Straight-through Processing: Straight-through processing with immediate approval of online loan applications with auto underwriting and auto decisioning.
• Integrated KYC and Due Diligence: Seamless integration from 3rd parties for identity verification/authentication, fraud checks, and OFAC.
• Simplified User Interface: Customer information is stored and shared in a centralized repository that can be seen and shared across the bank allowing lenders to quickly review applications not fit for auto-decisioning.
• Credit Analysis and Underwriting: Powerful comprehensive credit analytics including financial information and credit profile.
• Reporting: A robust reporting engine enhances banks' lending and account-opening processes by providing actionable insights, improving decision-making, ensuring compliance, and boosting overall efficiency. 
• Scalability: A flexible platform that grows with your business, accommodating expanding needs and increasing complexity.
• Upselling: When used in conjunction with the One Vikar Suite, provides the ability to bundle deposit account and treasury management services.

"Community and regional banks play a crucial role in supporting the growth and success of SMBs," said Glenn Bolstad, CEO of Vikar. "With the introduction of our SMB Software, we are equipping banks with a robust solution that not only enhances their service offerings but also empowers their SMB clients to thrive in a competitive market."

The SMB Software is backed by Vikar's commitment to excellence, with a focus on providing superior customer support and continuous product innovation. By leveraging Vikar's extensive expertise in the banking and financial services industry, financial institutions can now benefit from a solution that is tailored to the specific needs of SMBs and designed to drive tangible results.

For more information about our SMB Software and how it can benefit your business, please visit Vikartech.com

About Vikar

Vikar is revolutionizing the way banks do business today. We are the only company providing software in which customers, lenders, branch managers, underwriters, KYC, and operation teams collaborate from a common interface across loans, deposits, treasury, and wealth management. Vikar offers modern solutions with built-in rules and automation supporting today’s demands from both clients and employees. One Vikar solutions are built with a holistic view of a bank’s business and completely integrate into the core banking system. The solution covers all business lines: retail, commercial, and wealth management; and is available in all three service modes: self, joint, and full service. 

Smarter Modern Banking: One View, One Vendor, One Vikar.

For more information, visit www.vikartech.com