Compassway Student Lending Solution

 

 

 

Streamline Student Loan Processes by Controlling Every Stage of the Loan Lifecycle, from Lead Processing, Risk Evaluation, Servicing, Digital Self Service Repayment

  • Ready to use fully configurable digital lending platform with built-in, rule-based risk assessment engine, which is powered by artificial intelligence (AI). That helps convert applicants into graduates.
  • Flexible loan applications give you the power to customize easily application form and manage steps of user journeys. Change loan workflows, credit policies, user documentation, and business rules all without needing to engage your technical team.
  • Easy-to-use loan calculator lets students create the loan and payment plan that best fits their life.
  • Give students access to customer self-service web portals to start the process at any time, anywhere.

We Know Pain Points You Face When Providing Student Loans

  • Slow and complicated application procedures result in a lower conversion.
  • Paper application processing comes with human error and delay.
  • Loan processing is too slow, and credit decisions have a poor accuracy rate.

How Compassway Help You

Explorore Key Features of Solution 

 

By providing a Student Loan Managemnt platform for loan origination, underwriting, servicing, and reporting, reducing the time and effort required to manage loans., delivering a best-in-class experience .

Student Onboarding

 

 

Omnichannel student onboarding via customer self-service portal.

Loan disbursal within minutes.

Seamless scanning and capturing of students’ profiles and auto-classification of the information from the documents like identity proofs, degrees, certificates, etc.

Geotagging the student’s location on mobile and enabling smooth KYC, including video KYC with data masking.

Data Engine-Based Credit Analysis and Predictions

Seamless integration with the credit bureau and core banking systems to perform background checks, feeding the student’s data, and fetching generated loan details.

Faster, AI-enabled underwriting with straight-through processing for pre-approved student loan applications.

Student Self Service Repayment Module

 

Students can easily perform a wide range of account-related activity on their own, including making and scheduling payments, setting up autopay, customizing their payment plan, accessing statements, updating account information and more. It also makes it easier for frequent, timely messages.

Data Management 

 

All loan documentation and statements are automatically generated and readily managed. Specify detailed standards for borrower and loan document collecting, which will be replicated across the platform immediately.

User Management

 

The software allows administrators to create and manage user accounts, including borrowers, lenders, and loan officers.Configure roles and permissions based on unique servicing policies, so that each team member has access to the information and tools they need to do their job effectively, while also maintaining data security and privacy.

Integration with Other Systems

The software can integrate with other systems, such as accounting software and customer relationship management (CRM) systems, to streamline loan origination and servicing processes.

Reporting and Analytics

 

The software allows for reporting on loan performance, delinquency rates, and other key metrics. This will help lenders to make informed decisions about loan portfolios and risk management.

WHAT
CUSTOMERS SAY

We used to have an older system that required more than a day to update or deploy a new risk model. In addition, credit decisions were slow. We estimated we were losing 15% of customers due to abandoned applications. For millennials, who are now a majority of our clients, responsiveness and convenience are key for lending services. We implemented an end-to-end digital lending platform offered by CompassWay and it allowed to significantly improve customer retention. Up-to-date risk models also mean lower defaults rate and improved profitability. The system is easy to work with in case we need to add new clients or product types. We also received excellent customer support from CompassWay team. Overall very satisfied with the upgrade decision.
Denis BobrovCFO of CreditUP
Denis Bobrov
Our key clients are SME firms that sell their products using social media platform such as Instagram and Facebook. They have magnitude of various products and various preferences in the lending options they would like to provide to their customers. Thus, we needed a powerful, yet flexible and simple system, which would allow quick onboarding of new clients and their products. CompassWay offered a solution that not only satisfied these criteria but also was intuitive and easy for the customers of our clients. That allowed to create a seamless shopping experience, as well as improve customers’ satisfaction and rate of completed sales. For our team, working with CompassWay was very easy. Since the system was highly customizable out of the box, we were up and running in just several weeks. We also benefitted from their business expertise and improved a weak link in our processes we did not know was a problem. Highly recommended company to work with.
Irina SenenkoHead of Customer Service at PIE CREDIT
Irina Senenko
Nowadays, the competition in online trading is stronger than ever. In order to outperform the rest and come out ahead, we needed to provide our customers with services that would keep them on the site. Many buyers came to our online store, but there was much less talk about sales. We reached out to the Compassway team for help because Compassway is in the business of developing and implementing advanced digital solutions, and they advised us to first consider implementing a product on credit or in installments. Indeed, most often the reason that buyers leave the site without making a purchase is banal: they do not have enough money. We listened to advice, and now every customer who enters our website and selects a product immediately sees the "buy on credit" button with a convenient loan calculator and BNPL option in the checkout. He understands that he can afford to buy now, and pay later and in installments. As a result, it was possible to increase profits and total sales by 30%, as the client now purchases a product of a higher price category, or increases the number of purchases.
Natalia BurkoHead of Business Development at Taksaexpress
Natalia Burko
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