"Vikar exceeded our expectations in implementing a new loan onboarding integration solution both for how their software reduced processing time and improved data accuracy for our commercial borrowers. Most importantly, their team was familiar with our existing systems, has a high degree of subject matter expertise, and worked efficiently with our IT team to deliver an operational solution in a rapid agile fashion." - David Goldberg, Director of Loan Servicing, Valley Bank
Loan Lifecycle Management
Digitize End-to-End Loan Lifecycle Management For Straight-Through Digital Processing
The Vikar solution starts with the Borrower Digital Portal with an intelligent user interface and business rules to determine borrower and product eligibility. This information is integrated into the Loan Origination System where the underwriting and credit/risk analysis is performed. All associated documents and letters are generated and delivered to the Onboarding and Servicing module. All product rules are created and validated and information is integrated back into the Loan Origination System and CRM and onboarded to the core banking system. The Portfolio Management module performs all financial, loan risk and appraisal reviews.
Client Lifecycle Management
Easy Client and Account Opening with Funding, KYC Review and BSA/AML Fraud Detection
The Vikar solution starts with the Client Portal where Onboarding & KYC (initial) is performed including product and customer due diligence. Next is the Account Opening & Funding module where Vikar supports a multitude of account types. Account suitability and funding activities occur. The accounts are continually monitored and maintained with the KYC Review & Maintenance and BSA/AML Fraud Detection modules.
PPP Loan Origination & Forgiveness
Built on our proprietary VDAP platform and part of the Vikar Loan Lifecycle Management Solution
Vikar was a pioneer among Fintech’s to offer a PPP loan forgiveness solution to address the explosion of PPP loans. PPP loans highlighted one thing, banks can no longer rely on manual, paper-based internal processes for efficient Commercial Loan Lifecycle Management.
In 2020, Vikar has helped over (20) financial institutions quickly scale their Paycheck Protection Program approval and forgiveness requests through our digital automation.
"The boom in activity around PPP lending forced many banks to face their fear of digitization. Without the help of modern technologies, banks simply couldn’t handle the volume." (Nancy Schneier - New Jersey Banker Magazine (Fall 2020)
Vikar Supports Community & Regional Banks
Loan and Client Lifecycle Management Solutions
Vikar provides a unified workflow and data aggregation with case management capabilities to connect all systems and track and monitor activity. Vikar configures your solution based upon their Digital Automation Platform allowing Community and Regional Banks to quickly achieve straight-through-digital-processing of their inefficient / legacy work-streams and customer facing applications.
Our two core solutions today are the Loan Lifecycle Management and Client Lifecycle Management. Each solution provides workflow automation and data aggregation with open APIs for the front, middle and back office; enabling Vikar customers to onboard and maintain clients and loans in a complete, end- to-end digital experience.
See how we’ve helped over (20) banks in 2020 streamline operations, increase both productivity and revenue while improving customer engagement.
“Digitization is no longer optional for banks. A transformational change is required which is enabled through automation and the digital experiences it creates.”
Glenn Bolstad, CEO, Vikar Technologies
Vikar is here to solve human problems through technology to make people’s lives better. We share our knowledge. Read our monthly blog or watch for our news and press updates!!!