Wolters Kluwer Launches Online Consumer Lending App Offering for Community Banks and Credit Unions

MINNEAPOLIS – (COMMERCIAL THREAD) – Wolters Kluwer’s Compliance Solutions business launched Online Consumer Loan Apps (CLA), a digital offering that enhances the online loan origination capabilities of community banks and US credit unions . CLA allows consumers to start a loan application from any digital device, at any time. It fits perfectly with Wolters Kluwer’s ComplianceOne® solution, a state-of-the-art loan documentation and processing system that helps lenders optimize their loan and document preparation processes securely, quickly and cost effectively.

With just a few clicks from the device of their choice, a potential borrower can begin the process of obtaining a loan online, rather than going to a branch to begin with. With CLA, the borrower enters information such as the desired loan amount and terms, contact details and collateral, and the lender can use this information without having to enter it again. The platform recognizes a wide range of secured and unsecured loans for consumer use: auto loans, signed loans, home equity lines of credit, and many other lending scenarios.

The new online platform is powered by Temenos Infinity, the digital front office product from banking software leader Temenos, which helps CLA deliver a frictionless, world-class digital customer experience. CLA is hosted in the cloud and complements Wolters Kluwer’s introduction earlier this year of its online mortgage applications capability.

“Until now, community banks and credit unions have had few options for providing online consumer loan applications other than creating their own in-house functionality,” says Steven Meirink, executive vice president and Managing Director of Wolters Kluwer Compliance Solutions. “CLA helps level the playing field with large institutions and Internet-only banks, delivering an attractive design to consumers and a high-tech experience without a heavy technology investment. Ultimately, this allows small regional lenders to compete in a compliant, convenient and efficient manner in today’s rapidly changing financial market.

“The collaboration with Wolters Kluwer bodes well for our business, with excellent CLA adoption already demonstrated by their bank and credit union customers,” notes Derek Corcoran, Experience Manager at Temenos. “Our well-established digital customer acquisition product, applied to Wolters Kluwer’s deep understanding of community banks and credit unions, gives these institutions a quick boost in competitiveness and customer service. ”

Wolters Kluwer Compliance Solutions, part of the Corporate Governance, Risk and Compliance division, is a market leader and trusted provider of regulatory compliance solutions and services to more than 10,000 U.S. banks and credit unions . The company helps these financial institutions effectively manage compliance obligations related to transactions and loan and deposit origination workflows, and obtain the information they need to better serve their customers and grow their businesses.

About Wolters Kluwer Governance, risk and compliance

Governance, Risk & Compliance (GRC) is a division of Wolters Kluwer, which provides legal and banking professionals with solutions to ensure compliance with evolving regulatory and legal obligations, manage risk, increase efficiency and deliver better results. commercial. GRC offers a portfolio of services and solutions from technology experts focused on legal entity compliance, legal operations management, banking product compliance and banking regulatory compliance.

Wolters Kluwer (AEX: WKL) is a global leader in information services and solutions for professionals in the healthcare, tax and accounting, risk and compliance, finance and legal industries. Wolters Kluwer achieved 2018 annual sales of 4.3 billion euros. The company, headquartered in Alphen aan den Rijn, The Netherlands, serves customers in more than 180 countries, maintains operations in more than 40 countries and employs 18,600 people worldwide.

Janet E. Fishburn