This blog was originally posted on Yethi Consulting

Lending is increasingly becoming a highly specialized operation with credit appraisal being based on diverse data sources. With the advent of specialized Fintech companies, innovation and speed are becoming an important aspect of the lending process. The phenomenon is not just restricted to consumer loans, but also to corporate lending. A consortium of banks recently provided MSMEs with a ’59 minute loan approval’ portal in India.

The loan approval process is now governed by digital documents, profiling via multiple data sources and artificial intelligence (AI) algorithms. The pace and volume of innovation in this critical function, while exciting, also leaves financial institutions open to potential errors and omissions. In order to sustain a high pace of change and innovation, financial institutions have to invest in quality assurance (QA) practices that ensure no adverse impact.

Considering the volume of data and the intricate review and approval processes, using the traditional manual testing method will only slow the process and result in longer time-to-market cycles or inconsistent testing. This demands the use of the automated testing solution for loan origination
system (LOS) which is faster, accurate and efficient.

Automated LOS testing — The need of the hour for banks

Automating the testing of LOS will not only result in getting accurate results while testing a large number of transactions, but it also will reduce the testing turnaround time by almost 60 to 70 percent.

Today’s customers demand the best and timely service. Banks cannot afford delays and redundancies in their loan processing systems. To ensure the speedy launch of their LOS products banks must do away with manual testing processes that lead to duplication of data entry and data entry errors that negatively impact the customer experience.

Count on the Tenjin Test Automation Suite. that offers superior business and technical benefits to ensure uninterrupted banking operations and improved business performance — with minimum effort on the
team’s part. Learn more about Tenjin here