Creating Financial Services Agility in a Digital-First world

Creating Financial Services Agility in a Digital-First world

The banking ecosystem has significantly changed in the last decade. Channels and choice are becoming more prevalent, adding more complexity to an already crowded marketplace.

Moreover, as banks and credit unions rush to scale up capabilities in a new digital-first world, they have found themselves suddenly exposed to the demands of today’s omnichannel relationships. Consumers who have grown used to the personalized, mobile-first, AI-enabled journeys of food delivery and retail; expect the same agility and choice from their trusted financial partners.

Whether you are an established brick and mortar bank or a growing alternative lender, the mandate is to deliver a unified and consistent experience for consumers across the traditional user-assisted and self-service channels – contact center, online, mobile – while ensuring third-party applications and partner innovations can be easily ‘plugged in’ into ever-scaling array of new services.

All while replicating the agility and time to market of a pure-digital startup.

Unfortunately, most financial technology solutions do not equip you to succeed in this new reality:

  • Core application investments tie you to proprietary or lengthy  integration approaches which significantly delay opportunities to partner and scale up new digital offerings
  • Channel-specific solutions disregard the need for staff to create continuity of consumer interactions and build end-to-end onboarding and fulfillment.
  • New product and partner offerings create fragmentation of application data, making it difficult to build compliance and insight.

Introducing Doxim Origination API

The new reality means that more than single-scenario digital banking tools, financial institutions need an omnichannel origination platform that can quickly scale and future-proof their growth.

With this challenge in mind, we built our new Doxim Origination API. This is an exciting new component of our Customer Engagement Management (CEM) platform, that will help FIs streamline their increasingly digital origination-to-engagement workflows and create faster paths to agility and innovation. Doxim Origination API  is a completely reimagined set of RESTful services created to empower the new omnichannel financial organization, by giving it access to all core functionalities of our industry proven User-Assisted Account Opening and Loan Origination solutions.  

Why Doxim Origination API Is Different

Origination API exposes the Doxim CEM data fabric, providing access to the same core capabilities and data repositories found in our Self-Service and User-Assisted Origination products. Through the new API stack, clients can access endpoints to deliver full-featured omnichannel origination across four areas:

  1. Application API: To create and consume chequing, savings, unsecured and secured lending applications, including applicant information, net worth analysis, product selection and security/collateral data.
  2. Lending Services API: To obtain credit bureau, lien or insurance data related to an application
  3. Decisioning API: Assisting the adjudication of applications through configurable decision grids
  4. Document and Signature API: Allowing eSignature and generation of consumer and financial documents.

This full-featured, native API coverage increases the ROI of your digital solutions, connecting them to an open platform modeled to facilitate omnichannel origination and collaboration between internal systems and partner capabilities.

Benefits From Digital Agility To New Revenue Streams

The new Doxim Origination API is more than an open platform for financial technology agility. It delivers a plug & play origination solution built to create omnichannel journeys, enabling your business to:

  • Create scalable growth by connecting origination channels to a core set of lending services that are shareable, compliant and easy to use.
  • Build consistent user experience and workflow continuity across channels as consumers can interact with new products and applications while feeding one single source of truth.
  • Protect early investments in digital services so that they can be evolved or replaced independently as your business grows, without impacting other origination capabilities. 

Businesses can also use the new API services to leverage their brand to create new value-added revenue streams. For example, lenders can create new opportunities by reaching consumers invited to apply to lending products via broker networks. Once integrated, the broker network can electronically send all loan data into Doxim Loan Origination, eliminating the need for manual processing while immediately creating scale in the lending business.

Immediate Availability, Full-featured Coverage

The new Digital Origination API is available to Doxim clients with an update to the CEM Fall 2020 release.

The initial release provides a full-featured set of endpoints to support the creation of new digital account opening and unsecured lending capabilities. Additional endpoints to cover secured lending and other products are already in development to be released later in the year. More details can be found on Doxim Account and Loan Origination Fall 2020 Release Notes or by contacting your Doxim account representative.