The News General DM News HCL and iLumen allow banks to receive documents from business customers via secure portal
09 November 2009
Outsourcer HCL Technologies and iLumen have joined forces to allow banks' business customers to send financial statements, information and documents through a secure electronic portal, to improve customer data and relationship management while also lowering costs.
The pair are working together to improve HCL's CapitalStream platform, a business and commercial lending system. The iLumen technology now added enables commercial banks to connect, consolidate and standardise both internal bank data and customer-submitted data into a common data model and repository for credit, risk, and relationship management.
Mike Pennell, vice president of the HCL CapitalStream lending group, said, "One of the most costly and time consuming challenges facing business and commercial lenders is the collection of financial statements, tax returns and other business documents from a bank's business customers. iLumen eliminates this cost while improving information accessibility and accuracy by providing a platform that completely automates the capture and standardisation of this documentation and data."
Pennell said the partnership will provide a "truly end-to-end commercial lending solution extending from the bank to the borrower". The banks that use the integrated platform will reduce risk by improving the quality and timeliness of information about their customer's businesses, so they can spot potential business problems earlier and address problem loans before "they go bad", Pennell said.
