HSG Effectively Delivers Next-Gen Mortgage Solution Reforms To A Local Hong Kong Money Lender
Consumer demand for mortgages has skyrocketed across Hong Kong with growing interest in home and car refinance products and personal loans. Industry players are likely to see a continuous rise in demand with increasing pressure on their existing processes to fulfil the needs of a growing clientele.
Perhaps this is why one of the leading money lenders in Hong Kong approached Hi Sun Fintech Global (HSG) in 2021 to reform their financing operation with next-gen mortgage solutions. They went through a complete overhaul of their core platform, collaborating with HSG to launch new digital capabilities that delight their brokers and clientele alike.
Pain Points of the Lending Giant
- The local money lender’s manual system lacked intuitive log tracing for auditing purposes. The goal is to resolve this issue by setting up a centralised platform for customer information management.
- Reduce the use of the manual system as it requires extensive human effort, which negatively affects human productivity. It introduces an automated system that supports automated loan management workflow.
- Most systems operate under manual intervention, becoming a hindrance in scaling up the business. HSG must introduce a system that requires multiple levels of authority for different user maker/checker approvals.
Bringing In The Expertise From HSG
The primary focus of HSG is to introduce modern customer-focused digital banking solutions that reduce the overall development budget, decrease the need for intensive capital injections and boost service delivery time for their esteemed clients.
HSG also offers a completely integrated solution for payments, finance, and telecommunications. These services are available for micro, mid, and large companies, banks, finance providers, merchants, and telecom operators. This integrated solution covers:
- Payment processing
- Financial solutions
- Payment platform solutions
- Service provision
- System maintenance
- Application development
- Shareholding ETF-POS terminals
- Terminal provision for finance and payment chain
The Next-Gen Mortgage Solution – Development and Achievements
There are multiple modules in the Next-Gen Mortgage Solution program, each enabling a system that removes the money lender’s pain points.
HSG-Lending System supports a comprehensive loan administration process for different loan products. After the setup of this lending system, the local moneylender efficiently provides secured loans on personal loans, commercial loans, mortgage loans or revolving loans, etc.
Business Management Platform
The business management platform enables the centralised management and overall performance monitoring of loan business management functions, loan product setup, customer setup, collateral setup, loan account setup, repayment, enquire, etc.
Customer Information Management
This module supports various types of customers and their data. It offers different customer information categorise to support price differentiation, services management, etc. For example, corporate banks, individuals, and institutions are managed from one platform.
Collateral Information Management
With this module, the moneylender company can store and manage collateral information of all common collateral types.
HSG Limit Management module ensures that the local money lender can manage complex credit limit structures, including hierarchical limits without drawback.
Loan Drawdown and Fee Management
HSGs newly implemented systems can help the lender calculate drawdown percentage according to loan usage, drawdown count, etc. It also supports diversified fee calculation.
Interest Process & Settlement
This module enables fixed-rate mortgage and floating-rate loan mortgage management.
Repayment and Mortgage Closure
With this HSG module, the local moneylender tracks and manages loan repayment, overdue mortgage loan payments, payment collection, and mortgage closure on one platform. It provides repayment schedule parameters such as repayment methods, holiday handling, repayment sequence, grace period, and early payment indictor. In addition, it supports overdue amounts and overdue interest waivers.
Data Dictionary and Customized Loan Report
This module creates a complete data dictionary through the listing of data objects. HSG further provides customised loan reports with a sample to ensure it is according to its standards. The types of customised loan reports are:
- Monthly overdue loans review report
- Monthly portfolio report
- Monthly repayment report
- Quarterly complaint report
- Quarterly early redemption report
- Monthly customer statement
Critical Project Timelines
It took five months for HSG to finish the Next-Gen Mortgage Solution project successfully. The timeline for the project was:
- Contract Confirmation – July 2021
- Project kick-off and Lending System Implementation – July to September 2021
- System Customization and PROD Version Upgradation – October 2021
- Infrastructure and Technology Testing – November 2021
- Project Technical Go-Live – December 2021
Benefits Attained After HSG Next-Gen Mortgage Solution Implementation
HSG utilised the banking and loan business to develop a customised solution in quite a short period. This solution automated loan management, payment management, and customer information management all in one platform. Due to this, the local moneylender saves time human effort, and the business is scaling successfully.
As HSG has various parameters and deployment cases in Hong Kong, the local money lending company quickly offers and develops new products effectively on time.
The local moneylender now has an entire front-end and back-end system for IT management, business user access, and management approval. This enables well-defined user access capabilities according to the customer’s corporate structure.
Money lending businesses require an integrated system that can automate and allow performing and management of all financial functioning from one platform.
HBS is the most flexible, reliable, scalable, and versatile core banking solution in Southeast Asia. Therefore, it has the highest potential to significantly improve money lending companies’ operations and systems, which benefit its customers. This is why the local moneylender company trusted HSG to address and remove their pain points.