The following diagram shows how the application helps bank agents handle a missed installment payment by a borrower.

The following workflow routes the case and tasks for a Missed Repayment to agents in different departments. The agents log in to Workspace to work on the tasks in their queue.

As a loan agent or via an API

If the system observes a default in repayment by a loan borrower, an API in the backend triggers a Missed Installment Repayment loan service case. A loan agent can also create this case.

As back-office agents

A loan agent reviews the case details and works with the customer and finalizes the action plan.

After the case is initiated and a loan agent updates the case details, a workflow is triggered automatically. The assignment rules route the associated tasks to the appropriate back-office teams.

Initiate a payment

• If the customer makes the installment payment, the loan agent initiates the payment and fills in the payment details in the case.

  The workflow automatically generates a loan authorization task for the loan agent.

• A loan authorizer (loan agent) reviews the case details and approves it.
• A loan agent works on the loan update task and updates the loan information in the core banking system.

  Banks can automate this task by enabling an integration with the core baking system.

Create a remedial service case

If the customer is unable to make a partial or full payment, the loan agent creates one of the following service cases to resolve the case:

• Loan Forgiveness
• Partial Prepayment
• Loan Write Off
• Loan Deferment

The new loan service case then handles this loan issue.

After the case is complete, its state and the stage are set to Closed Complete and the work notes are updated.