Ikayzo worked with Darien Rowayton Bank to develop an industry-leading loan origination system for student loan refinancing. By applying with DRB, students receive near-instant rate quotes tailored to their financial profile and preferences. Applications can be completed entirely online. Bankers are able to immediately process these algorithmically curated applications and finalize a loan offer on the same system. Students digitally sign their offer and can potentially have their refi completed on the same day.

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We were able to facilitate such rapid turnarounds by designing a highly streamlined user experience and implementing advanced comprehensive automation. We also went to extraordinary lengths to optimize a traditionally tedious and intimidating process. Every aspect of the data entry process was scrutinized and minimized on behalf of the student. We used modern web frameworks to create a sleek and intuitive applicant interface resulting in an inviting user experience. A responsive front-end makes the app available to a wide variety of devices for maximum convenience.

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A wide arsenal of automation techniques to increase speed, security and efficiency in refi processes was employed. Applicant background, ID, risk analysis, and credit checks as well as loan pricing are automated in concert before applications are presented to bankers in a searchable database for final approval. Ancillary processes such as loan-specific document generation and document signing are also completed electronically. Relevant data are synchronized in real-time with other systems used by the bank. The result: rapid turnaround time for students, obliteration of refi processing costs, and greater situational awareness for the bank.

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