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Introduction

  • What is CreditSnap's back office? CreditSnap's back office (BO) is a comprehensive platform that provides the financial institutions staff support for various back-office functions, including account opening, loan origination, underwriting, and servicing etc.
  • What features does CreditSnap's back office offer? CreditSnap's back office offers a wide range of features, including customizable workflows, automated decision-making, real-time analytics, and integrations with third-party data sources.
  • What types of businesses can benefit from CreditSnap's back office? CreditSnap's back office is designed to meet the needs of a variety of businesses, including banks, credit unions, and other financial institutions in the lending space.
  • How does CreditSnap's back office improve operational efficiency? CreditSnap's back office streamlines various back-office processes, such as account opening, underwriting, and loan origination, to improve operational efficiency and reduce manual errors. The back office provides various  customization features  such as:
    • Product Admin Features - Updating rates, rules and credit policy along with underwriting decisioning in real time 
    • Employee Admin Features - Queue and workflow management, ability to assign applications to staff members, setting reminders and notes on individual applications. The CreditSnap back office allows the master admins to add and remove users to the back-office along with defining permissions for these users

 

How to access CreditSnap Back-office ?

  1. The CreditSnap Back Office URL assigned to your  institution
    • It usually will be something like ABC.creditsnap.com,  where ABC would be your institution. Please contact your CreditSnap account manager if you do not have your URL yet.

 

  1. Back Office Login Credentials

 

  • You must have the email password login credential. If not, you can reach out to your internal CreditSnap point of contact and they will be able to add you to the back office using the employee admin feature in the back office.

 

ADMIN

Employee Management - How to add/remove an employee to the CreditSnap back office and define their permissions ?

 

  1. In order to add/remove an employee to the BO you will first need to login to the BO and will also need to have the permission to  - Can Add, Remove, Reset Password for Employees Access. The master admins on your team will already have this permission enabled. If you are not a master admin please ask your internal master contact to grant access.
  2. Navigate to the Admin dashboard by clicking on the gear icon (⚙️) on the top right of the BO. 
  3. This will direct you to the Employee Management Dashboard 
  4. To add an employee click on the + Employee  button on the top right of this screen
  5. This will surface the Add Employee pop-up
  6. On this page you will be asked to add the basic information such as Employee Name, Employee ID and Email. Please ensure the email address is accurate as it will be used to deliver a Reset Password Link
  7. You can provide permissions by selecting one or multiple roles my checking the below items:
    1. Can Add, Remove, Reset Password for Employees Access
    2. Can Change Rates, Credit Policy and More
    3. Employee can see ONLY those apps created by that employee
    4. Employee can see all applications
    5. Merchant Permission - Can only see apps from the POS location (Please unselect all others)
    6. Needs Access to Credit Reports
    7. Authorized to Fund
    8. Can do manual underwriting, override system decisions to change interest rate and term selections
  8. The last permission is a product level permission. Lending  permission is for access to all loan related products and Deposit permission is for all account opening related permissions. All  would provide the use access to both product categories
  9. In order to Delete , Edit or Reset Password of an existing employee select the gear icon (⚙️)  next to the employee you wish to delete -  this will be under the Actions column. Here you will see the options

Queue Management 

Queue management enables admins to set up Queues and assign employees to those created queues.

 

DASHBOARD

How to Toggle Between Account Opening and Lending Dashboard?

 

The first time you login you will be directed to the dashboard. Here depending on the product and permissions you may see slightly different screens.

 

  1. Deposit
  2. Lending 

 

You can switch between the two products if applicable using the toggle on the top right of the window. - .

Lending Dashboard

 

How to filter through the applications in your dashboard queue?

 

  1. Filter By Queue

My Applications ,Incomplete ,No Offer,No Offer No Hit,Final Submit,Offer Expired,Final Submit Failed,Offer Generated,Prospect,Final Submit (Referred),No Hit,Coborrower No Hit,No Offer Soft Decline,No Offer (Referred),Withdrawn

    

 

  1. My Applications -  Refers to applications create by you in the back-office or assigned to you
  2. Incomplete Applications - Applications abandoned by the user before receiving offers
  3. Offer Generated -  Applications that have received and seen offers but haven not made  selection
  4. Final Submit 
  5. Final Submit(Referred) - Any application with status (Referred) is not an auto approved app, and will require a decision on CreditSnap (if CS LOS) or on your LOS (if external LOS).
  6. No Offer -  Applicant does not meet your eligibility criteria  to receive offers or is flagged by fraud checks
  7. No Offer No Hit -  There is no bureau report on this user to present offers
  8. No-offer(Soft Decline) -  Applicant is declined but if applicable to your institution - your Underwriters can manually generate and present offers to this applicant in special cases
  1. Filter By  Product -  Allows you to filter by Products that are relevant to your institution that are available on CreditSnap
  2. Filter By Search - You can filter using inputs such as - First Name ,Last Name, Contact No, Email, Underwriting Application , Referral , App ID   and, entering 

 

Account Opening Dashboard

The deposit dashboard gives you a snapshot of all the applications in your queue along with a number of high level features as well.

What is the order of Steps for a complete Account opening application?

 

Before diving into the Deposit Dashboard here is the applicable order of steps that need to completed to complete an Account Opening Application 

 

  1. Complete Application and Provide Consents
  2. Complete KYC/ID-Verification to Successfully be generate Member related credentials from Core
  3. E-signatures for Account Opening Docs
  4. Funding the account

 

How to filter through the applications in your dashboard queue?

 

  1. Filter By Queue
    1. My Applications, COMPLETE, DOCS_SIGNED, Final Submit (Referred) , incomplete, No Offer (Referred), No Offer No Hit, OFFER GENERATED, OFFER_SELECTED , PAYMENT_SUCCESS

 

  1. Final Submit 
  2. Final Submit(Referred) - Any application with status (Referred) is not an auto approved app, and will require a decision on CreditSnap (if CS LOS) or on your LOS (if external LOS).

 

  1. Filter By Search - You can filter using inputs such as - First Name, Last Name, Contact No , Email, Core Account, Referral , App ID

 

Reminder Capabilities

 

There are two different reminder capabilities: 

 

  • Reminders to members - This can be setup and possibly it is already active. Go to email & SMS option under admin to see if these are already there.

 

  • Reminders to employees - Anytime you call an applicant and the applicant suggests you call back on a certain date, then the employee can add a reminder on that application. When that day arrives, the application will float to the top of your queue with a “bell/reminder” icon on it. Filters - If your goal is to see any apps that failed ID Verificaiton or did not sign the docs or did not complete Income verification, then simply use the Queue filter at top left to see just those applications.Reminder Capabilities

 

 

What are the different Application Statuses

 

 

The icons in the status column will give you a clear idea of what stage and status a particular application is in. Each icon shows that stage a particular application is at and what status of that stage is:

 

  • [Insert Image] -  Core Onboarding
  • [Insert Image] - KYC/Id-Verification
  • [Insert Image] - E-Signatures
  • [Insert Image] - Account Funding
  • [Insert Image] - OFAC / Qualifile 

 

The colors of the above logos dictate their current statuses:

GREY - Not Started

BLACK -  Started

RED - Failed

Green -  Complete Successfully

 

 

 

 

High-level Deposit dashboard level features

 

 

 

Application Dashboard

 

Once you click on the Edit Application icon (Pencil Icon) on the far left of each application - you will be taken inside an individual application. Here you will get a complete in depth look at this application. As the application dashboard is in depth and loaded with features we will break it down into multiple steps based on individual tabs you will see there.

 

Please note that this breakdown is what is applicable for 90% of all CreditSnap features and some features may or may not apply to your institution. The CreditSnap team is happy to help if you don't see something that applies to your institution

 

Applicant Tab

 

The Applicant tab as the name suggests gives us a full idea  of the borrower information collected through the customer facing UX.  

 

  • Top Half 
    • On the top you will see the status of Application number, Type of App (Individual/Joint), type of account the user came into the funnel looking for status of the application and channel
    • All the the other Tabs the user can toggle to 
    •  Basic KYC information along with the current status this application is on followed by Member/Account # (these will be populated directly from core after the Core if there is a core integration)
  • Bottom Half
    • Provides insights into other feature information where applicable such as:
      • Member Eligibility
      • Additional Information
      • Address History
      • Mailing Address
      • References
      • Event History -  Event history maintains a complete event by event history of all the actions taken on this application both by the customer and the staff handling this application
      • Consent History -  All the consent the customer has agreed or disagreed to while starting the application

 

Terms Tab

 

This tab displays the account types the customer has already selected. 

 

 

What is the Regenerate Terms Button?

 

The regenerate terms button enables you to regenerate the terms presented to the customer. This is usually applicable when you are creating an application from the back office or when you need to regenerate the terms in scenarios when a new type of account has been added after the application has already been created.  When you regenerate terms you will be shown the following popup:

 

 

 

 

 

 

 

It is advised to never bypass fraud checks other than in special scenarios at the staffs discretion.

 

Credit Report Tab

 

This is where you will go if you want to understand how the credit ratios are working or examine what exactly the credit profile of this customer is. 

 

If it is an individual application, which is a single applicant application you will just see one primary tab and the credit report for the primary. In case there is a co-borrower, you will see a co-borrower tab right next to primary which can also be examined by clicking on it.

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Let us draw our attention to the ratios presented at the top of the tab screen. Please note: These ratios are at the loan level not the primary or co-borrower level. This is because we take the trade lines from both primary and co-borrower add them up to, to arrive at the joint ratios. So that's why these ratios are at an application level and not at a primary or a co-borrower level. These ratios are structured as:

 

Credit summary 

 

This section gives us a 10,000 foot view of what this borrower's credit profile looks like.The score is a great indication of the underlying credit behavior. It could be a FICO score, a VantageScore,  FICO Score 8 or whatever score your institution uses will show up here. This section also provides information on all the trades ,open trades, installment trades and revolving trades.

 

Collections 

 

This section indicates upfront if there is any adverse behavior that you should know of.

 

Judgments 

 

Indicates if there are any judgements on record that you should know about.

 

Fraud Alerts 

 

This section will appear if there are any SSN or date of birth mismatches. If you are subscribed to any fraud warning/alerts from your bureau they will appear here. Please note that this section is only visible if there is a fraud alert on the profile of the applicant(s).

 

 

 

Trade Lines

 

The trade lines are split into Open Trades and Closed Trades.

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Each loan is a trade line of its own and you can see original terms and the remaining term along with the term and rate. When you look at all this information you usually get a pretty good perspective on things like - was there a term extension, what is the remaining term, what's the remaining balance and current monthly payment this borrower is making on this particular installment loan, and then you come to payment status.

 

Inquiries

 

You can see the list of inquiries on this credit report presented here.

 

If you want to see the raw credit report itself, we give you that option. Simply click on the Full Credit Report button at the bottom of the screen.

 

Cross Sell Tab

 

The cross sell tab comes into play when you also have the lending platform and cross sells setup with CreditSnap. This tab will display the cross sell offers for loans the user has selected if they do so. It will remain blank if no selections are made. Your staff can engage the customer and make a selection for the customer. After which you will be able to create a loan application in a few clicks.

 

Core Tab
When to use Push to Core?

 

The core tab allows you to manually push the application to core using the push to core button and is applicable in the below scenarios:

 

  1. In scenarios where the user completes  ID verification successfully but the Core information is not populated on the applicant tab
  2. In scenarios where ID verification has failed but the staff is able to verify that the ID is legitimate, either by checking the Id verification report in the documents tab or by reviewing an ID manually.

 

You will be asked to confirm that Id verification status has been verified before taking this action.

Documents Tab 

 

This tab presents a large amount of details and comes with a lot of functionality.

 

 

 

In this tab we have a complete record of all the reports returned from our integrations as well as consent documents etc, such as:

 

  • OFAC Report
  • Other Fraud Reports where applicable - (example Chexsystems)
  • Consent Documents - Keeps a record of all the consents provided by the customer at the final submit stage, including IP address and timestamps
  • Signature Documents - Record of the signed documents when the signatures are complete or the documents that are sent out and pending signatures
  • ID Verification Support Documents - Detailed report of the decision on ID verification along with support material provided for id verification (example DL, passport, state Id etc.)
  • ID Verification Report -  Here you will find the consolidated CDD report of the ID verification
  • Payment Documents - Payment information when funding is complete

 

 

Manual Intervention Scenarios/Features in Account Opening BO

 

Though the happy path is the customer seamlessly moving through all the stages of the application on their own there are scenarios where you will need to intervene and take some manual steps to get the application to the finish line depending on what stage a particular application is on.

 

To reiterate this is the order of the application flow in 90% of the cases (If your case is different please reach out to the CreditSnap team for help) : 

 

  1. Customer Completes Application and Provides Consents
  2. Completes KYC/ID-Verification to Successfully be generate Member related credentials from Core
  3. Signs E-signatures for Account Opening Docs
  4. Funds the account

 

Let us break down the manual Intervention actions for each of the above stages of the application:

 

Manual Action Buttons On Documents Tab

 

  1. +Request Funding - Use to send “Resume Application” links to fund the account. Should only be used after esignatures are complete

 

  1. Refund Deposit -  Allows you to refund already funded application

 

  1. +Generate OFAC - Manually generates OFAC 

 

  1. +Generate Qualifile - Manually generates Qualifile report if applicable for your Institution

 

  1. +Initiate ID Verification - Use to send “Resume Application” links to the Applicant

 

  1. +Create Signature Packet - Allows you to manually select and send esginature documents to the customer. IMPORTANT:  After selecting the required documents and clicking “Request eSignature”, expand the “Signature Documents'' tab that you just created. Here you can view 
  2. the signature package by  clicking “View”, once you are satisfied please click “Send for E-Signature” to deliver the signature package to the customer to sign.

 

  1. +Request Document - You can request support documents by using this button. The requirement of what these support documents are should be shared with the CS team to configure in advance. You can raise a helpdesk ticket for this if you want to do so now.

 

  1. +Generate Audit Document -  Creates a pdf with all the user information along with a history of all the events in this application

 

  1. +Add Document - You can upload documents to the application by choosing this button

 

What do do when an application is submitted but ID verification is not completed?

 

Verify the status of the application on the Applicant tab - If it is on Verification Started status the user may not have completed the IDV steps on their mobile device. If it is in Verification Failed status check the  ID Verification Support Documents and ID Verification Report sections on the Documents tab to see why they have failed.

 

In both of the above scenarios you can click on the +Initiate ID Verification Button to send out links to the customer to complete IDV.

 

In cases where IDV has failed but you are comfortable approving the ID manually either on reviewing the IDV support documents or by other methods -  You can Push to Core from the Core tab -  this will generate and deliver core data to the application

 

What to do when the customer has not received the e-signature package?

 

In cases where the applicant has not received the e-sign package to sign after completing IDV successfully and or where you may need to resend them. There are two methods to deliver them

 

  1. If an app is already on the ACCOUNT_SUBMITTED or DOCS_STARTED Status - Use the Hamburger menu on the top right of the dashboard () and in the dropdown select “Send App Online” This will trigger documents of signatures and in the same flow will direct the customer to fund the account subsequently.
  2. Click the +Create Signature Packet button on the Documents tab and select the applicable  documents you wish to deliver for signature. This will create a Signature Documents package which will be delivered directly by docusign and any subsequent steps to complete the application will need to be triggered from the Bo.

 

 

 

 

CreditSnap tracking overview:

 

CS has two tracking parameters - referralCode (to be used at campaign level) and subID (to be used at lead level). Both are optional. For web traffic, these can be passed as URL parameters. For API channel, these can be passed as a part of the API payload

 

ReferralCode Overview:

  1. when referralCode passed in the URL as url parameter, then referralCode parameter will be populated with the param value
  2. In the absence of these variables, system will then look for utm_source, utm_medium and utm_campaign params, and whatever there will be captured and appended together into referralCode (like in the screenshot)

subID Overview:

  1. When subID passed in the URL as url parameter, then subID parameter will be populated with the param value
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