CLPS INCORPORATION ANNOUNCES NEW GENERATION OF LOAN MANAGEMENT SYSTEM DEVELOPMENT TO FACILITATE DIGITAL TRANSFORMATION FOR BANKS
HONG KONG, July 7, 2022 /PRNewswire/ — CLPS Incorporation (the “Company” or “CLPS”) (Nasdaq: CLPS), today announced the development of a new generation of loan management system (the “loan management system”), a product intended for small and medium-sized banking institutions. CLPS plans to launch the loan management system in Hong Kong and Southeast Asia region in 2023.
Digital transformation is taking a toll on traditional banks in Hong Kong. In scenarios that are difficult for traditional banks to cover, virtual banks use their data and technology advantages to gain more clients. In response, traditional banks have increased their investments in utilizing innovative technologies to keep up with the online banking trend, particularly as people have started adjusting to the ‘new normal’ brought by the pandemic. A strategy such as this involves the adoption of new product designs and the gradual transformation of legacy system without affecting the operation as a whole, in order to meet future system updates and development.
In a preliminary market research conducted by CLPS, it determined the eminent demand for a loan management system among its banking clients in Hong Kong and Southeast Asia. With the promising result, CLPS has been optimizing its loan management system by integrating its mature products with innovative technology such as blockchain, robotic process automation (RPA), optical character recognition (OCR), and facial recognition. The goal of the optimization is to achieve a more comprehensive and streamlined loan process flow, including in mortgage application, credit checking, and drawdown, among others, ensuring the privacy and security of information transmission while effectively shortening the processing time. As a result, customers can apply for a loan conveniently anytime, anywhere, reducing banking institutions’ operating costs and gaining a wider range of new business opportunities.
In the current market, bank loan management systems that adopt fintech-based technology are mostly designed for personal consumer loans and P2P lending. This situation has led CLPS to develop a new system that can support complex scenarios such as mortgage loans, thus expanding the application scope of the product and filling in the market gap.
To shorten product launch cycle, the new system also consists of parametric configuration which will allow banks to customize the design based on their respective credit rules and target customers. In addition, the secure and efficient integration interface allows it to be freely assembled and disassembled as functional components. Further, it can be integrated seamlessly with a bank’s existing core banking system and with other legacy systems in order to adapt to rapidly changing business needs.
Mr. Jackson Yuen, Product Manager of the loan management system of CLPS, said, “From a high-level design perspective, we leverage our expertise in innovative technology and our achievements in fintech to optimize our new product, creating a new generation of loan management system that will reduce costs and increase efficiency among banks.”
“Digital products and services offered by traditional banks should be improved in Hong Kong, as it actively promotes technological innovation in the banking sector,” said Mr. Raymond Lin, Chief Executive Officer of CLPS. “We hope to take this as an entry point to further invest in product development and help our clients in building distinctive businesses to remain competitive in the future of digital transformation.”
About CLPS Incorporation
Headquartered in Hong Kong, CLPS Incorporation (the “Company”) (Nasdaq: CLPS) is a global leading information technology (“IT”) consulting and solutions service provider focusing on the banking, insurance, and financial service sectors. The Company serves as an IT solutions provider to a growing network of clients in the global financial service industry, including large financial institutions in the US, Europe, Australia, Southeast Asia and Hong Kong SAR, and their PRC-based IT centers. The Company maintains 19 delivery and/or research & development centers to serve different customers in various geographic locations. Mainland China centers are located in Shanghai, Beijing, Dalian, Tianjin, Baoding, Xi’an, Chengdu, Guangzhou, Shenzhen, Hangzhou, and Hainan. The remaining eight global centers are located in Hong Kong SAR, USA, Japan, Singapore, Malaysia, Australia, India, and the Philippines. For further information regarding the Company, please visit: https://ir.clpsglobal.com/, or follow CLPS on Facebook, Instagram, LinkedIn, and Twitter.
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