We are pleased to announce that JurisTech has been recognised as a Representative Vendor in the Gartner® 2024 Market Guide for Commercial Loan Origination Solutions (CLOSs).

We believe that this recognition underscores JurisTech’s role as an innovative player in driving digital transformation in commercial lending and empowering banks and financial institutions (FIs) to enhance their loan origination processes.

According to Gartner, “Commercial loan origination solution (CLOS) platforms help address banks’ appetite for best-of-breed options since they integrate various componentised services, including those sourced through partner ecosystems.”

CLOS platforms offer banks and FIs a flexible way to adopt the best available solutions by integrating various specialised services. Instead of relying on a single monolithic system, CLOS platforms combine services from multiple providers, often through a partner ecosystem, enabling banks to customise their loan origination processes to fit their specific needs.

Gartner reports that “CLOSs have now generally embraced composable architecture, typically employing independent microservices modules to enable packaged business capabilities (PBCs).” Composable architecture allows CLOS platforms to break down complex systems into independent, modular microservices. These microservices, called PBCs, enable banks and FIs to quickly add or modify specific functions, like credit scoring or document management, without disrupting the entire system, leading to more agile and scalable operations.

In our view, JurisTech’s Juris Originations Management Commercial (JOMCOM) platform is designed to address some of the key industry findings. As a cloud-native solution built on a composable architecture, JOMCOM enables financial institutions to configure their workflows and tailor the platform’s features to their specific requirements. Its AI-powered credit risk assessment tools and integrated document management capabilities that enhance decision transparency, compliance, and security.

In particular, JOMCOM offers:

• Explainable AI and Transparency: As AI becomes more central to decision-making, the need for explainability and transparency is critical, especially in regulatory environments. JOMCOM integrates explainable AI to ensure that decisions can be easily justified, particularly in the context of adverse credit decisions.
• Automation of Document Handling and Data Extraction: Through advanced document management and intelligent data processing (IDP) technologies, the platform automates the collection, validation, and storage of loan documentation, ensuring a smoother and more compliant lending process.
• Scalability and Flexibility: Built with low-code/no-code tools, JOMCOM offers a high level of configurability, allowing banks to adapt to future business changes or regulatory updates quickly and efficiently. Its cloud-native architecture further ensures that the platform can scale seamlessly as loan volumes increase.

“We are thrilled to be recognised as a Representative Vendor in the Gartner 2024 Market Guide for Commercial Loan Origination Solutions. We believe this recognition underscores our continuous efforts in driving innovation within the lending sector. Through JOMCOM, financial institutions find the flexibility and intelligence needed to navigate the complexities of modern commercial lending. By leveraging AI and hyperautomation, we ensure that banks and FIs alike can streamline their processes while maintaining transparency, security, and compliance.” – JurisTech CEO, See Wai Hun

In our view, the adoption of AI and composable solutions is no longer a luxury but a necessity for banks seeking to remain competitive. JurisTech’s JOMCOM is offering cutting-edge features such as real-time credit decisioning, embedded finance capabilities, and advanced risk analytics. By incorporating APIs and cloud-native capabilities, JOMCOM supports seamless integration with core banking systems and third-party datasets, enabling financial institutions to offer more personalised and responsive lending solutions.

As banks continue to face increasing regulatory pressure and evolving customer expectations, platforms like JOMCOM are crucial in helping institutions scale their operations, improve efficiency, and meet the demands of a rapidly changing market.

To learn more about Juris Originations Management Commercial (JOMCOM), visit our product page for more information.

Gartner subscribers can access the full report on Gartner’s Website.

Gartner, 2024 Market Guide for Commercial Loan Origination Solutions, Derek Frost, Agustín Rubini, 9 September 2024.

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About JurisTech

JurisTech is a global leading company, specialising in enterprise-class lending and recovery software solutions for banks, financial institutions, telecommunications, and automobile companies worldwide. JurisTech has been mentioned as a Representative Provider for Lending Ecosystems, as a Representative Vendor for Commercial Loan Origination Solutions, and as a Sample Vendor for Commercial Banking Onboarding across Gartner reports in 2024.

We power economies by reimagining financial services with cutting-edge software solutions, leveraging composable architecture and generative AI. Our offerings include artificial intelligence (AI), auto-decisioning, digital customer onboarding, loan origination, credit scoring, loan documentation, litigation, and debt collection.

Our solutions have enabled businesses across a broad array of industries to undergo digital transformation, providing enhanced customer experiences and, most importantly, achieving their business goals.