Business Barometer

Success Story: Customer Loan Approval Within 5 Minutes.

At CRIFVision-net we love to show how our unique solutions can help all kinds of businesses using real life examples of projects we have competed. All projects vary in nature and no solution is ever the same, CRIFVision-net's team of information specialists tailor our services to your needs.

An exciting project CRIFVision-net recently completed for a Tier-1 bank operating in Ireland helped reduce customer loan approvals to under 5 minutes.

Pain Points

The Tier-1 bank felt the need to offer a better online on-boarding experience to support both business prospects and the sales force. With heavy competition from new digital entrants, it recognised the need to enhance and digitise the customer loan approval in order to boost customer satisfaction.

Goals

The bank asked CRIFVision-net to help it deliver on three vital goals in order to meet their requirements:

  • To facilitate providing the customer with an initial decision on loan approval.
  • To reduce the initial customer approval process to under 5 mins.
  • To support sales through a full digital process for managing preliminary loan approval.

Our Solutions & Outcome

In order to fulfil the bank's unique needs, CRIFVision-net looked towards three solutions to allow the client to provide a better experience for their customer and in turn increase sales:

  • API integration with CRIFVision-net data - to speed up the initial background checks of prospective customers in an automated and streamlined process.
  • On-boarding compliance packs defined for business customers - to allow automated KYC and AML compliance packs of CRO docs be generated and appended to the applicants record for faster approval.
  • Pre-filled forms - Customer journey significantly improved as forms were pre-filled using CRIFVision data as the backbone of the application data, for pre-filled forms and shortening the applicants time to apply.

With these solutions applied to the bank's loan approval process, a new digital customer evaluation journey was delivered. This tailored and automated process with a new <5min end-to-end approval time also meant less manual interaction from employees who could spend their time on more value-added tasks and customer care.

This success story is just one of many projects we have completed in the last year for our customers. The above was for business customers, but we have also developed similar solutions for personal customers. We will make sure to share more success stories in the future but in the meantime, if you want more information on how we can create and deliver a data solution for your business, you can contact us on:

Email: info.vision-net@crif.com
Phone: 01 903 2660

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