The current economy pushes business of all sizes to decrease costs and streamline their services. The customer becomes ever more important and more focus is put on the way a customer experiences a service. The same expectations which these business impose on their own processes and services, they expect from the financial institutions with which they do business. The process of providing loans to businesses is therefore undergoing a significant transformation. While traditional commercial lending processes tend to be time consuming and have a “time to offer” of multiple days or even weeks, the current customer expects to be able to perform a loan request in a way and time of day they prefer. Opposed to visiting a local office of the financial institution during working hours, they now expect to be able to request a loan using their mobile device while sitting on their own sofa during night hours.
Using BPM, a lot of these new requirements that have been imposed by the ever demanding customers can be fulfilled. By exposing their loan origination process to the customer and supporting multiple devices, the time and place restrictions of local offices have been removed. The customer gains the freedom to request a loan, compare offers and request for help in a manner and time which he/she sees fit.
While the online part of the process is most visible to the customer, the back-end part of the process is just as important when trying to decrease cost and “time to offer”. By automating and/or supporting the credit risk, pricing, compliancy, collateral appraisal and underwriting steps a financial institution can further optimize their loan origination process and thereby reach their goals. For most of the steps in which decisions need to be made based on set of questions and answers given by one or more employees, the decision driver solution can greatly speed up the implementation process.
Most steps in the loan origination process can be automated or supported; starting from the online application of the loan after eligibility checks have been performed to the disbursal of funds after receiving the signed contract.
“Our consultants have successfully supported multiple transformation programs at a variety of large financial institutions and can therefore help transforming your commercial lending services.”
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