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Consumer Lending

The current combination of increasing market requirements and increasing cost reductions are pressing financial institutions to rethink and streamline their financial services. One of such services is to provide loans to individuals granted to them for personal use; usually unsecured and based on the borrower’s integrity and ability to pay. This consumer lending process is currently going through a transformation from being a time and resource heavy process to an almost fully automated process. Where customers used to wait for several days or even weeks before being able to sign the final offer after visiting one of the local offices, nowadays in most cases an offer is being provided to them directly on their computer, tablet or even smartphone directly from the comfort of their own home.

Using BPM most parts of the loan origination process can be automated resulting in a decreased time to offer and an increased customer satisfaction. By applying so called “screening at the gate” the eligibility of the customer is already verified at the start of the process. This not only reduces the amount of requests that don’t result in an offer, it also enhances the customer experience by removing unnecessary steps and providing direct feedback. If the customer is found eligible the application can support the customer by finding the correct product fitting or even tailored to their specific needs. A good example of such support is illustrated by one of our solutions; the decision driver. After determining the correct loan product(s) an offer can be directly generated and proposed to the customer. Using easy maintainable risk and pricing models a customer specific pricing can be determined based on data gathered from a variety of resources ranging from back-end systems to social media. As an additional benefit, this new way of offering consumer loans also provide extra opportunities for cross-selling.

Enabling change: “Business and IT working together as one team.”
Bert Westeneng

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