Loan applications involve a lot of paper work and require a great deal of time and concentration. Every application has to be recorded in the lending system and scored, priced and checked against external registers before it can be approved or refused.
BN Bank wanted to offer its customers a simpler and smarter internet-based loan application process that would allow potential borrowers to enter more of the information needed themselves. The bank was keen at the same time to develop a more automated approach to processing loan applications.
EVRY’s Self Service Lending Solution offers a market-leading level of automation. The application form is simple and intuitive, and built-in checks and operating logic filter out those applications that do not satisfy the requirements. Almost all data registration and checks required for applications that qualify for further processing are carried out automatically.
In addition to digitising the process of completing loan application forms, BN Bank has introduced additional functions such as secure identification via BankID, dynamic interest rate calculation and the automatic sourcing of information on the applicant’s assets and borrowings, further simplifying the process.
A popular banking innovation
Loan applications that are refused generate no revenue for the bank. There is therefore an obvious efficiency gain in automating the process of filling in the application forms and transferring this task to the customer. Customers also feel as if they have more control over their application.
The new service has rapidly become a popular new option among customers. Self-service loan applications have made applying for a loan more attractive than before.
The bank’s own figures indicate that customers really do appreciate the simplicity of the service and the fact that they have to enter their details fewer times and complete fewer forms.
“What this means for us at BN Bank is that the bank is not only receiving more applications for loans, but also that we are more efficient at processing them all. EVRY’s Self Service Lending Solution filters out a lot of the applications that cannot be approved, enabling us to spend our time on those applications that may result in loans being granted and so creating new customer relationships”, comments Bård Kvam, who manages BN Bank’s lending and savings department.
“In addition, the time spent processing successful applications has gone down significantly. Much of the work involved in inputting data and scoring, pricing and checking the application against other systems is now done automatically”, he adds.