In times when the term automation is a standard in many production areas as well as in the service industry, customers profit not only from lower product costs, but also from ever faster processing operations. Only in the financial services industry is the so-called automation moving in very small steps. This is, of course, due to strict legal requirements regarding data protection and IT security, but also to the technical development itself. Even though there are now numerous offers in the form of app’s, it turns out that even in the processing of various banking products there is still room for improvement. A typical example of this is the online application for a loan .
Old methods slowed down lending despite the Internet considerably
After all, 25 million loan applications had to be processed by German financial institutions in 2015 alone. An enormous work potential and thus ideally suited to simplify the individual process steps in the loan processing – that is: ” to automate “. The processing process for a loan offers more than sufficient starting points. First and foremost, on the topic of credit check and identification. The usual process for an online loan meant that the applicant had to send numerous documents via fax, e-mail or post to the bank. On submission of these documents, in conjunction with the SCHUFA information, it was determined whether the desired credit could be granted under the present economic conditions of the customer.
If a positive credit decision resulted from this check, the customer’s personal identification still had to be carried out. In practice meant to go to a post office with a piece of paper and his identity card and be identified there. The whole then again sent by mail to the bank. Duration of the whole procedure despite online loan application at least 9 working days . Due to postal delivery times, weekend and internal bank processing.
New technologies turn a loan into a real quick loan
With such a process, the fast credit often offered on the Internet became absurd. But in the last 2 years, thanks to the video-ident method, which replaces more and more the classic post-identification process, the application process has already accelerated significantly. So the topic still remains with the sending of documents. But even here, with the introduction of the Digital Account Check, a solution has also been found to significantly accelerate this process step. This technical solution enables the applicant to submit the account movement documents relevant to the application digitally and in real time. This is now possible without media disruption, which in the previous process – printouts of bank statements, mailing by mail, digitization in the bank and costly checks in the bank – often led to demolition.
The data are also checked in real time and analyzed comprehensively. An appropriate recommendation is sent so that the bank can make a quick and secure credit decision. Thus, the customer can immediately be notified of a valid credit decision. And that’s how an online loan turns into a real quick loan.