Elly Yates-Roberts |
The current Covid-19 crisis is radically changing consumer behaviour, pushing many to take all their banking needs online. Investments in technology and processes to redefine business models are now necessary in the current context.
In general, we believe that this crisis is an opportunity for fintech to gain preponderance. The fact that almost everything is being done remotely further accelerates the widespread digital transformation in society.
At ITSCREDIT, we want to simplify the credit process and ease people’s lives the world over. We offer an Omnichannel Digital Lending Platform which allows bank’s customers to complete a credit application process from home in minutes and comply with government recommendations. The software starts by simulating the amount and term of a new loan and applying for it. We then simplify the whole bureaucratic operation process, allowing documents to be uploaded, accepted and confirmed with a simple click. At this stage, the process is pending a digital signature of the contract, such as the receipt of an SMS with a code to authorise the operation, after which the money is disbursed.
At the same time, as the effects of Covid-19 become more widespread and impactful, many banks and financial institutions are having their employees work from home, which comes with unique performance and managerial challenges.
Our 100 per cent online platform was already prepared to give banks total control over the Digital Lending process, allowing our clients to always be one step ahead of the competition. As our four main modules can be quickly, easily and completely integrated with the existing lending workflows of a bank and its core system for the contextualisation of the client and data import, all management can be easily done from home. Taking place exclusively in a digital environment, our solution is highly configurable, reducing the distance and formalism between the banking institution and its clients.
By making digital and automating all these processes our customers can establish a relationship that is much simpler and more immediate, meeting their customers’ expectations. Besides, our credit platform has already proved capable of providing a considerable increase in leads and the volume of loans. Despite these increases, there was a decrease in the waiting time for credit approval, a decrease in operating costs and a reduction in the time taken to launch new products.
We will continue to work tirelessly to ensure banks an effective day-to-day operation, improving the credit process from the simulation all the way to the disbursement to help them improve and excel during these difficult times.
Filipe Catalão is CEO of ITSCREDIT
This article was originally published in the Autumn 2020 issue of The Record. To get future issues delivered directly to your inbox, sign up for a free subscription.