Firm aims to disrupt the market with new digital platform that speeds up online credit applications
Elly Yates-Roberts |
This article was originally published in the Autumn 2019 issue of The Record. Subscribe for FREE here to get the next issues delivered directly to your inbox.
Applying for credit from a bank is traditionally a complex, paper-based process involving countless trips to and from a bank branch to obtain information and deliver and sign dozens of documents. For home buyers in particular, this process brings unnecessary stress and strain at a very busy time.
At ITSCREDIT, we want to simplify this process and ease the lives of homebuyers the world over. Our digital platform allows bank customers, in real time, to simulate the amount and term of a new loan and apply for it. After signing a contract, they can obtain its approval and the money is released. The complete credit application process can be made via computer, smartphone or tablet, taking place completely online and in less than 20 minutes.
Our mobile app goes a step further and aims to disrupt the concept of self-service banking. Recently demonstrated at Finovate in London, the app enables users to not only apply for and obtain the approval of new credit but enables them to consult and manage all current credit operations in real time.
The app also stores a full history of all the calculations saved by the user. If they are already a client of the bank, their personal and financial data is registered to the app in order to pre-approve a budget.
It’s also possible to change the conditions of a loan at anytime and anywhere exclusively through the app. This once again avoids the need for the customer to go to the branch office. The options are top up (allowing the client to ask for more money), term (increasing the period of the loan) and pay (partially in advance or as the total amount in debt).
Despite granting total autonomy to users in the management and obtaining of new credit, banks always have the possibility of contacting customers through the app itself, during the process. They can provide the necessary support for the implementation of the operations and help to clarify any doubts.
By digitising and automating all of these processes, our customers can establish a relationship that is much simpler and more immediate, meeting their customers’ expectations. A win:win scenario!
João Pinto is the CEO of ITSCREDIT