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Arvato Financial Solutions Enables the Digitization of Loan Application Processes
BADEN-BADEN, Germany, November 3, 2016 /PRNewswire/ --
Arvato Financial Solutions, a global financial services provider, can shorten the loan
application process via its solution 'digital account check' for customers from several
days to less than 30 minutes. One of the first outstanding examples on the German market
is Barclaycard, one of the world's leading banks.Â
Barclaycard has successfully digitized the complete loan application process for their
online business through the combination of the digital account check and a newly
implemented video identification solution.
Internet and mobile devices have become core elements of our life. The digital
revolution is also transforming the way customers access financial products and services.
Innovation must therefore be part of the banking and finance DNA, too. In recent years,
e.g. the payments industry has experienced a high level of disruption with the surge of
new digital applications that facilitate easier payments, alternative processing networks
and the increased use of electronic devices to transfer money between accounts. Fintechs
introduce innovative technologies and challenge traditional banking processes. Speed and
convenience are therefore vital in order to fulfill the customers' expectations in digital
processes. However, in spite of a variety of optimizations in recent years, there has
still been no fully automated consumer loan application process. In times of digitization
and quick delivery of products consumers want to receive the requested credit amount on
their account easy and promptly.
On the German market it takes nearly one week including mail delivery time to validate
the indications of an applicant for a loan decision. To assess a consumer's credit
solvency means that you have to evaluate the financial situation on basis of a valid and
extensive budget accounting. By digitizing the complete loan application process consumers
can now profit from a radical time reduction. The digital account check makes the loan
application process much easier - both online and in the branch. The solution allows the
applicant to submit the relevant documentation for the transaction digitally and in real
time and thus enables a deep-dive analysis of his account - by giving his consent and
entering the login data by himself for a one-time access to his account.
The digital account check is aggregating the account transactions, is realizing an
online housekeeping billing and is calculating the available liquidity. Furthermore,
external data such as credit information can be integrated, too. The data is checked and
thoroughly analyzed in real time. A recommendation is then provided based on this analysis,
allowing the bank to make a quick and safe decision on whether to accept the application.
The customer receives the loan automatically onto the account within 24 hours depending on
the individual settings of the bank.
This can now be done without any change in media - unlike the old process, which
frequently involved printing out statements, sending them by post and digitizing them in
the bank where complex checks were performed. This often led to the procedure being
cancelled partway through.
Dr. Frank Schlein (President Risk Management, Arvato Financial Solutions) says: "We
introduced to the market a new very consumer-friendly financing product observing the
strict data protection and data security requirements in Europe. With the digital account
check Barclaycard and our other clients from the banking sector are one step ahead and can
offer a comfortable, quick and safe loan process to consumers."
Thomas Morchen (Head of Product Management Deposits & Loans at Barclaycard)
emphasizes: "By digitizing and streamlining the loan application process we have reached a
significant shortening of the loan decision for our customers. The digital account check
has been the missing link for a completely digital loan application process. We are
expecting a considerable increase in credit agreements. Our customers will not have to
select, copy and send by post anymore old account statements and other documents as the
salary slip, but can apply and decide for the loan completely digital. In case of a credit
agreement the money is often transferred within hours, but latest in the morning of the
next day."
For more information and the download of relevant infographics, visitÂ
https://www.arvato.com/finance/en/solutions/financial-solutions/risk-management/digital-account-check.html
About Arvato Financial SolutionsÂ
https://www.arvato.com/finance/en.html
Â
Press contact:Â
Nicole SchielerÂ
c/o Arvato infoscore GmbHÂ
part of Arvato Financial SolutionsÂ
Rheinstrasse 99Â
76532 Baden-BadenÂ
presse.afs@arvato.comÂ
Phone +49(0)7221-5040-1130Â
Fax +49(0)7221-5040-3055Â
http://finance.arvato.comÂ
Â
arvato infoscore GmbH
Arvato Financial Solutions Enables the Digitization of Loan Application Processes
BADEN-BADEN, Germany, November 3, 2016 /PRNewswire/ --
Arvato Financial Solutions, a global financial services provider, can shorten the loan
application process via its solution 'digital account check' for customers from several
days to less than 30 minutes. One of the first outstanding examples on the German market
is Barclaycard, one of the world's leading banks.Â
Barclaycard has successfully digitized the complete loan application process for their
online business through the combination of the digital account check and a newly
implemented video identification solution.
Internet and mobile devices have become core elements of our life. The digital
revolution is also transforming the way customers access financial products and services.
Innovation must therefore be part of the banking and finance DNA, too. In recent years,
e.g. the payments industry has experienced a high level of disruption with the surge of
new digital applications that facilitate easier payments, alternative processing networks
and the increased use of electronic devices to transfer money between accounts. Fintechs
introduce innovative technologies and challenge traditional banking processes. Speed and
convenience are therefore vital in order to fulfill the customers' expectations in digital
processes. However, in spite of a variety of optimizations in recent years, there has
still been no fully automated consumer loan application process. In times of digitization
and quick delivery of products consumers want to receive the requested credit amount on
their account easy and promptly.
On the German market it takes nearly one week including mail delivery time to validate
the indications of an applicant for a loan decision. To assess a consumer's credit
solvency means that you have to evaluate the financial situation on basis of a valid and
extensive budget accounting. By digitizing the complete loan application process consumers
can now profit from a radical time reduction. The digital account check makes the loan
application process much easier - both online and in the branch. The solution allows the
applicant to submit the relevant documentation for the transaction digitally and in real
time and thus enables a deep-dive analysis of his account - by giving his consent and
entering the login data by himself for a one-time access to his account.
The digital account check is aggregating the account transactions, is realizing an
online housekeeping billing and is calculating the available liquidity. Furthermore,
external data such as credit information can be integrated, too. The data is checked and
thoroughly analyzed in real time. A recommendation is then provided based on this analysis,
allowing the bank to make a quick and safe decision on whether to accept the application.
The customer receives the loan automatically onto the account within 24 hours depending on
the individual settings of the bank.
This can now be done without any change in media - unlike the old process, which
frequently involved printing out statements, sending them by post and digitizing them in
the bank where complex checks were performed. This often led to the procedure being
cancelled partway through.
Dr. Frank Schlein (President Risk Management, Arvato Financial Solutions) says: "We
introduced to the market a new very consumer-friendly financing product observing the
strict data protection and data security requirements in Europe. With the digital account
check Barclaycard and our other clients from the banking sector are one step ahead and can
offer a comfortable, quick and safe loan process to consumers."
Thomas Morchen (Head of Product Management Deposits & Loans at Barclaycard)
emphasizes: "By digitizing and streamlining the loan application process we have reached a
significant shortening of the loan decision for our customers. The digital account check
has been the missing link for a completely digital loan application process. We are
expecting a considerable increase in credit agreements. Our customers will not have to
select, copy and send by post anymore old account statements and other documents as the
salary slip, but can apply and decide for the loan completely digital. In case of a credit
agreement the money is often transferred within hours, but latest in the morning of the
next day."
For more information and the download of relevant infographics, visitÂ
https://www.arvato.com/finance/en/solutions/financial-solutions/risk-management/digital-account-check.html
About Arvato Financial SolutionsÂ
https://www.arvato.com/finance/en.html
Â
Press contact:Â
Nicole SchielerÂ
c/o Arvato infoscore GmbHÂ
part of Arvato Financial SolutionsÂ
Rheinstrasse 99Â
76532 Baden-BadenÂ
presse.afs@arvato.comÂ
Phone +49(0)7221-5040-1130Â
Fax +49(0)7221-5040-3055Â
http://finance.arvato.comÂ
Â
arvato infoscore GmbH