Introduction

In this case study, we will explore how a large financial institution operating in the banking sector successfully implemented automation in credit limit applications. The client aimed to increase sales through remote channels while reducing the cost of loans. They also sought to improve customer experience by providing an omnichannel solution and enhance the conversion rate of sales processes.

Client Profile

The client is a major financial institution operating in the banking sector. With a focus on expanding sales through remote channels, they aimed to streamline credit limit applications and improve the overall customer experience.

Challenge

The client faced the challenge of increasing sales of credit products, such as revolving limits and debit lines, through web and mobile channels. The complexity of the product offering, including the need to support existing products migrated from other banks, added to the challenges of the project. The goal was to simplify the credit limit application processes while ensuring seamless integration with the bank’s environment, which consisted of over 100 integration services.

Solution

To address the client’s expectations and challenges, a collaborative approach was taken. The project team worked closely with the client to define a common goal and streamline processes. The focus was on simplifying the application processes while accounting for specific situations, such as complex sources of income. Technical verification and risk mitigation were carried out from the beginning of the project to ensure seamless integration with the bank’s environment.

Key aspects of the solution included:

  1. Omnichannel Approach: The implementation of an omnichannel solution provided customers with a seamless and consistent experience across web and mobile channels. This approach improved customer comfort and satisfaction while attracting new customers to the bank’s credit products.
  2. Simplified Processes: The project team worked to simplify the credit limit application processes, ensuring a user-friendly and efficient experience for customers. By streamlining the processes and eliminating unnecessary steps, the client aimed to improve the conversion rate of sales processes.
  3. Integration with Bank’s Environment: Seamless integration with the bank’s environment was a crucial aspect of the project. Over 100 integration services were incorporated to ensure smooth data exchange and compatibility with existing systems. Technical verification and risk mitigation measures were implemented to ensure a successful integration from the outset.

Results

The implementation of credit limit application automation yielded significant results for the client:

  1. Increased Sales Volume: The introduction of an online credit limit application functionality, supported by an omnichannel approach, resulted in increased sales volume. The streamlined processes and improved customer experience attracted new customers and encouraged existing customers to utilize the bank’s credit products.
  2. Enhanced Customer Experience: By simplifying and automating the application processes, the client achieved an improved customer experience. The omnichannel approach provided customers with convenience and flexibility, enabling them to access credit products easily through their preferred channels.
  3. Cost Reduction: The automation of credit limit applications contributed to a reduction in loan costs for the bank. By streamlining processes and minimizing manual intervention, operational efficiencies were gained, resulting in cost savings.

Conclusion

The successful implementation of credit limit application automation enabled the client, a leading financial institution in the banking sector, to achieve increased sales, improved customer experience, and cost reduction. By adopting an omnichannel approach and simplifying the application processes, the bank effectively attracted new customers and enhanced customer retention. The seamless integration with the bank’s environment ensured smooth data exchange and compatibility with existing systems.

This case study demonstrates the client’s commitment to leveraging technology to streamline operations, enhance customer satisfaction, and achieve business growth. By implementing credit limit application automation, the client positioned themselves as a leader in the industry, offering convenient and efficient credit solutions to their customers through remote channels.