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Credit Approval Process Solution
In financial services, there is still an abundance of paper flows and
manual processing which can often lead to poor throughput and insufficient
management information. Business
Process Management (BPM) technology such as Staffware is pivotal to
enabling Credit Approval Process, improved customer service and greater
management control.
Comwave provides
Credit Approval Process Solution to enable the bank to automate business
rules and reduce costs. The business
rules are not embedded in the code so the customer will be able to change
them when it suits the business.
Which gives banks far greater flexibility to service customers and
bring new products to the market quickly.
Credit Approval
Process Solution can be used to cut the paper chase that previously delayed
staff on a daily basis. Officers
would receive an application and they would then have to ensure the
applicant’s personal details were correct, conduct credit
assessments, confirm the security of the property, and reply to the
originator. The applications were
often in a handwritten format, meaning that staffs were spending a great
deal of extra time rechecking for information.
After bringing Credit
Approval Process into the banking system, all incoming documents are
monitored and stored, banks are able to quantitatively measure its business
and growth, with its management receiving daily reports on every aspect of
the process. These reports already
indicate the bank has cut application processing time, meaning that the
banks are much better able to respond to dealing with customers.
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