Norwich &
Peterborough Building Society deliver a 65% increase
in successful loans applications after automating its loan
system.
Norwich & Peterborough has deployed
TietoEnator's Instalment
Credit Suite as part of a move to manage all personal loan
administration in-house.
The fully integrated personal loans application and
administration system was created by linking TietoEnator's
Instalment Credit Suite with Norwich & Peterborough's
custom-built front end.
The system will provide a fully automated straight through
process from application to loan administration, with the new front
end speeding up the application process and providing existing
customers with a pre-approved loan amount.
Applications are now received into the TietoEnator system having
been automatically credit checked by the front end.
Once the system has auto-approved the application, the funds are
released and the loan is fully administered.
If a customer is unable to keep up with loan payments, the
system will also manage the necessary collections processes. It
flags applications for manual intervention and underwriting only if
a problem is identified at the application stage.
Andrew Clare, head of banking at Norwich & Peterborough,
said, "To provide the best possible service to our customers we
required two things - complete control of the loan administration
process, from initial enquiry, through to life-time loan
administration, and a multi-channel facility for loan
applications.
"The new system delivers on both counts and has resulted in a
significant increase in approved loans - up by 65% on the same
period last year."
Norwich & Peterborough customers can now apply for a
personal loan through a number of channels: by phoning the contact
centre, visiting a branch or completing the application online.
Customers can also switch channels during the application
process - starting off online and then completing the application
via the contact centre, for example.
All three channels feed into TietoEnator's Instalment Credit
Suite for full administration.
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