Norwich & Peterborough Building Society streamlines loans with automation

Norwich & Peterborough Building Society deliver a 65% increase in successful loans applications after automating its loan system.

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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