A digital loan application is a good start. However, meeting customers’ requirements still means that staff at financial institutions must invest valuable time in the manual processing of credit decisions. Despite standardised conditions, the allocation of personal loans is often only partially digitised at present, although it is possible to fully automate small private loans in particular without any great effort. Furthermore, every additional manual step is a potential source of error. Fully digitising and automating the decision-making process with the fintus Suite right through to the granting of loans reduces costs and risks across the entire process.
A digital credit check rather than paper-based proofs in the form of bank statements or salary slips can already reduce the manual effort. Thanks to our affiliated FinTech partners, a combination of the classic score, for example from Schufa or CredaRate, and the digital account check (DAC) is possible. DAC provides real-time access to the customer’s online banking information. The combination of all the available data for the credit decision optimises the conventional credit assessment procedure. This enables banks to optimise their margins and decrease the risk of defaults. Both applicants and customers receive real-time feedback and can finalise the loan online.