What would you do in the time saved by automating credit underwriting? Numerous credit managers will agree that constantly doing the same manual work eventually gets boring. The solution? Automate. Automating certain processes makes your work more diverse and, most importantly, much more fun. We give you 4 reasons why automating just makes your job more fun.
A manual credit acceptance process includes many steps, from identifying and verifying proper identity to requesting credit information. A credit approval process can be sped up by about 80% through automation. This means much less time spent on manual work, and you can fully automate most standard cases. This time saving also reduces the workload of the department.
Time for complexity
There are always exceptions to the rule. The time you save with automation allows you to pay more attention to more complex cases. Ultimately, you want to be able to serve the customer as quickly as possible; when you can get a definitive answer faster, you increase customer satisfaction.
Creditworthiness of businesses fluctuate. To keep a clear picture of your customers, it is wise to keep monitoring them. With a manual process, you have to keep tracking this periodically, putting customers back through the grinder completely. With automation, your customers are monitored 24/7 and you get notified if anything changes. As a result, you have little to worry about with your current clients and can focus on new clients, or your existing clients who just need a little more attention.
Interesting read: Credit Monitoring: Opportunities for your organization
Automated credit checks also ensure compliance. When using a credit automation solution, an audit trail is maintained that the legal/compliance department can use. The risk of manual errors is minimized and false positive management is done for you. Thanks to credit automation you no longer have to compile complicated reports; the tool does this for you.
How did one of the Netherlands' largest leasing companies automate?
Van Mossel, the largest car group in the Netherlands, had a desire to automate the many credit checks of new lease applications to work faster and more accurately in the Netherlands, Luxembourg and Germany. The internationally accurate data provides new customers with a clear picture. 'Automation saves time that we can then spend on quality customization. We want to help customers in the best possible way' said the finance director.