How our digital lending tools are perfectly suited to the new reality of remote banking.

Covid-19 | The Shift from Digital Transformation to Digital Survival
21/05/2020

The coming months will be tough for many businesses and banks will play an important role to stabilize the system for their customers, employees, and for the economy.

The current Covid-19 crisis is radically changing consumer behavior, pushing many to take all their banking needs online, which means that this investment in technology and processes to redefine business models, which were reactionary measures that had a lot to do with cost reductions, are now necessary for survival and a preventive measure to stop the contamination by the new virus.

In general, we believe that this crisis is an opportunity for fintech to gain preponderance. The fact that almost everything is being done remotely, further accelerates the widespread digital transformation in society.

Technology has proved to be one of the greatest foundations of society throughout the crisis, allowing millions and millions of people to continue their "normal" lives, without having felt any difficulty in any type of service including financial ones.

At ITSCREDIT, we want to simplify the credit process and ease people’s life the world over. We offer an Omnichannel Digital Lending Platform which allows bank’s customers, in real-time, to complete a credit application process from home in minutes - helping them, in the current context, to comply with the government recommendations. They start by simulate the amount and term of a new loan and apply for it. We simplify the whole bureaucratic operation process, allowing to upload documents online, accept and confirm the conditions of each credit with a simple click. At this stage, the signing of the respective credit contracts is only pending on the receipt of an SMS with a code to authorize the operation and the money is disbursed.

At the same time, as the effects of COVID-19 become more widespread and impactful, many banks and financial institutions are considering having their employees, work from home, which comes with unique performance and managerial challenges.

Our 100% Online Platform was already prepared to give banks total control over the Digital Lending process, allowing our clients to always be one step ahead of the competition.

ITSCREDIT Platform comprises four main modules which can work independently or together

  • ITS Calculators is a unique and centralized calculator for all products and channels within the institution and related partners. Through its back-office catalog is possible to manage product characteristics and price lists autonomously. Among other features, it’s able to perform custom simulations, store and save those simulations as assets.
  • ITS Flowcredit is a loan origination system, 100% online, with automatic decision, for customers and non-customers and API availability for Open banking integration. With a complete parametrized system, our modular platform adapts to all types of business and credit, offering a product managing tool that allows business teams the ability to change product parameters easily.
  • ITS Risk Analysis & Scoring is a fundamental tool to calculate Scoring and Rating of the clients. It gathers information from companies, corporate groups’ bank systems, national banks and documents uploaded online becoming an essential tool to analyze the credit risk and score of corporate and particular clients.
  • ITS Collections provides a centralized management of credit in arrears including rehabilitation, specialized recovery, and write-off processes, providing automatic and manual communications through different channels with customers that overdue credit installments as SMS, letters and phone calls.

As our four main modules can be quickly, easily and completely integrated with the existing lending workflows of a bank and its core system for the contextualization of the client and data import, all management can be easily done from home. Taking place exclusively in a digital environment, our solution is highly configurable, reducing the distance and formalism between the banking institution and its clients.

By making digital and automating all these processes, our customers can establish a relationship that is much simpler and more immediate, meeting their customers’ expectations. A win:win scenario! Besides, our credit platform has already proved capable of providing a considerable increase in leads, an increase in the volume of loans and efficiency. At the same time, there were decreases in the waiting time for credit approval, a decrease in operating costs and a reduction in the time taken to launch new products.

ITSCREDIT team started working remotely prior the lockdown because is something we are used to do with success. Remote work is being supported by the solutions and network architecture in place to allow resources to be securely accessed from anywhere, including VPN and remote desktop services. With these measures we are making sure everything goes as planned, keeping the efficiency our clients are used to!

Major banks and disrupting institutions have already successfully adopted ITSCREDIT solutions. We already work actively on 13 banks within European, African and North American continents - Check here to see those who have already taken advantage of our Omnichannel Digital Lending Platform. We want to make our solutions known and position ourselves as world-class players in the development of software for credit solutions.

We will continue to work tirelessly to ensure banks an effective day-to-day operation, improving the credit process from the simulation all the way to the disbursement, to help them improve and excel during these difficult times.

We don't want to follow the market, we want to establish it.

 

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MORE

https://financialit.net/content/itscredit-empowering-banks-attain-full-control-over-credit-process

https://www.efma.com/article/detail/32510

https://jornaleconomico.sapo.pt/noticias/banco-montepio-da-carencia-por-6-meses-na-linha-de-credito-de-apoio-ao-covid-19-565015

https://www.technologyrecord.com/Article/digital-survival-in-the-post-pandemic-world-114883 

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