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August 13, 2022
Finance Technologies

Client experience: hallmark of the digital credit and lending journey

What is the Holy Grail of credit and lending transformation?


Benefits of a digital and real-time credit and lending management solution include improved customer experience, cost savings and reduced closing and funding times – all boosting fees and net interest.

Satisfied customers are vital whatever industry you’re in, but for the banking sector today’s competitive environment makes the ability to improve client experience and speed up closing particularly crucial.

In credit and lending the most fundamental way to measure this experience is speed of response, which can only be facilitated with a true end-to-end real-time platform. Most banks’ core legacy systems aren’t up to delivering the immediacy of information required to compete.

Client experience is a key starting point for selecting and maintaining a primary banking relationship. In addition to speed of response, other critical elements for client retention include an overall interactive experience, flexibility, and price. Each of these can only be addressed by a digital environment empowered by new real-time credit and lending platforms.

If banks are to match the Amazon Prime-like experience that customers now expect of any daily transaction, theyneed a new, unified lending platform. It must be capable of delivering the information needed to respond to requests, with the immediacy now regarded as no more than standard. The only way to achieve this level is with a real-time response to ensure the best client experience possible.

Creating a digital credit and lending ecosystem that can also enable robot process automation (RPA), bots and artificial intelligence (AI) will foster strategic transformation. The Holy Grail of credit and lending transformation is one where real-time management of accurate and complete data meets with current and future business goals – with no customer disruption. AFS® offers this with a single, digitally-enabled, straight-through processing platform that ensures accuracy in a unified credit and lending process.

A unified picture

A digitally-enabled credit and lending platform provides the foundation for accurate and reliable reporting, data quality, and a controlled framework to obtain the “one version of the truth”. This is fully and seamlessly integrated into a bank’s existing ecosystem to provide enterprise-wide delivery of accurate real-time data for a sustainable competitive advantage in the marketplace.

More than delivering this critical level of client experience, real-time information access is also vital in identifying and reacting promptly to risks or other exposures at any stage of the credit and lending process. Credit and lending solutions must also instantly react to any channel, be that mobile, relationship manager, in person or online. In addition, they should accommodate any other new channel or integration points either introduced now or needed at some point in the future.

As a long-standing strategic innovator, AFS knows that the world of innovation never stands still. Increasing customer expectations and market needs are the main drivers of our substantial investment in technology advances and product enhancement.

This is where our comprehensive solution AFSVision® proves its worth. It offers a real-time digitally enabled solution with multi-GAAP accounting for any type of loan, a cradle-to-grave credit and lending management system that spans loan application, underwriting, decision-making/sanctioning/funding through all servicing points, to provisioning and final workout. Each comes with full workflow enablement integration and with one single version of the data.

Banks gain enterprise-wide control of their lending businesses with a sustainable competitive advantage and have one single version of the truth. All are fully compliant with IFRS9/Anacredit/CECL requirements, while removing the pain of complex data extraction. AFSVision is already fully deployed and operational within many banks today and empowers real-time digital transformation while enabling the risk control framework.

This article is also featured in the March 2018 edition of the Banking Technology magazine.
Click here (or on the banner below) to read the digital issue – it is free!

Client experience: hallmark of the digital credit and lending journey
Client experience: hallmark of the digital credit and lending journey

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