Verifying the identity of millions of customers remains one of the most time-consuming and resource-draining exercise for many financial services providers.
While automation and real-time data access have dramatically changed the rules of the game, financial organizations still oftentimes expect a significant, years-long, infrastructural investment upfront to achieve this transition.
In our experience working with a tier-one Australian bank, this evolution can come to fruition in a matter of months.
Historically a brick and mortar institution, this leading national bank was seeking to expand into the SME lending market by offering unsecured loans of up to $50,000 online.
Larger, complex organizations were typically served through face-to-face interactions with relationship managers. Ensuring the highest level of customer experience for faster-paced SMEs would, in contrast, require an online lending platform able to deliver loans within seconds and with minimal customer input – an entirely new channel of engagement and delivery for this institution.
The bank embarked on a partnership with DemystData and Oliver Wyman to develop automated processes. DemystData provided:
- the technology to automate decision making behind the online application on the one hand; and,
- data access to instantly verify customer information against dozens of external sources on the other.
Different types of data able to confirm SMEs’ background information and gauge their financial health (including their registration numbers, financials, and the stated purpose of the loan) were integrated.
By collaborating with DemystData, the bank was able to test and integrate dozens of types of data sources and cloud accounting providers, resulting in a streamlined decisioning process as well as a best-in-class digital customer experience.
The platform went from ideation to launch in just under 4 months. Today, SME loan decisions are made in a matter of seconds on the bank’s digital platform.