Another partnership between a bank and a Fintech: the agreement signed with ViViBanca represents a further step for modefinance in the evolution of its technological offer to financial institutions: process automation and digitization of existing procedures, in order to cut times and costs of providing bank commercial services, serving the entire supply chain with a greater added value.
The platform, developed entirely on the bank's specific needs – bridging an entire digital analyses for the automation of salary-backed loan processes – is structured as a web service, fully customized according to loan criteria and customers' parameters established by the bank itself. This solution carries out a full-digital development of the analysis flow, allowing a rapid assessment with a real-time feasibility output of the financing practice.
Practically, the underlying decision-making algorithm integrates all the input parameters (i.e. the loan assuming criteria, the creditworthiness analysis of the employee's company -the actual debtor) and dynamically returns a Go or Non go evaluation.
This methodology, integrated with the automatic ATC (Third-Party Companies Loan) score, will allow a completely automated practice approval, with a considerable time-saving, supporting both the bank's analyst and consultant, as well as the end user, who obtains an immediate feedback on the loan's acceptance.
Being based on internal criteria, ViViBanca has the capability of autonomously modifying these parameters at any time, and this may allow a better offer development, and answer to different customer categories' personalized needs.
The digitization of the salary-backed loan will allow them to manage larger requests volumes, facing a sharp reduction in timing: according to ViViBanca, the approval processes (time-to-yes) are already being reduced by approximately 40%, with an estimated 57% on the investigations' instant closure by Q3 2021.
Once again, the automation of current procedures impacts not only the bank itself, but further reducing the number of suspended-and-rejected requests due to loading errors by 15%, will positively impact all its customers' value chain.