A dutch consumer finance business automates credit file validation with IDDILIGENCE
An end consumer finance company in a distribution chain needs to automate and improve the quality of client credit data.
The Dutch division of an important group of financial companies and companies specialised in consumer and business finance requested a solution to automatically validate credit files in an important chain of computer and electronics shops in that country.
To purchase products from the chain with credit, the customers had to submit a series of documents (identification, proof of income, address and bank account) data that was entered manually, resulting in errors and slow processing of the credits.
The aim was to implement a solution for automatic validation of the following:
- That all the credit documents are submitted.
- That the documents submitted are correct.
- That the documents belong to the holder.
- That the data is correct.
By implementing the Iddiligence solution, the process was automated, enabling validation of documents from two sources:
1. Directly from the shops all over the country.
The files, containing documentation submitted by customers, are digitized in the shop and the images are sent to the Department of the designated Financial Entity, where the integrity of the documentation as well as its veracity is checked.
When the documents are received, standard document processing operations are carried out (OCR, verification, recording, etc.) As well as operations specific for processing financial products, based on a controlled process flow, until finally the credit is either granted or refused.
2. In the offices of the Financial Entity in Holland, where the files are managed in case of contingency.
- The complete process of document collection, automatic validation, sending and credit confirmation has been reduced from 40 to 10 minutes.
- The efficacy of the process has been increased with verification and control of 100% of the required documentation and 100% of the operations.
- Elimination of the document processing BackOffice.
- Replacement of the physical mailroom by an digital mailroom with guaranteed delivery.
- Communication of credit refusal is reduced from 40 to 2 minutes.
- Rejections are reduced from 2% to 0%.
- Documentation available online for all the departments involved (risks, Customer Service, etc.).
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