Business Developer Loan & Financing
Despite significant success with automation and digitalization within lending, banks continue to face challenges regarding efficiency in their credit advisory processes. The pain points are evident: advisors are still spending too much time on manual data entry and have little time to spend on giving actual advice to their customers. In addition, tougher regulation from the financial authorities requires comprehensive documentation of the advice provided to customers.
To respond to market needs, Tietoevry is offering a new advisory solution that increases both advisor efficiency and customer satisfaction. To develop a competitive solution, we teamed up with Handelsbanken Norway and worked closely with its end users and stakeholders.
To minimize the time spent inputting customer information, it is essential that real-time data is retrieved when possible. This will yield great benefits, as valuable information is available in multiple registers and banking systems. Additionally, retrieving real-time data reduces the risk of human error associated with manual data entry.
Our solution
When starting an advisory session for a customer who has applied for a bank loan, our solution obtains all of the data available about the customer and their application. This means that the advisor does not need to spend any time at all on manual data entry and receives an immediate 360 view of the customer at the start of the meeting. During advisory sessions where a customer plans to apply for a loan, third-party integration with public and private registers allows real-time procurement of customer data.
A robust business logic also allows the data to be stored efficiently and reused by related systems, providing a seamless experience for both the advisor and the customer.
Many banks struggle as a result of inconsistent credit analyses across systems and channels. This is critical, as inconsistent results lead to unreliable analyses that create more work for bank employees. For example, the calculations which a customer uses in the self-service channel might differ from the ones in the bank’s loan processing systems.
In addition, the basis for a calculation in the loan processing system might differ from the one used in the advisory solution. This means that the results and advice provided to the customer during an advisory session might differ from those applied in the loan processing system.
Our solution
We have developed a modular financial analysis engine which is used in all our channels and credit processing systems, offering consistency and reliable results throughout the lending value chain.
'Tietoevry navigated us through an agile development journey through close collaboration and co-creation. They ensured that the end users’ voices were heard, and our business requirements were taken into consideration. We are confident that our new solution will streamline our advisors’ tasks and improve our customer satisfaction.'
Heidi Strandvoll, Project Manager at Handelsbanken Norway
Credit advisory services remain one of the first contact points between new or potential customers and the bank. Offering high-quality advice at the first meeting will therefore lead to long-term customer relationships and loyalty.
Findings from workshops with customers reveal that bank customers rarely understand their financial situation and the impact of their life events. In addition, lack of documentation and follow-up with a customer after an advisory session not only has a negative impact on the entire customer experience, but new regulation requires better documentation of the advice provided to customers by banks.
Our solution
Our customer-centric advisory tool offers a detailed presentation of financial information with easy-to-understand graphic visualizations of key figures. At the end of the meeting, the customer receives a comprehensive summary of the dialogue, allowing them to go away and review their options.
If you are interested in learning more about our advisory solution and how it can provide value for you and your customers, please contact us for a walkthrough of the solution.