Advantages of Apply Online

The advantages of using an online form within the banks website are:

24/7 availability of the online application service

easy solution in time and money saving
low costs for both the bank and the customer
website visitors turn into potential customers
ease of use
fast form filling and direct access to the forms
collection of marketing data useful for product promotion campaigns
knowing of the product and its characteristics
communication transparency
professional advisers in choosing the financing solution
the way of separating us from the competition (on the client level) is offering a precise
calculation of the loaned amount and the detailed reimbursement chart

Apply Online current practice

Cash loan application - main flow:

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The customer applies for a loan and fills in the requested form data;
The form filled in provides the state of eligibility for the client (a sort of
pre-scoring)
The data is loaded into the bank system for later analysis
An operator (can be a credit officer from a branch) calls the customer to
confirm the data entered in the form
After the confirmation, the customer is required to bring the original
documents to a branch
At the branch the application and documents are analyzed (this can take
several days loan application follows the standard workflow)
If the analysis is positive for the customer, the branch will contact him/her
for signing the credit contract with the bank and obtain the requested loan

Apply Online
Cash loan application - main steps - ideal proposal
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The customer applies for a loan and fills in the requested form data;
The system should make an automatic decision telling him that he is eligible to
obtain a loan or not (risk issue regarding the type of analysis)
The form data is loaded into Mille-Flow for automatic analysis;
The application that passes the pre-analysis enters on the queue of an Call Officer
(RLC)
Call officer (RLC) calls the customer to confirm the data entered in the form
(asking also additional data);
Call officer performs all the necessary verifications;
With all the data confirmed, the application is analyzed by an Approval officer;
The customer is announced to provide the original documents to a branch; (A)
The RM in the branch receives, checks and sends the scanned original documents
to approval officer to check them with the data in the system;
The contract is signed and scanned for disbursement; (B)
The loan is disbursed. (C)

Issues to be discussed/decided

The online data form must be easy to fill in (intuitive or field restrictive)
Simple simulation (data for pre-scoring) in order to catch the client
Complete simulation (all automatic checking) in order to provide an accurate result
Determine what fields are necessary to be in the data form in order to be able to provide an
online answer of pre-qualifying for the credit product (Risk opinion)
Which should be the flow in performing the analysis for the eligible applications (Risk opinion)
Which should be the flow since the customer comes to branch (standard or specific one designed
for Apply Online)
For the applications analysis we may adapt and apply the flow followed in Retailers case fast
approval
The client should not be in the branch more than once
Estimated time for analysis of scanned docs
Estimated time for disbursement (from receiving contracts signed to having the money in the
account)
Possibility of competency at the branch level for confirmation of docs
Which documents could be avoided/skipped/not needed