Credit application process

Plus Workflow System is utilised in Banks, reflecting their key business processes. Plus Workflow reduces timein approving credit applications, which considerably improves the competetive market position of the Bank.

The time needed to approve credit application is oneof the key factors which determines the success of a particular credit service on the market (in particular, within consumer credits). However, reducing the time to approve credit application and at the same time maintain the correct credit assessment process, creates a major challange for the organisation. Plus Workflow offers an excellent support of that process –a process management system which reflects the credit approval process (credit application),as well as approval and work on the credit agreement.

The process of credit application management has severalorigins. It can be activated through filling in an online credit application form on the website of the Bank with help of the bank broker, or the end client himself, or through filling in an online credit application form by the bank branch employee, or finally through the scanning of the credit application form and the signing of the form by the applying client. In addition, scanned documents, required by the Bank ( e.g., an ID card) are attached to the electronic credit application. Based on this, the credit application process is activated. The process is undertaken according to an earlier designed process map. The stages of the process are: approval, estimating banking risks, client verification, and generating a series of internal documents. The last stage of the process is the credit application assessment process, which is done by a special committee who either reject the credit application or approve it, and then inform the client about the decision. System Plus Workflow allows the generation of automatic proforma credit application forms with annotations and terms and conditions for the end client. The whole process lasts between 10 and 20 minutes. Furthermore, based on the approved credit application, the process of drafting a credit agreement can be activated, which includes all data from the previously created credit application.

In the process, so called „automatic tasks”of the Plus Workflow system are used. They do relevant calculations at the stage of credit application, collect data which is made accessible by the Banking system and other external sources. Plus Workflow can be „linked” with the Bank’s portal to standardise the user’s interface with the Bank.

Plus Workflow can be used extensively in key bank processes as it is an efficient IT tool which ensures a competetive advantage and effectively improves the most essential processes and actions which are completed in the Bank, through automation and standardisation. However, the final decision always lies in human hands.