The internationally renowned provider of financial software, Fernbach, has, together with a major German commercial bank, developed and introduced a loan application system that provides functions for advising and processing private loans (KFPK, credit and financing planning for private loans).
Components that have been available since its introduction and that are based on the FlexFinance Platform are used and their functions and look & feel can be adapted to individual customer requirements.
Thus KFPK is the start-of-the-art application for the sale of consumer loans by consultants in the branches network. Consumer loans do not only include instalment and global credits but also their specific forms such as graduate loans, fixed price loans or temporary credit offers.
The loan application system KFPK can be integrated seamlessly into the bank's IT and service landscape and operates flexibly in compliance with any necessary modifications. Due to the underlying FlexFinance Platform and components, KFPK can benefit from all advantages of a SOA-based architecture.
Further benefits of KFPK
▪ Multi-company capability
The application is not only available for the staff of the major German commercial bank but also for the subsidiaries and financial advisers from mobile sales. Additional companies can be added easily.
New products or adjustments for existing products or conditions can be provided quickly - even in only one day, if necessary.
Since the loan decision is moved to the beginning of the process, there is a stronger focus on consulting.
User navigation is intuitive. Erroneous entries are avoided using a variety of plausibility checks and relevant error messages.
The system is very stable since the application has been consistently developed further and improved.
Benefits for consultants
▪ Loan decisions in 1 minute
Only five entries are required to provide the system with all data required to make a recommendation for existing customers. This reduces the time the system needs to provide a result from 45 to approximately 1 minute. Since this decision is made at the start of the process, the consultant can base further talks with the customer on this decision.
▪ Little manual intervention required
All steps of the application process are based on a fully integrated system. Data that has been captured once is kept and can be used for further processing. Available data is automatically filled in and thus only little data has to be entered manually.
▪ Consultants take the final decision
Although a very sophisticated decision algorithm enables the application to provide very accurate forecasts regarding the risk of the application in question, the consultant has the last word and decides on the loan together with other lending experts.
Benefits for the customer
▪ Fast and straight-forward lending decisions without detailed checking of personal information or indication of a personal loan limit ▪ Individual and fair price for personal loans
▪ The customer is provided with all relevant information in order to ensure maximum transparency for the lending decision
Benefits for the bank
▪ Since KFPK can be easily parameterised, new products and conditions can be provided and adjusted very quickly.
▪ Customer-specific pricing provides the consultants with scope to achieve sales targets and, at the same time, ensures compliance with fair share principles and income aspects.
▪ Average processing time for a loan application was reduced from 45 minutes to 20-25 minutes which creates more time for individual advice.