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Credit Suisse subsidiary BANK-now
Flexible IT for consumer finance
Credit Suisse"s BANK-now subsidiary, based in Horgen, specialises in loans and leasing for Swiss consumers. The bank sustains its margins by using IT-based process automation and standardisation.
"We began focusing on streamlined processes and delivering fast, transparent decisions on loan applications early on," states Stefan Reitze. The head of the IT Projects and Support unit has been in charge of optimising and upgrading the afb Credit Management Solution since BANK-now started operations in 2007. BANK-now currently processes over 125,000 loan and lease applications each year with the central software solution.
The application data is transferred to the bank from the point-of-sale over the internet. The software at the bank automatically initiates a series of follow-up processes, including the validation of address information using the system of the credit agency, Deltavista. This, in turn, exchanges data with the Swiss Central Credit Information Office (ZEK/IKO). This involves the transfer of credit or leasing information from the bank as prescribed by the Swiss Consumer Loan Act (KKG), as well as the retrieval of credit rating data.
When this is complete, the afb Credit Management Solution performs the rating based on the information acquired and the integrated scorecard and then automatically makes a decision whether to accept or reject the application generally within a minute or two. "This is required to ensure the customer is promptly informed as to whether his loan application has been approved," reports Reitze. If a loan agreement is signed, the customer data is automatically transferred for further processing to the bank"s back office.
Using ready-to-use processes
The afb Credit Management Solution provides tried and tested business processes that can be combined as modules. Only certain aspects of the solution were adapted to the needs of BANK-now, including the creation of direct interfaces to third-party systems. "Being highly standardised, it was easy to implement while also delivering transparent workflows," states Reitze. Multilanguage support for German, Italian and French has, for instance, already been implemented in some areas.
Efficient processes are one of the focal points of the BANK-now"s central IT concept. The other is client proximity. All information on customers and thousands of distribution partners can be accessed centrally at BANK-now. According to CEO Erich Wild, the bank is also able to "launch products quickly and service diverse communication channels flexibly depending on the sales and marketing strategy." This makes it possible to carry out transactions directly where they take place, whether in a car dealership, a furniture shop or an electronics chain store.
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