Banks including the First National Bank (FNB) are increasingly relying on their rich data to make decisions and streamline processes.
Emma Mer, CEO of FNB Personal Loans, says “As a bank, we have robust processes in place to ensure that we lend responsibly, while at the same time continually taking strides to ensure that the process of taking up a credit product is seamless and hassle free. To achieve this, we rely on the wealth of information we have about our FNB banked clients, which includes, amongst others, their demographic and financial information, their credit history, and the type of product that will suit their needs.
“When a client holds their primary banking relationship with FNB, we are able to assess each application thoroughly without placing onerous requirements for documentation or information on our customers.”
Mer points to a functionality within FNB’s digital channels that can highlight to the user that they are pre-approved for a Personal Loan, which can be taken up within minutes and is available 24/7, without any requirements for further documentation. Over the last 5 years FNB has fulfilled over 7 million pre-approved credit offers via its channels.
“The use of data for pre-approved offers is key in making the process of taking up a Personal Loan as simple and hassle free as possible for our customers” says Mer.
While a lot of effort goes behind collating the information on the back-end, interactions with the consumer are simplified because the lender can process a loan quickly and accurately because of the information that is readily available.