Savvy, an Australian personal finance broker, overcame a major loan processing bottleneck by integrating BankStatements. The solution eliminated manual document handling, allowing for instant submission of bank statements, speeding up approvals and boosting application throughput by 30%, improving Savvy’s overall customer experience.
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Savvy is a personal finance broker based in Adelaide, South Australia. Savvy’s mission is to provide the best finance deals to Australian consumers using the latest in technology.
Industry – Finance |
Challenge overview
Gathering and submitting supporting documentation as part of the loan application process was one of Savvy’s major bottlenecks for providing fast finance solutions. Savvy was looking for a way to speed up the document verification process and reduce manual handling on behalf of the customer.
Prior to implementing the solution, Savvy relied on its customers to manually download their bank statements and submit them to Savvy. Some customers who were not comfortable with using internet banking experienced considerable delays as they approached their local bank branch to obtain the statements and lodge them by post.
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Speak to an expertSolution overview
BankStatements has decreased the usual loan processing delay caused by waiting for applicants to provide supporting documentation, as well as eliminated any manual handling for the customer.
The solution has created an streamlined path towards completing an application and gaining approval. Through integrating BankStatements with Savvy’s loan application portal, customers can instantly submit their bank statements for the requisite three, six, or nine months without using any third-party site or service, substantially increasing throughput and speeding up approvals.
“BankStatements platform has reduced waiting times dramatically. The solution has increased our throughput for loan applications and approvals by 30%. BankStatements has proved to be a secure and streamlined solution that increases customer satisfaction and sense of security.” – Bill Tsouvalas, CEO of Savvy Finance
Solution results:
- Reduced loan processing times, cutting delays by automating supporting document submissions
- Improved throughput and approvals, increasing the number of applications processed
- Enhanced customer experience, providing a secure, straightforward solution to boost satisfaction