Reduce your credit application turnaround time with Xcellerator
What does Xcellerator do?
Xcellerator automates credit application processing by employing workflow techniques to control and monitor the different steps in the application process. It uses technology to reduce the delays and inefficiencies in handling paper documents by electronically capturing applicant data and making credit decisions based on your specific business rules.
The Business Challenge:
Credit Providers receive a large amount of credit applications each day. Applications are usually paper based and it leads to a large number of forms that needs to be approved and filed. Checking the creditworthiness of applicants and conducting affordability studies based on your unique business rules and credit policy, is a time-consuming task. This affects your bottom line as you are not able to spend the most of your time on the creditworthy applicants due to the time you have to spend on the evaluation process and administration thereof. In other words, the application process is one big administration headache.
Our Solution:
Xcellerator uses your unique business rules for an individual loan product to make automatic credit decisions about the credit worthiness of your credit applicants. It automates the whole credit application process, ranging from the moment the applicant applies for the loan to the moment the applicant signs the credit agreement.
The Process:
Once a credit applicant submits his/her application form, your credit staff can capture the applicant’s necessary data electronically on a customised computerised loan application form.
Xcellerator will start by checking if there is any existing information on the applicant on the current application database. For example: if the applicant has applied for a loan before or not and if he/she has any bad records with your company.
Once Xcellerator has finished checking internally, an external credit check is conducted by linking with an external credit bureau, like Compuscan.
Once the credit check is completed, Xcellerator automatically links to Codix (our credit decision matrix) and then calculates the creditworthiness of the applicant based on your specific business rules for each loan product.
Once you have made a decision, Xcellerator will print the pre-agreement documentation as well as the final credit agreement for signature.
Key Benefits:
Can be customized to your business requirements
Centralized Processing & Loan Management - You can run one Loan Management System (Proloan) with Xcellerator at your branches. No other Loan Management System is required
Reduces application turnaround time
Facilitates efficient portfolio growth by enabling more applications to be processed with current staff levels, and offers the ability to rapidly introduce new products
Our credit application processing system is provided on a fully managed platform
Collects applicant data and makes credit decisions based on customisable business and credit policy rules
Reduces application processing time
Reduces operational costs
Improves accuracy
Increases process adherence
Should you require any further information on Xcellerator, please do not hesitate to contact us at Tel: 021 888 6000 or e-mail us at: info@compuscan.co.za
