Banreservas Automates 80 Percent of Loan Applications and Grows Business with Intelligent FICO Decision Engine
- Banreservas has standardized credit assessment using analytics and decision management technology, allowing it to automate 80 percent of loan applications.
- Banreservas has increased the number of applications it can process by 30 percent and reduced loan processing times by 50 percent on average.
- Banreservas has substantially reduced delinquency rates on loans to consumers and SMEs.
- Banreservas won a 2019 FICO® Decisions Award for Customer Onboarding & Management.
Banreservas, the largest bank in the
More information: https://www.fico.com/en/products/fico-origination-manager
To do this, the bank wanted to standardize credit assessment in its 250+ branches through an automated process that would provide centralized control of credit evaluation policies. Its goals were to control delinquency rates within a defined risk appetite, increase loan growth and improve the customer experience through faster, more consistent loan assessment.
Banreservas worked with FICO to carefully create an approach tailored to its needs across personal loans, credit cards and loans to SMEs. FICO recommended the implementation of new credit scoring models, the evaluation and optimization of credit policies and the use of FICO® Origination Manager Decision Module to automate intelligent loan decisions across the bank's branches.
The introduction of Origination Manager Decision Module allows for faster and more consistent application of credit evaluation policies and empowers business users to adjust decision strategies quickly. The platform is used to calculate credit scores, determine a customer's ability to pay and identify potential commercial opportunities aligned to the clients' profile. This results in greater speed and lower risk in the design and deployment of credit policy as well as the continued development of more profitable strategies.
To ensure the success of the project, Banreservas rolled out a strong internal campaign, in order to raise awareness and train staff on all the advantages that this new credit platform would give them.
"The automation of the loan evaluation process has created a lot of opportunity at Banreservas," said
For its achievements, Banreservas won a 2019 FICO® Decisions Award for Customer Onboarding & Management.
"Banreservas changed the way it does business," said
Banreservas, otherwise known as the
About the FICO® Decisions Awards
The FICO Decisions Awards recognize organizations that are achieving remarkable success using FICO solutions. A panel of independent judges with deep industry expertise evaluates nominations based upon measurable improvement in key metrics; demonstrated use of best practices; project scale, depth and breadth; and innovative uses of technology. The 2019 judges are:
Mike Gualtieri, VP and principal analyst at Forrester Sharon Kimathi, editor at FinTech Futures Leslie Parrish, analyst – retail banking at Aite Denise Sleem, functional specialist at Medscheme, 2018 winner Alex Woodie, managing editor at Datanami Les Yeamans, founder at RT Insights
The winners of the FICO Decisions Awards will be spotlighted at various FICO events in 2020 and win tickets to FICO® World 2021, the
FICO (NYSE: FICO) powers decisions that help people and businesses around the world prosper. Founded in 1956 and based in
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