More advanced tools mean better, more efficient credit decisioning

Aug 30, 2022 | Blogs

Technology has created an environment where an immediate response is expected for just about everything. In the lending world, consumers want their new accounts, loan approvals and credit increases approved in real-time, at the point of sale. That means lending organizations must have the tools and procedures in place to process requests rapidly — or they risk losing business to their competition.

By bringing immediate credit decisioning capabilities to the point of sale you can improve the speed and agility by which you acquire customers and increase efficiency of other important business processes. To do this, you must implement an automated credit decisioning tool that uses data and predictive analytics to give you the ability to make the right customer credit decisions consistently.

What’s more, an automated tool enables the following capabilities:

  • Quickly transform your paper application into an online application.
  • Obtain digital signatures that are in full compliance with the Fair Credit Reporting Act requirements.
  • Applicants can upload necessary documents such as financial statements, proof of insurance, business licenses, etc.
  • Use business, consumer and application scorecards to automate decisioning and apply credit limits.
  • Easily view or print documents for submitted applications.

In addition to facilitating the decisioning process, an automated decisioning tool can enhance your communications effort with personalized branding. You can incorporate your company logo, customer data fields and terms and conditions right into the online application so it is customized for your lending organization. You can even customize your customer’s experience by creating messages and email notifications after their application has been submitted and decisions have been made.

Ready to start customizing and automating your credit decisioning? DecisionIQSM Premier from Xactus is an end-to-end application that fully automates the credit decisioning process. To learn more, contact your Xactus strategic account manager.

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