Bank expedites processing of credit card applications
Streamlining credit card applications is the goal of this historical bank. Customer data inconsistencies and missing documents are only a few causes why their credit card applications processing needed to be upgraded to resolve the delays. SVI has the solution in its hands. As an expert of CROSSCHECK and KYC, we were able to provide the bank the solution that would deliver their expected results. The bank required SVI to set up the equipment in their own facility. Inside their central facility, we scanned the hard copies of the documents along with the application forms sent by the bank’s client for their credit card applications. Then, the digitized files were uploaded to EDW.
Digitization
The Solution
Using our CROSSCHECK service, we checked the files for the 3C’s Completeness of Documents, Consistency of Data, Compliance to Guidelines. Missing documents, data inconsistencies, and incompliance are recorded and reported to the bank. Aside from authenticating the documents and application forms, we also performed a KYC service to the IDs submitted by their clients. Through checking physical security features and comparing the data on ID against the issuing agency, we were able to confirm or verify the authenticity of the ID. Consistency checks on nationality and gender were also done.
The Results
This ongoing project with the bank currently generates efficient results. 2,000 applications are processed daily for CROSSCHECK. 24,000 applications are processed for KYC. Credit card applications processing takes time, but SVI’s services behind-the-scenes could speed it up. Along with data accuracy, we are committed to streamlining processes for a more financially competent society.
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