Credit Card Application Processing for a Leading Universal Bank

The client is a one of the biggest universal banks in the Philippines and offers a wide range of financial products and solutions that serve both retail and corporate clients. The bank’s services include consumer banking and lending, asset management, insurance, securities brokerage and distribution, foreign exchange, leasing, and corporate and investment banking. The bank has a network of over 800 branches and close to 3,000 ATMs and cash acceptance machines.

The Challenge
The bank used to outsource encoders that are stationed on-site to encode the essential fields from the credit card applications of its clients. The encoders directly input the required information into the core system. With this approach, there is no way to verify the correctness of the information encoded into the core system. This creates the problem that the deficient and/or inconsistent applications are also being stored in the bank’s core system. In addition, the number of outsourced personnel is taking up considerable office space, which is a limited resource that should have been used for core banking operations.

The Solution
The client engaged the services of SVI to handle the bank’s credit card application processing. SVI performs centralized scanning of the application forms and supporting documents at the bank’s designated facility. Processes such as encoding are done at SVI-operated facilities. Confidential information such as account numbers are redacted and encoded separately by a different set of encoders. In addition to the scanning and encoding work, SVI also verifies the completeness and consistency of the documents using its proprietary set of tools. Incomplete and/or inconsistent applications are regularized by the bank personnel using a web-based app provided by SVI or are re-submitted to SVI for reprocessing. Compliant applications are reformatted based on the client’s input requirements and delivered to the bank’s core system. SVI handles not only the processing of paper-based application forms but also the applications received via the bank’s online platform.

Business Results and Benefits
Through the credit card application processing done by SVI, the bank is able to ensure the completeness and consistency of information being loaded into its core system. Such service results in the faster processing of applications and the more efficient resolution of incomplete/inconsistent applications. Since only scanning work is done on-site, the bank is able to save valuable office space in its branches. Moreover, the centralized scanning operation on-site coupled with the off-site off-hours processing guarantees a maximum of 12-hour turnaround time, immediately making the applications ready for review by the bank, while ensuring the security and confidentiality of the client information and internal banking data.