Bancoomeva took seven days to approve loan applications, a long time for executing this process. For this reason, Bancoomeva was seeking a business solution that would decrease the number of steps required to obtain a loan and speed up application processing.
Once we identified this issue, we decided to start an automation and technology integration project. As a result, Bancoomeva has become one of the most agile and secure banks in the country with this technology upgrade.
By partnering with IBM, we created a solution for Bancoomeva to quickly verify information, reduce the review time, and accelerate funding at any of its 86 financial centers located in Colombia.
To sum up the outcomes in a few words, we could say that we obtained 100% simplicity. Specifically, we helped Bancoomeva to reduce approval times from 7 days to 30 minutes, cut operational costs by 81 percent, and eliminate spoofing fraud levels. Furthermore, we've created a process capable of assessing clients' debt and compliance levels.