Bancoomeva, a Colombian financial institution, was looking for an option to streamline the financing process with simple loan applications and rapid approvals.
The challenge
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.
The solution
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.
The results
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.
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