Norwich and Peterborough sees 64% increase in successful loan applications with automated TietoEnator system

23 November 2007

In a move to manage all personal loan administration in-house, Norwich and Peterborough Building Society (N&P) has deployed TietoEnator’s Instalment Credit Suite. The fully integrated personal loans application and administration system was achieved by linking TietoEnator’s Instalment Credit Suite with Norwich and Peterborough’s innovative custom-built front end. The system will provide a fully automated straight through process from application to loan administration, with the new front end speeding up the application process and providing existing customers with a pre-approved loan amount.

Applications are now received into the TietoEnator system having been automatically credit checked by the front end. Once the system has auto-approved the application, the funds are released and the loan is fully administered. If a customer is unable to keep up with loan payments, the system will also manage the necessary collections processes. An application is flagged for manual intervention and underwriting only if a problem is identified at the application stage.

Explaining the decision to manage the personal loans business in house, Andrew Clare, Head of Banking, at N&P said, “To provide the best possible service to our customers we required two things – complete control of the loan administration process, from initial enquiry, through to life-time loan administration and a multi-channel facility for loan applications. The new system delivers on both counts and has resulted in a significant increase in approved loans – up by 64% on the same period last year.”

N&P customers can now apply for a personal loan through a number of channels: by phoning the Contact Centre, visiting a branch or completing the application online. Customers can also switch channels during the application process - starting off online and then completing the application via the Contact Centre for example. All three channels feed into TietoEnator’s Instalment Credit Suite for full administration.

Commenting on the contract with N&P, Richard Gammon, Managing Director of TietoEnator Banking & Insurance, UK said, “If you don’t offer speed and convenience, then you have little of interest to today’s customers. N&P have recognised this by concentrating on providing customers with a fast, efficient multi-channel service for loan applications. TietoEnator is delighted to have supported the Society in achieving this.”

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