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Smart Digital Content Platform

Create a digital credit application process in 9 steps

Transform your bank's customer experience with just 9 steps! 🚀 With our Digital Transformation Recipe, your bank will be able to offer a digital channel to apply for loans online. A 100% digital credit application process - easier, faster and more secure than ever! 💳💻 #DigitalTransformation #DigitalBank #OnlineCredits
Picture of Jenniffer Sosa

Jenniffer Sosa

Bank users are increasingly demanding more digital channels through which to interact with banks and contract their products. On this occasion, we bring you this Digital Transformation Recipe, so that with only 9 steps your bank can enable a digital credit application process. We will see how the bank’s customers or prospects will have a channel to start a credit application flow from the comfort of their homes, work or wherever they are.

In this recipe, we will enable a web form that the bank will be able to link to its website or send through other channels (email, chatbot, WhatsApp ). From this page, bank users will be able to access from their devices and fill in the basic application information, so that later, the bank’s agents can analyze and manage it from Athento. This management will involve several actors according to their activities and roles, and also the applicant, who will be asked to provide us with the necessary documents to continue with the process until its final status.

Configure your credit application process

To set up a credit application process with Athento you must follow the steps below:

Step 1: Team configuration

The first step is to create a team where we can set up the entire credit application process.

Solicitud de créditos con Athento

Step 2: Creating a space

Next, create the space where all the credit applications received will be stored, together with the related documents associated with each of the applications. For example, the space can be called “Credits”.

Solicitud de créditos con Athento

Step 3: Form configuration

To receive credit applications, a main form called, for example, “Credit Application” must be configured. On the other hand, and associated to this application, there will be related documents, depending on the type of credit required.

In this order of ideas, as many forms should be created as the number of document types required within the credit application process.

Solicitud de créditos con Athento

Step 4: Field configuration

The next step to create a digital credit application process is to configure the basic fields or metadata to be filled in, in addition, the fields to be filled in by the actors involved in the application process will be created. In other words, here you must create as fields all the data that will be relevant for the evaluation of the application. Not only the information that you want to ask the loan applicant, but also the information that the bank’s staff will have to provide during the loan approval or denial process. These fields should be created in the “Credit Application” form.

In the main form of the credit application, we also recommend that you create an auto-incremental field that will serve to unequivocally identify the application. This would allow you to have a code of the type SOLCRED-24-000001 with which you can trace the application. Another option is to use as the title of the request the combination of information from several fields, for example, the DNI and the product code: 87936768K-0937494. You have multiple design options in this regard.

In the rest of the forms created in the previous step, you can add the necessary fields to describe the document, for example “date of issue” and “expiration date”, which serve to validate the validity of documents during the credit application and that no returns are presented to the applicant for documents that are not valid.

In this article we show you a summary configuration to create your digital credit application process, but you could use many other functionalities to reduce manual work, for example:

Solicitud de créditos con Athento

Step 5: Life Cycle Configuration

For the credit application process to be approved, it must go through several stages or steps which involve the participation of the applicant, the advisor, the risk analyst and the validator, in our example. The way to represent these steps in Athento or any business process is through life cycles.

A life cycle with several states must be configured, which allows to identify the stage or state in which each Request received is. In our example, we use statuses such as:

  • Credit requested
  • In document request
  • In document validation
  • In risk analysis
  • Credit approved
  • Credit rejected

 

We also use statuses to handle possible returns or cases in which the request must be remedied.

Athento also offers us the possibility of adding SLAs/SLAs to the different statuses, so that we can quickly identify bottlenecks in our processes.

ciclo de vida de la solicitud de credito

Step 6: Publication of the form

Athento allows you to enable URLs that you can link on your website or send through other digital channels, so that applicants can make their credit application autonomously. The appearance of this page is customizable, so that it looks according to your bank’s branding. In the case of this tutorial we have done a simple customization, but our form supports HTML and CSS so you can have sophisticated designs that will delight the bank’s customers.

Once the form is published and styled, it is ready for the applicant to fill in the required information and submit the credit application to the bank.

If you are concerned about security -as all banks are- we recommend you to check this article about the security of Athento’s public forms.

We leave here some links that will be useful for you in the configuration of the public form:

formularios publicos para solicitud de creditos

Step 7: Request for documents

Athento allows you to send requirements or requests for documents to continue with a process, in this case the credit application.

For this, it is very important to have the applicant’s e-mail address, who will receive a message in his mailbox with a link that will allow him to upload the necessary documents according to the requested product. This field must be available in the Credit Application and can be filled in by the applicant user.

In Athento you have two options to request the documents to the applicant:

  • Use the “Create required documents request (configurable)” operation: in this case, by means of automatisms, X type of documents are requested to an external user. This way of requesting documents should be used when there are fixed rules for requesting documents. For example, for Z requests, documents A, B and C should ALWAYS be requested. You can see information on how to configure the Document Request automatism from this article.
  • Use the “Request Documents” button: in this case, it is the internal user who decides for each procedure, document, record or file which documents he/she wants to request from the external user. Use this functionality when you require flexibility when requesting documents.

In either case, the applicant will receive an email containing a link to upload the documents needed to process the application.

The advantage of using this functionality is that the documents will be received by the bank’s backoffice already classified and 100% in digital format, eliminating logistical costs associated with physical documentation.

The email notification can be customized with the bank’s branding.

Step 7.1: Link for uploading required documents

In the notification, there is a link that allows the applicant to attach the necessary documents according to the required product. This document upload page is also customizable.

In addition, this document upload page offers us some extra security options such as:

  • Use of OTP to access it.
  • Control of sizes and formats of the documents to be uploaded.
  • Quarantine the uploaded documents and apply antivirus.

 

Remember that in this recipe we have only wanted to tell you a light version of the process, which can be enriched according to the needs of your business.

Step 7.2: Related documents

Once the documents have been uploaded by the applicant, they will be linked from Athento to the initial application in the Related Documents section.

pagina de solicitud de documentos
Solicitud de créditos con Athento

Step 8: Document generation from templates

Naturally, for the contracting of products, documents must be generated that may be internal for the bank’s audit or that may be documents that we must deliver to customers to formalize the contracting or simply to inform them.

Continuing with the creation of a digital credit application process, Athento allows to create new documents based on a pre-configured template and using the information of the form fields, in this case those of the Credit Application form.

In our example, if the product to be contracted is a mortgage, we will generate an informative document that will be delivered to the customer as part of the process.

Athento allows the generation of documents with complex structures, as well as the use of dynamic information of text or image type.

From this template -which can be maintained by business users-, the new Mortgage Application Information document can be generated.

Step 9: Configuring the Trays

In this last step, we will configure the work trays or queues so that our agents can attend to the requests without delay and so that we can move the request in an optimal way between the different roles involved in the request approval process.

Configure several work trays or queues, which allow filtering the requests according to the status or stage in which they are.

The trays we have configured in our example are:

  • My requests: these are the requests filed from the public form for the advisor to review and send the Document Request operation. Here we can use round-robins or other mechanisms to assign the different requests. The content of the tray for each agent will be different.
  • Document request: here are the requests for which documentation has been requested from the client, i.e. they are waiting for the requesters to attach the necessary documents to continue with the process.
  • Validation of documents: this groups the applications that have already provided the documents and are in validation of validity. They can continue the process, reject it or request the documents again.
  • Telephone validation: in this tray are those applications that have passed the document validation and now require a telephone validation. From this stage, requests can be rejected, returned or approved.

And that’s it! You have now configured your Credit Application Process with Athento, remember that you can contact us if you have any doubts.

Take this process to the next level!

Although in this article we have gone over the basic settings for creating a digital credit application process, with Athento you have a wide range of possibilities to make the bank user experience a delight!

Here are some top ideas! 🚀🚀🚀

 

These are just a few ideas to create your digital credit application process, we are sure you can come up with more. Imagination sets the limit!