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FinanceExpress® is a fully featured application,
underwriting
and decisioning system that can support a multitude of financial
products, including merchant applications and ISO's, home mortgages,
auto, boat and RV loans, credit cards, and more.
This new product from Creditdiscovery will change the face of
underwriting by greatly increasing the speed at which it takes place.
With a newly integrated "auto-complete" technology,
(a proprietary feature from Creditdiscovery), FinanceExpress® allows a bank
employee to enter an applicant's social security number, (or alternatively
the name and last 4 digits of the social security number), into FinanceExpress®,
and the application completes itself. A demonstration of this technology,
showed that the name, addresses, telephone numbers, DMV information, date
of birth, owned businesses, etc., all get populated automatically, thereby
eliminating the need for data-entry. A consumer simply signs the electronic
application, using a signature pad attached to a PC, and Finance Express
then attempts to instantly approve the applicant for ALL banking services,
including Checking, Savings, VISA/MasterCard, Personal Lines of Credit, Auto
Loans, etc. Finance Express can also approve the applicant for business
products as well, including Merchant Services, Business Lines-of-Credit,
Insurance, etc., although these services do require the entry of additional
information. Creditdiscovery clients are finding that New Accounts desks are
able to sell up to 4 products per application, where prior, they sold an average
of 2.2 products per applicant. Applicants also seem happier with the new
solution, as application times are completed within 5 minutes, versus 30,
and one application, versus several.
Finance Express is integrated into the Creditdiscovery Distributed
Underwriting and Exceptions Infrastructure, allowing underwriting
groups to complete underwriting electronically. For these groups,
Creditdiscovery provides a means by which underwriters can interact
with the applicant via telephone, the web, email, FAX, etc., and
exchange documents over time to complete the underwriting process.
All of these services are managed via an Internet based ASP service,
managed and operated by Creditdiscovery. Back-end connectivity allows
financial institutions/groups to integrate application data into their
systems in real-time, thereby reducing application processing times to
minutes instead of days.
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