Tieto’s automated platform cuts lead time for FOREX Bank’s lending process – from days to just minutes
FOREX Bank, the market-leading foreign exchange bureau in the Nordics, has chosen Tieto’s automated platform to replace its origination and credit scoring platform for unsecured credit. The end-to-end solution helps the bank improve its lending processes, reducing the usual lead time by more than 50 percent and with record lead times of just minutes.
Customers expect fast and easy-to-use services that are no more than a click away. FOREX Bank faced the dual challenges of increased customer demands and costly paper-based manual processes within its loan management business.
Tieto’s origination platform completely digitalized FOREX Bank’s lending process. For the end user, this translates into faster and easier services. It also significantly reduces the lead time between a customer applying for a loan and having it disbursed. For the bank, the platform drastically speeds up its former manual lending management processes, thereby generating substantial cost- and time-savings.
“Not only are our customers profiting from having their lending applications processed faster, often at a crucial time in their life, it also means that it is easier and more efficient for our coworkers to grant these loans, which is a win-win situation. This paves us a very competitive path in the market place”, says Bo Lagergren, CEO of FOREX Bank.
Tieto's lending platform was successfully implemented in 2018. The platform gives the bank strong analytical capabilities to improve credit scoring and accuracy, i.e. giving the right offer to the customer in a competitive market.
“The use of Tieto's lending platform gives FOREX Bank the possibility to balance credit risk and improve the end customer journey through automation, digitization and process improvements. The platform drastically improves the level of automation and enables the bank's coworkers to focus on the customer dialogue and experience instead of the manual handling of documents”, says Pedram Tadayon, VP Financial Services at Tieto.
Read more about Tieto consumer lending solutions
About FOREX Bank
FOREX Bank became a bank in 2003 and is currently the market-leading foreign exchange bureau in the Nordic region. In addition to foreign exchange, FOREX Bank currently offers several competitive bank services in Sweden. They have more than 100 branches in Sweden, Denmark, Finland and Norway. www.forex.se
About Tieto
Tieto aims to capture the significant opportunities of the data-driven world and turn them into lifelong value for people, business and society. We aim to be customers’ first choice for business renewal by combining our software and services capabilities with a strong drive for co-innovation and ecosystems. www.tieto.com
For more information, please contact:
Pedram Tadayon, VP Financial Services, Tieto, pedram.tadayon@tieto.com
Bo Lagergren, CEO, FOREX Bank, bo.lagergren@forex.se
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