Enhancing Business Agility: A Financial Giant's Journey in Credit Risk Assessment

Our client, a leading financial services major, wanted to acquire new corporate loan customers while ensuring stringent risk tolerances. EvoluteIQ became a strategic partner to help the client specialize in corporate loans.

The Results

Improvement

35% Improvement in loan disbursal due to faster TAT and less conservative lending decisions

Customer Experience

67% Improvement in customer experience and returning customer loyalty

Loan Management

43% Improvement in stable cost of capital and risk profile of loans under management

Quote

Forbes view

AI and ML can help financial services companies in two primary ways: more effective customer management/retention and more efficient back-office operations.

EIQ Features Used

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The Challenge:
Boosting Loan Disbursement Rates Amidst Conversion Sluggishness

The client faced a concerning trend of declining loan disbursement rates, despite a healthy top-of-funnel. Conversions were sluggish, leading to applicant drop-offs. Root cause analysis revealed two pivotal issues: multiple process bottlenecks causing extensive delays and inadequate insights into applicants’ credit risk scores.

Our Solution:
Process Consulting, Enhancing Credit Risk Scoring for Efficiency Through EvoluteIQ’s Automation:

EvoluteIQ Intelligent Business Automation for Faster Loan Disbursals

EvoluteIQ initiated a process consulting engagement to identify critical “digital hooks” that could modernize the client’s risk assessment and loan disbursement processes.

At the core of our solution lies a sophisticated credit risk scoring algorithm. This algorithm was designed and implemented to enhance the accuracy of the scoring mechanism, thereby increasing the conversion rates for loan applications.

One of the pivotal aspects of our solution involved automating manual steps in the loan processing workflow. By configuring automation workflows, we drove significant improvements in accuracy and reduced loan processing times, creating a more efficient and streamlined process.

EIQ for Enterprises

EIQ is the only integrated, low-code/no-code platform for fully intelligent business automation, driving transformation at scale across the Enterprise.

Ensure frictionless enterprise-wide interactions

Business Impact Delivered

Grow Revenues by 40%

Lower customer acquisition costs and operational expenses, raise conversion rates with minimal upfront investments

Improve Operational Efficiency by 74%

Improve overall efficiency due to process automation and quicker TAT (Turn Around Time) and AHT (Average Handle Time)

Strong Built-In Governance

Empower Workforce by 73%

Grow employee satisfaction rate through intelligent incentivization and foster productivity and time “given back” to the teams

Improve Customer Experience by 60%

Elevate customer satisfaction via efficient preventive maintenance and fewer query discrepancies

Enhance Asset Utilization by 30%

Achieve a reduction in inventory to gain equal or better customer demand with the existing supply

Strong Built-In Governance

Boost Security by 95%

Cut down data integrity issues across systems with predictive & preventive analytics

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