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Commercial Credit News
|Top credit & risk trends 2016|
|Wednesday, 09 December 2015|
As financial institutions strive to meet customer expectations of a hassle-free, rapid turnaround of credit and loans decisions, Paul Thomas of risk analytics & decisioning solutions provider Provenir anticipates five significant trends in 2016:
Automation and digitisation - a reliance on manual, paper-based processes is a major drain on the limited time and budget resources of all businesses, lenders included. Through digitisation and automation these businesses will see a reduction in costs, improved customer handling and more efficient processes
Cloud technology – cloud-based software services will free up institutions from building and maintaining their supporting IT themselves, bringing them the benefit of scalability, reduced capital investment in hardware and infrastructure and more time for staff to focus on customers rather than IT
Compliance demands will shine a light on audit trails – lenders will see that holding and managing their information digitally gives them a more reliable, searchable record of activities; ever-important in a regulated environment
Big data and analytics – lenders will increasingly look to get value from the wealth of information they hold on customers, products and repayment models and make use of big data and analytics to attain a previously unavailable granular level of detail to feed business planning
Risk analytics & decisioning – lenders will strive to improve risk decisioning processes with intelligent workflows, automation to reduce the human error factor and escalation triggers that can be readily updated without recourse to expensive IT updates.
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