Credit Card Underwriting Workflow
eDGEVANTAGE is used by 4 local banks to manage their Loan Origination and Card Origination processes.
Issues faced by banks when underwriting credit cards
Tracking applications. - Client hands over the application to a BDO or the branch, but due to work load, negligence or any other issue, locating the application is a nightmare.
Knowing about the status of the application - At what stage of the approval process the application is held at?
Couriering applications to the relevant zonal office for recommendation and subsequent approval to be sent to the card center for processing has an impact on delivery time of the cards.
No trace of record of the application in transit. - Till the card application is received and confirmed by the dept.
Only Audit trail will be at the processing center and it is an hindrance to the staff.
Issues faced in manually handling crib files
Time Consuming - checking all facilities and inputting data manually to the system takes time if it’s a complicated CRIB with many facilities.
Human error is possible due to fatigue when checking data manually.
Fraud is possible if manually updated with changing of documents.
Audit of CRIB report can be an issue, with a hardcopy since the ink fades when on the file for few months.
How eDGEVANTAGE platform handles the issues mentioned above
Tracking of the documents will be easy and stored in a cloud based server, where the end to end workflow is controlled and managed using eDGEVANTAGE.
Status can be viewed by the branch or any stakeholder who has access to the system and can use the score board to track the exact status of each application
Cost saving of transportation and reducing time movement of documents. On average image based processing saves 15% of the standard cost of the process
Audit trails are available for easy reference, for each and every activity. Plus any approval conditions are tracked back to the origination branch.
Mal practices could be limited with proper audit and transparency, There is very limited scope for fraud within the system as the system handled the interpersonal and inter-departmental handshakes.
CRIB could be automated along with the Scorecard and DSCR calculations and it saves time and effort of the bank staff.