Gone are the days where loan applications were approved or denied via an underwriter at a computer. Automated decisioning has taken the finance industry by force and is making the loan process easier for businesses and people alike. Companies have seen an increase in productivity and a decrease in human error after implementing automated decisioning software.
If you’re interested in implementing automated decisioning software, contact Allied Business Systems today.
Consider the following frequently asked questions about automated decisioning:
What is automated decisioning?
Automated decisioning simplifies and accelerates the lending process. Instead of relying on people to review the loan application and make a decision, businesses can rely on software to make that decision for them. Businesses can set the criteria of the loan approval process, so it accurately reflects the company’s requirements. Additionally, a business can set users with the authority to override an application decision if needed.
What are the benefits of automated decisioning?
It’s no surprise that companies are switching to automated decisioning by the hundreds, as the benefits are numerous compared to decisioning that relies on employees. Consider the following benefits of automated decisioning:
- Reduces the possibility of an employee misusing the application software
- Prevents loans from being made via user error
- Quickly approves or declines an application based on a company’s lending criteria
- Reduces time for the staff and applicant to receive a decision
- Streamlines the underwriting process
How can I implement this software into my business?
Allied Business System offers this software. We are passionate about helping businesses reduce unnecessary tasks and increase productivity. Our team believes that automated decisioning is one of the best ways to see immediate benefits! If you have questions about automated decisioning, you can contact one of our finance consumer experts.