Join BearingPoint Managing Director, Paul Ringmacher, as he discusses how BearingPoint recently helped a major North American bank replace a paper-based loan origination system for its small-business customers.
When completed, the project took small-business banking loan origination to a new level. An inefficient manual, paper-based system was transformed into an intelligent Web-based, front-end loan capture system used by bankers in the field. The project also features automatic interactions with back-office systems. In the first three months, the initiative became a field-tested success.
Today, it delivers straight-through processing, significantly decreasing front-end submission times, reducing decision times from up to six hours to less than 10 minutes—in most cases—and significantly lowering administrative overhead and application processing costs.