In recent years, with the development of technology, many processes have been digitized; and the process of obtaining credit is no exception. One of the main benefits of this is that moving from paper data to a digitized process reduces the response time for granting credit and there is the possibility of having an automatic risk analysis.

When the entire process was done by hand, the response may take weeks, which was valuable time for both the applicant and the lender; more so for the applicant because it could mean staying or disappearing from the economic scene.

For the grantor, because generating quick and accurate analysis focused on risk auditing and evaluating the credit profile was (and still is) challenging. However, with technology on our side, we are able to increase access to credit.

Because of its reliance on human capital, the traditional financial services business is time-consuming, laborious, and expensive. Technology integration, on the other hand, has brought a revolution to the industry.

A present-oriented approach

According to the Bank of Mexico’s “Survey on General Conditions and/or Standards in the Bank Credit Market,” an increase in credits is projected in 2021.

As a result of this rise, you must have quickness and certainty in the current economic climate. The ability to have an autonomous risk analysis and the reduction in reaction time for issuing credit are two advantages of a digital approach.

Financial institutions can now use technological advancements to automate decisions on accepting or rejecting loan applications and maintaining a portfolio (consolidated clients), which was previously done only on the basis of the executive’s perception based on limited data that was often given.

In addition, in order to identify possible clients who could result in losses, a minimum capital reserve was required in the event of default and/or defaults. And doing so with a physical file (on paper) is time-consuming and dangerous.

Cutting-edge technology

As a result, CRiskCo created a platform that allows financial entities to use many sources (Open Accounting),  like the SAT, to get information on a potential borrower and, in addition, to do a thorough risk analysis.

By converting physical data to digital data and using the right application, you can significantly reduce the time it takes to grant and manage a loan, as well as reduce human interaction in credit risk evaluation and estimation.

Customers benefit from the shift from a physical to a digital process because it minimizes erroneous discrimination and allows for a more objective analysis by combining many aspects that can affect the risk of a loan or payment monitoring into a single model. Furthermore, many clients are denied without further evaluation due to the time and effort required to complete this procedure without the use of technology.

Currently, the capacity to know all of your clients’ movements and then inject business knowledge into the dynamics of the processes is what makes the difference in corporate competitiveness.

The CriskCo platform may help you do this by helping you to make faster and more accurate judgments when evaluating massive amounts of data, allowing you to go from a physical to a digital process with many benefits. The credit institution can analyze a bigger number of credit requests in less time and with greater precision and analysis using the CRiskCo platform.