Comarch Credit Process Management at CitiFinancial

Comarch Credit Process Management at CitiFinancial

The Consumer Finance segment of the financial services market is growing rapidly. Increasing and more aggressive competition has resulted in the ready availability of cash loans and decreased waiting times even in the smallest municipalities. At the same time, customers have become more demanding and expect honest and straightforward information about loan conditions. CitiFinancial’s business depends on cooperation with many different partners, some of whom sell financial products from multiple institutions. This led the company to provide its partners with an IT solution that supports the sale of CitiFinancial products and enhances customer service whilst also assisting in loan decisions and the preparation of contracts.

system for citifinancial

The Consumer Finance segment of the financial services market is growing rapidly. Increasing and more aggressive competition has resulted in the ready availability of cash loans and decreased waiting times even in the smallest municipalities. At the same time, customers have become more demanding and expect honest and straightforward information about loan conditions. CitiFinancial’s business depends on cooperation with many different partners, some of whom sell financial products from multiple institutions. This led the company to provide its partners with an IT solution that supports the sale of CitiFinancial products and enhances customer service whilst also assisting in loan decisions and the preparation of contracts.

The 6-month implementation process was completed in the second quarter of 2006. It began with the adaptation of business processes that ensure a comprehensive customer service. Printed documents and forms delivered to customers are a key element of the credit process and Citigroup has very specific requirements as to their format (i.e. PDF files) and appearance. It was necessary to extend the existing PDF template technology to meet CitiFinancial’s requirements.

The last phase of the implementation process comprised of intensive application tests that verified process and interface quality, loan parameter configuration, file generation and data security. Security tests were also performed to complement the functional tests; the former were indispensable before the system could be made available to a large and diverse sales network.

Comarch Loan Origination

Modern management of loan processes.

citi bank software

Business benefits

The CitiFinancial project confirmed that Comarch Credit Process Management is able to fulfill the highest expectations. Comarch CPM provides exceptional support for the online sale of financial products. The system’s mature functionality allows for the implementation of a comprehensive set of services that can be tailored to meet specific customer needs. A user-friendly interface and rich functionality not only decrease customer service times, they also eliminate many potential mistakes in documentation delivered to customers. This means that and independent financial agents are more likely to offer CitiFinancial products. Sales training is another important element of the implemented functionality. Training, which is continuously available through the application, makes it possible to quickly react to changes.

We needed a system that can be easily managed. Vast competition and changes on the financial market cause frequent modifications to credit policy. We expected a solution whose parameters can be quickly adaptable to new regulations without supplier involvement.

 

Dominik Matuszewski - Project Coordinator, Verification Department, CitiFinancial, about Comarch Credit Process Management

We cannot afford the slightest interruption to the system’s availability. Customer demands are increasing – they require a quick decision, a minimum of formality and the availability of sales points. Our customer is both a borrower awaiting a quick decision as well as our loan intermediary. System breakdowns or cumbersome operation would be burdensome for them and would cause loss.

 

Maciej Rothe - Project Coordinator, Distribution Department, CitiFinancial, about Comarch Credit Process Management

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