When supplying services related to deferred payment or credit, companies have to use many information sources, manually consolidate the data, in every individual case evaluate many clients until finally the decisions is taken.
Creditinfo Lietuva by developing a vision of qualitative information and decision support is creating two-folded services:
- Consolidates and administrates data from private information systems as well as official state institutions. Thus all information necessary to the client is available from a single database of Creditinfo Lietuva. In this manner, client’s time and resources are saved because data collection, consolidation and update become not necessary;
- By using different rating methodologies creates automated decision making support systems. This means, that the client is only required to connect to the Creditinfo Lietuva database, type in required criteria and primary data on the client and the system automatically verifies this data, adds available information, processes it, conducts calculations, ratings and presents recommendations for crediting decision.
One of such progressive products, created by Creditinfo Lietuva – Credit decisions support. This system allows faster treatment of credit applications and more efficient decision making by transiting from manual work procedures to partially or fully automated credit application treatment.
Credit decisions support system is convenient to use for deferred payment or credit services to final users or financing small and medium businesses. The system can be applied during credit decision making in the branches of the banks or leasing companies, as well as granting credits in-store or crediting services on the internet.
Credit provision support system functions according to the following principles:
- User types into the system data of a person, who has presented a credit application;
- System conducts control of data quality and initial financial calculation;
- Data is verified and forwarded for further processing in the user’s internal data base (“black list”, operation systems of the bank);
- Data is complimented with information from external private and state data sources;
- Rating model is applied, credit report evaluation is conducted, and credit amount and risk rate is calculated;
- Final decision strategy and report is presented.
Crediting decisions support system benefits:
- Better risk management = PREVENTION OF LOSSES;
- Better sales with less costs = PROFIT;
- Speed = QUALITY OF SERVICES and CLIENTS SATISFACTION.
Factors generating benefits of the system:
- Trustworthy internal and external information sources;
- Single database for decisions, supported by qualitative and comprehensive information;
- Optimal information flows between credit provide and credit receiver;
- Reduced requirement of time resources for evaluation of user’s solvency and credibility;
- Maximally reduced risks and costs related to decision making for credit provision;
- Maximally reduced amount of paperwork in the area of credit application evaluation process;
- Possibility for credit risks department to become fully independent from IT departments or system providers;
- Flexible IT tools, which allows composing packages of evaluation criteria in the rating procedures;
- Modern IT decisions and progressive rating models, developed by applying experience of using this system in everyday work of Icelandic banks and credit institutions.
As a supplier of information and decisions support tools, we have become a partner of our clients to assist them to cope with their business risks. Therefore, by improving quality of our services we are constantly working in the following areas:
- Expeditious consultations of the clients on application of the system;
- Clients’ training to use the system;
- Transferring of the methodology of system application and practicalities to the users;
- Regular consultations to the clients after acquisition of the system.
For more information on crediting decisions support systems please contact general manager Mr. Andrius Bogdanovičius, tel. +370 611 38379, e-mail info@creditinfo.lt.