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Tieto’s automated platform cuts lead time for FOREX Bank’s lending process – from days to just minutes

20 March 2019

FOREX Bank, the Nordic region's market leader in travel money and easy-to-use banking services, has chosen Tieto’s automated platform to replace its origination and credit scoring platform for consumer loans. The end-to-end solution helps the bank improve its lending processes, reducing the usual lead time by more than 50% and with record lead times of just minutes.

Customers expect fast and easy-to-use services that are no more than a click away. FOREX Bank faced the dual challenges of increased customer demands, and costly paper-based and partly manual processes within its loan management business.

Tieto’s origination platform completely digitalized FOREX Bank’s lending process. For the end user, this translates into faster and easier services. It also significantly reduces the lead time between a customer applying for a loan and having it disbursed. For the bank, the platform speeds up its former partly manual lending management processes, thereby generating cost- and time-savings.

“Not only are our customers profiting from having their lending applications processed faster. It also means that it is easier and more efficient for our coworkers to grant these loans, which is a win-win situation. This paves us a more competitive path in the market place”, says Bo Lagergren, FOREX Bank's CEO.

Tieto's lending platform was successfully implemented in 2018. The platform gives the bank strong analytical capabilities to improve credit scoring and accuracy, i.e. giving the right offer to the customer in a competitive market.

“The use of Tieto's lending platform gives FOREX Bank the possibility to balance credit risk and improve the end customer journey through automation, digitization and process improvements. The platform drastically improves the level of automation and enables the bank's coworkers to focus on the customer dialogue and experience instead of the manual handling of documents”, says Pedram Tadayon, VP Financial Services at Tieto.

Read more about Tieto consumer lending solutions 

      

Bo Lagergren, CEO of FOREX Bank

About FOREX Bank

Family owned FOREX Bank AB (publ) has since the start in 1965 been the Nordic market leader in travel money. In 2003, FOREX Bank received its bank license and extended the customer offering with easy-to-use banking services such as deposits, lending, cash services and debit and credit cards. Find FOREX Bank at 100 central locations throughout the Nordic region, at www.forex.se and 0771-22 22 21.

About Tieto

Tieto aims to capture the significant opportunities of the data-driven world and turn them into lifelong value for people, business and society. We aim to be customers’ first choice for business renewal by combining our software and services capabilities with a strong drive for co-innovation and ecosystems. www.tieto.com

For more information, please contact:

Tieto: Pedram Tadayon, VP Financial Services, Tieto, pedram.tadayon@tieto.com

FOREX Bank: Bo Lagergren, CEO, FOREX Bank, bo.lagergren@forex.se

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