Credit card application processing systems are platforms that perform a series of decision-making tasks for the origination of credit cards. Traditionally, this processing system was slow and laborious, requiring manual underwriting and review. However, now there are software platforms available that are accurate, efficient, and can return results in a matter of seconds rather than days or weeks. These systems are in place to aid in the origination processes by automating decisions and integrating information across an organization.
There are three kinds of application processing systems: legacy, mainstream, and best-in-class. Legacy systems often have outdated technology and require vast amounts of manual underwriting. These systems lack flexibility and are difficult to update or customize, are hard to configure to meet current trends and needs, and are costly to operate. Mainstream systems have faster processing, can be customized more easily, involve more automated decisioning, feature task reminders and queues, and have a web interface. However, the customization has to be done by IT, cannot be configured in realtime to meet current trends, many tasks still require manual underwriting, are costly to maintain, and rely on straight-through processing without the option of re-entry. Best-in-class systems are the premier origination systems available and offer the most usability and efficiency.
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Best-in-class application processing systems feature business user control so application screens and decisioning logic such as scorecards and attributes can be created and configured without programmer assistance. A benefit of this is that this origination software provides a champion and challenger simulation so these changes can be tested before being implemented. The automated decisioning is optimized, and many of the times that specifications are not met they can be automatically reviewed rather than being queued to be reviewed manually. These systems are compatible with existing software and provide integrated data access across the organization, making the information gathering process faster and more efficient. With best-in-class application processing for credit cards, decisions can be made faster, more accurately, and FIs have the ability to process more applications.
Financial institutions process millions of applications per year, and while this has been a daunting challenge in the past, there are ways now available to help these institutions make decisions faster, with more accuracy, and make realtime responses to the outside environment. With best-in-class credit card application processing systems, FIs can continue to use all of their existing software architecture, but do so with more efficiency by sharing information across lines of business and decreasing the amounts of redundant information and getting a more holistic view of each consumer.
Credit Card Application Processing Systems APPLICATION
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