Decisioning an application can be a laborious and costly process. Financial institutions (FIs) of all types and sizes are looking for ways to increase efficiency while decreasing costs per application. Further, successful institutions demand an increase in business user control and access to multiple data sources so that they can make better credit decisions and acquire the right accounts. These requirements are not only the ideal; they can be the reality with the right decisioning solutions.
A Balancing Act
FIs are constantly trying to balance the need for new accounts and revenue against the need to make better decisions quickly and cost-effectively. Burdened by disparate manual and automated review processes, lenders struggle to make consistent decisions across the enterprise, often leading to customer frustration. Many current systems are not optimized for rapid decisioning, which would allow institutions to present offers—including instant prescreen and cross-sell across the enterprise—to consumers at the teller window or point of sale.
Moreover, as consumer behavior continues to shift, lenders cannot access the data they need without significantly increasing the cost per application. However, Zoot’s proven instant credit decisioning and enterprise decisioning solutions can help lenders stop balancing and start benefiting.
A Fraying Rope: The Danger of Legacy Systems
To move forward, FIs are served by recognizing that outdated legacy systems often greatly impede success. Legacy systems lack the speed expected by today’s customers. Further, these systems aren’t optimized to meet compliance regulations and often rely on extensive manual review. Disconnected systems across the enterprise also cannot share information, causing consistency and customer experience issues.
Outdated and detached systems also monopolize IT resources and increase maintenance expenditures, which limit the ability to add new data vendors that might support better decisioning. Fortunately, using Zoot’s service-oriented architecture (SOA) to integrate platforms avoids the “rip-and-replace” upgrade required in many solutions and sets a foundation to more easily make updates. Zoot’s clients have access to dozens of data and service vendors through our Vendor Network, which connects to every decisioning system.
Better Decisions, Better Customer Experience
Zoot’s comprehensive, robust decisioning solutions enable institutions to deliver consistent realtime decisions for any credit product line of business. Complete decisions are returned in just seconds. These solutions can easily integrate with existing systems to create a seamless origination process. We strategically automate all processes to use manual steps only when necessary or required by regulation. This helps reduce costs and improve the customer experience.
To provide the level of control necessary for competitive advantage in today’s market, Zoot has developed an intuitive interface that allows business users to easily configure decisioning logic, business processes, and data attributes to adapt rules quickly as the market changes. Finally, both solutions provide access to our data and services marketplace, which ensures the necessary data is available and at the best rate and also offers established connections to service providers for realtime account booking.
Webinar, “Come Together: Executive Imperative for Account Acquisition"
Case Study, "Wachovia's In-House Credit Card Operation Runs on Zoot"
White Paper, "How to Choose the Right Credit Decisioning or Loan Origination Vendor"
White Paper, "Adapting To Change: A Need For Speed"