DenizBank: Fast Loan for SMEs

by Patricia Hines, April 4, 2017
Case Studies
Global

Abstract

Celent Model Bank Award: DenizBank: Fast Loan for SMEs

Winner of Celent Model Bank 2017 award for Lending Products. To facilitate SME access to financing and render the associated paperwork process more efficient, DenizBank launched Fast Loans for SMEs.

DenizBank's Fast Loan for SMEs solution generates two-minute umbrella credit decisions for applications submitted through five channels (internet banking, ATMs, bank website, SMS, and Facebook) for five products (credit card, installment loan, overdraft account, direct debit, and vehicle fueling ID).

This year’s submissions for the Celent Model Bank 2017 award for Lending Product focused on improving the speed and convenience of loans for micro and small businesses. Initiatives included expanding both digital and physical application channels, along with faster loan decisions enabled by advanced analytics and paperless (or almost paperless) loan closings.

To accomplish fast credit decisions, DenizBank created an artificial intelligence framework which could analyze application data in a "blink" speed and deliver critical information to operational teams quickly and efficiently. Before Fast Loan, it took the bank 4-5 days on average to process a SME credit application. Fast Loan shortens this process to 2 minutes for approval, with the customer able to withdraw funds immediately from the nearest branch on a business day for non-customers, and 24x7 from an ATM for DenizBank customers.

DenizBank's Fast Loan for SMEs Model Bank entry stands out as it offers five channels for a small business to apply for an umbrella credit line for five different products. Application channels span internet banking, ATMs, bank website, SMS, and Facebook. The umbrella credit line covers credit cards, installment loans, overdraft accounts, direct debits, and vehicle fueling ID.

"DenizBank’s Fast Loan for SMEs Model Bank entry stands out as it offers five channels for a small business to apply for an umbrella credit line for five different products," commented Patricia Hines, Senior Analyst in Celent's Banking practice.

"With the ability to apply through text message and Facebook, along with an umbrella credit limit for five products in less than two minutes, Fast Loan is the first of its kind in the Turkish SME banking market," she added.

Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is a wholly-owned operating unit of Marsh & McLennan Companies [NYSE: MMC].

Media Contacts

North America
Michele Pace
mpace@celent.com
Tel: +1 212 345 1366

Europe (London)
Chris Williams
cwilliams@celent.com
Tel: +44 (0)782 448 3336

Asia (Tokyo)
Yumi Nagaoka
ynagaoka@celent.com
Tel.: +81 3 3500 3023

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